PORTLAND, Oregon, November 9, 2018 /PRNewswire/ --
Upsurge in the number of coal-fired and gas-fired power plants, stringent air pollution control regulations, and development of the transportation and construction industry would drive the growth of the global nitrogen oxide control systems market
Allied Market Research published a report, titled, Nitrogen Oxide Control Systems Market by Technology (Selective Catalytic Reduction (SCR), Selective Non-Catalytic Reduction (SNCR), Low Nox Burner, Fuel Reburning, and Others) and Application (Transportation, Industrial Application, Energy Application, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report provides detailed analyses of the key investment pockets, drivers & opportunities, key market segments, industry trends, and competitive landscape. According to the report, the global nitrogen oxide (NOx) control systems market generated $17.83 billion in 2017, and is expected to reach $28.04 billion by 2025, registering a CAGR of 5.7% from 2018 to 2025.
Increasing number of coal-fired and gas-fired power plants and stringent norms to control air pollution drive the growth of the market. Moreover, growth in the transportation and construction sectors would supplement the market growth. However, limited operational range of nitrogen oxide emission reduction systems hampers the market growth. On the other hand, rise in consumer awareness about pollution control and developments in pollution control technologies would offer lucrative opportunities to the market.
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Selective catalytic reduction segment to remain dominant by 2025
Selective catalytic reduction segment accounted for more than one-third of the total market share in 2017. These systems are widely used in countries such as Japan and other developed countries due to its benefits such as high cost effectiveness and fuel efficiency of diesel engines. This segment is expected to remain dominant throughout the forecast period. However, selective non-catalytic reduction segment would register the highest CAGR of 7.5% from 2018 to 2025 due to lower operating and capital costs as compared to other NOx reduction technologies. The research analyzes low NOx burner, fuel reburning, and others.
Transportation application segment to lead throughout the forecast period
Transportation segment held a major share in 2017, contributing nearly half of the total market revenue. This is attributed to the rise in demand for NOx control systems to reduce emission of hazardous components and elements in vehicles. This application would maintain its lead position by 2025. However, industrial application segment would register the highest CAGR of 7.6% from 2018 to 2025 due to the growing awareness about reducing poisonous NOx emission in the industrial sector. The report also discusses energy and other application segments.
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Asia-Pacific to maintain its dominance in terms of revenue by 2025
Asia-Pacific contributed more than half of the global market revenue in 2017, owing to the considerable increase in demand for cement in the construction industry, which augments the need to reduce NOx emissions generated from its usage. This region would maintain its dominance in terms of revenue by 2025. However, LAMEA would grow at the fastest CAGR of 7.6% from 2018 to 2025, owing to stringent regulations imposed by governments on vehicles emitting NOx.
Frontrunners of the industry
The key market players analyzed in the research include Babcock & Wilcox Enterprises, Inc., Ducon Technologies, Inc., CECO Environmental, Honeywell International, Inc., Fuel Tech, Mitsubishi Hitachi Power Systems, Ltd., John Wood Group PLC, Siemens AG, S.A. Hamon, and the Shell Group. These industry players have adopted various strategies such as partnership, collaboration, expansion, joint ventures, and others to gain a strong position in the industry.
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SOURCE Allied Market Research