February 16, 2021
According to a research report titled “Global emission control technology market analysis, 2020”, available with Market Study Report LLC, global emission control technology market is expected to grow with a CAGR of 7.91% during 2020-2025.
As per report findings, a startling rise in air pollution levels, caused by soaring industrialization, construction activities, and automobiles across the world, is fueling the global emission control technology market growth. WHO (World Health Organization) claims that 91% of the global populace currently dwell in places where pollution levels exceed the prescribed limit.
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Furthermore, consistent below-par air quality in the residential sector is a matter of grave concern. Domestic exposure to hazardous smoke from fuels and unhygienic cookstoves account for 3.8 million deaths every year. These circumstances are amplifying international funding aimed at curbing pollution, hence stimulating the global emission control technology market outlook.
The end-user spectrum of worldwide emission control technology market consists of construction, automotive, industrial, aerospace, rolling stock, and off highway sectors, among others.
Based on fuel type, the market is classified into gasoline and diesel type. The report cites that diesel segment grabbed a significant chunk of the market share in 2019, due to its superior mileage and productivity. Diesel is considered an environmentally sustainable fuel for automobiles in Europe according to the International Council on Clean Transportation.
Technological categorization of global emission control technology industry is done as gasoline particulate filter (GPF), selective catalytic reduction (SCR), diesel particulate filter (DPF), diesel oxidation catalyst (DOC), exhaust gas recirculation (EGR), and others.
On the regional front, North America and Europe were the biggest contributors to market revenue in 2019, owing to the boom in automobile industry, and increasing investments in infrastructure and powerplants, which led to staggering air pollution statistics. The American government, in 2019, also proposed to invest USD 1.5 trillion in public and private infrastructure over the next ten years, hence accentuating the demand for emission control technology in the region.
Parallelly, government laws to regulate greenhouse gas emissions from powerplants also play a major role in promoting the market share. Furthermore, South America, Asia-Pacific, the Middle East & Africa are fast becoming favorable terrains for the global emission control technology industry players, as per the report.
Worldwide emission control technology market showcase cutthroat competition. Some of the big players being Clean Diesel Technologies, Inc., DCL International, Inc., Clariant AG, Cormetech, Inc., Corning, Inc., Johnson Matthey plc, BASF SE, Tenneco, Inc., Umicore N.V., and Walker Exhaust Systems (DRiV, Inc.).