Electrostatic Precipitator Market Estimate to Hit US$ 10 Billion by 2030
Global Electrostatic Precipitator Market projected to grow at a CAGR of 4.3% from 2021 to 2030
WILMINGTON, DE, UNITED STATES, December 16, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, The global electrostatic precipitator market size was valued at $6.6 billion in 2020, and is projected to reach $10.0 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030.
Electrostatic precipitators are used for removing soot and ash from exhaust fumes, thus reducing the level of particulate matter within the environmental limits. This has made them an ideal solution for several end-use sectors, including oil & gas, automotive, and industrial manufacturing for reducing the particulate matter from the exhaust air.
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Asia-Pacific garnered the highest share of 41.3% in 2020, in terms of revenue, growing at a CAGR of 4.8%.
The key players operating in the global electrostatic precipitator industry report include Babcock & Wilcox Enterprises, Inc., DUCON, FLSmidth, General Electric, John Wood Group PLC, Mitsubishi Power, Ltd, S.A. Hamon, Siemens AG, Thermax Limited, and Trion IAQ.
The wet electrostatic precipitator product type is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.8% from 2021 to 2030.
The metal end use is anticipated to register the highest CAGR of 5.1% during the forecast period.
Countries such as the U.S., China, and India are witnessing rapid growth in industrialization. The sectors such as public transportation, automobiles, and energy (power plants) are contributing a major share to the growth of the economy.
Furthermore, they find application in municipal waste incinerators for reducing the hazardous soot and ash from direct release to the atmosphere. Thus, the development of these sectors, wherein electrostatic precipitators play a major role, fuels the growth for the global electrostatic precipitator market in both developed and developing economies.
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However, emergence of renewable energy sources is predicted to hamper the market growth. For instance, according to a report published by India Brands Equity Foundation, the Ministry of New and Renewable Energy (MNRE) has set a target to increase the renewable energy capacity up to 227 gigawatt (GW) by 2022.
The power generation process from renewable sources such as wind, solar, geothermal, and hydropower is an emission-free process. Furthermore, many power plants are becoming linear toward using renewable sources for energy production, owing to volatility in crude oil prices, geopolitical issues, and high investment risks.
The global electricity demand is increasing rapidly, which, in turn, has led the power generation sectors to maximize their power generation capacities. For instance, according to a report published by the Indian Ministry of Power, the electricity generation target from conventional sources for the year 2021-2022 is 1,356 billion unit (BU), which is a growth of around 9.83% as compared to 2020-2021.
Rise in investments in the power sector in the countries such as India and Australia is expected to increase the sales of electrostatic precipitators in power generation sector for reducing the level of particulate matter within acceptable limits.
COVID-19 analysis
The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The electrostatic precipitator market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on the oil & gas, chemicals, cement manufacturing, and power sectors.
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In addition, more than 100 countries have locked their international borders for transportation and nonessential trade activities, which, in turn, have hampered the demand-supply chain of the electrostatic precipitators market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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