Worldwide stationary catalytic systems market is predicted to surpass US $6 billion by 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
Growing emission levels from power plants and other industries along with stringent government norms will positively impact stationary catalytic systems business outlook. Reportedly, the Environmental Protection Agency (EPA) has revealed its National Ambient Air Quality Standards that focuses on limiting NOx emissions from gas boilers and turbines. Moreover, rising concerns towards the negative effects of pollution coupled with stringent rules are expected to accelerate installation of selective catalytic reduction (SCR) and oxidation catalyst systems over the forecast period.
NOx reduction mandates along with stern directives are projected to drive China stationary catalytic systems market growth. Growing investments in a bid to develop new manufacturing services along with growing emphasis towards energy efficiency will augment regional market size. in fact, under its 13th five-year plan for the emission reduction program and energy conservation, China has set focus on the developing energy efficiency across its manufacturing sector, thereby strengthening the commercial landscape.
According to the report, power plants application segment was worth over USD 2 billion in the year 2018. Growing electricity demand along with rapid industrialization will enhance product adoption. Economic growth mainly in Asia Pacific coupled with growing industrial activities is complimenting self-regulated services for producing power, thereby driving stationary catalytic systems market growth. Furthermore, standards and rules towards zero emission building along with renovation of old industries and plants are the emphasized constraints supporting business landscape.
Constant R&D activities focused on improving product development and design to moderate price pressure will supplement stationary catalytic systems market growth. Rising efforts to improve energy efficiency, optimization and management across industries and power plants coupled with surging investments towards developing advanced stationary catalytic reduction systems will further boost product adoption.
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Growing power consumption, rapid industrialization and introduction of energy efficiency properties will positively influence stationary catalytic systems market expansion. Efforts to decrease electricity supply and demand gap is expected to increase product demand. Furthermore, growing government norms pertaining to equipment scrutiny, operation and construction will boost product installation.
According to the research, the U.S. market is expected to grow over 5% by 2025. Stringent government directives coupled with technically advanced product features, and growing emphasis towards maintainable units will boost product distribution in the region. Moreover, existence of advanced infrastructure along with renewal of old technology is expected to stimulate business outlook.
Prominent manufacturing industries in stationary catalytic systems market include Ducon Technologies, Kwang sung, Agriemach, DCL International, MAN Energy Solutions, Yara International, AMEC Foster Wheelerand CORMETECH, Hug Engineering, Babcock and Wilcox, McGill AirClean, and Johnson Matthey. The company profiles of these firms are mentioned in the report alongside their product benchmarking, business overview, financials, and recent developments.