Selective Catalytic Reduction (SCR) Systems for Coal-fired Plants Market to grow by USD 759.19 million from 2022 to 2027 | Better power generation technology to drive the growth- Technavio

NEW YORK, Oct. 3, 2023 /PRNewswire/ -- The selective catalytic reduction (SCR) systems for coal-fired plants market is expected to grow by USD 759.19 million from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 4.87% during the forecast period. The market is segmented by application (large-scale power plant and small-scale power plant), type (denox and desox), and geography (APAC, Europe, North America, South America, and Middle East and Africa). Better power generation technology is a key factor driving market growth. Reducing carbon dioxide emissions and reducing energy use to reduce costs shall be the primary concerns of all countries. The production of electricity contains both CO2 emissions and is a major source of energy consumption. Furthermore, it is estimated that carbon dioxide emissions will be reduced, and energy saved using better electricity generation technologies. In addition, the major user of coal is the electrical power generation sector. Research on supercritical units with the potential to operate at up to 50% more efficiency is currently underway. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the selective catalytic reduction (SCR) systems market for coal-fired plants market: ALSTOM SA, Andritz AG, Babcock Power Inc., CECO Environmental Corp., CORMETECH Inc., Doosan Corp., Ducon, Duke Energy Corp., Fuel Tech Inc., General Electric Co., Hitachi Zosen Corp., Integrated Global Services Inc., Mitsubishi Hitachi, and Yara International ASA
• Selective Catalytic Reduction (SCR) Systems Market for Coal-fired Plants Market is concentrated in nature.
• Market to observe 3.85% YOY growth in 2023.

Market Dynamics:

Major Trend

• The technological development in SCR systems is a major trend in the market.
• Control of NOx emissions from coal-fired power plants has become a universal requirement for the selection of the site and license of the plant due to the tightening of environmental regulations.
• Technologically advanced systems are thus being developed to guarantee compliance with stringent rules for operators of coal-fired plants.
• In addition, the company's patented hood does not have any turn vanes which prevents accumulation of ash on the catalyst.
• Furthermore, it also ensures economic efficiency and compliance with regulations of coal-fired power plant operators.
• Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenge

• The high maintenance cost of SCR systems is a significant challenge restricting market growth.
• The adoption of different NOx control technologies, such as low NOx combustion or post-combustion technologies, is being considered by operators around the world due to the stringent rules on the depletion of NOx emissions from coal-fired power plants.
• In addition, the catalysts for SCRs are subject to a finite lifetime in the combustion gas with some ammonia dropping out before it is incorporated into the reaction.
• Moreover, there is also a high risk of leakage and contamination during the operation of SCR systems.
• The cost of operating and maintaining low NOx burners, as well as for reagents, is virtually negligible.
• Hence, these factors are expected to restrict market growth during the forecast period.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

• The large-scale power plant segment will account for a major share of the market's growth during the forecast period. A capacity exceeding 300 MW is available at large-scale coal-fired power plants. Many coal-fired power stations generally supply electricity to the grid. These installations lower the cost of each unit of power produced by spreading costs over a larger area. There are large-scale coal-powered power plants being commissioned around the world to meet growing energy demand. These plants will need to install emissions control technologies to comply with strict government regulations on NOx reduction. Hence, these factors are expected to drive segment growth during the forecast period.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base comprises enterprises of all sizes, including over 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio