Standards promulgated from EPA for regulating emissions produced from industries, as well as the Clean Air Act, have been instrumental in market development. A more critical factor driving the sales of emission control systems is the mandatory inclusion of these devices into systems, processes, and automobiles.
Other demand drivers include the upsurge in industrialization and rising concerns to mitigate hazards posed by emission on humans and the environment. While measures are laid to ensure personnel and environment safety, emission control systems are cited as viable candidates to potentially reduce urban pollution.
Partnerships, JVs, and product innovations are prominent in this marketplace:
- In February 2021, DuPont Clean Technologies signed a contract with ISAB S.R.L. for IsoTherming hydroprocessing technology.
- In April 2020, Denso partnered with the Tokyo Institute of Technology to establish the DENSO Mobility Collaborative Research Center.
Persistence Market Research’s analysis projects the global emission control systems to expand at an impressive CAGR of more than 5% over the forecast period of 2021-2031.
Key Takeaways from Market Study
- Around the world, a number of businesses have sought to estimate the industry’s potential impacts on climate-related issues. On similar developments, North America remains to be the most lucrative market for emission control systems, followed by Europe.
- Since manufactures are striving to deliver air treatment solutions to aftermarket buyers, retrofit installations are multiplying in number as compared to new installation of emission control systems.
- The U.S. is positioned as the top nation in the global market with the highest market value share. Demand in the U.S. will increase at over 5% CAGR over the next ten years.
- In 2021, the market in Germany grew 8% year-on-year, while in Japan it grew 5% year-on-year.
- Electrostatic precipitators are poised for lucrative growth over the forecast period at a higher CAGR as compared to other emission control devices.
- On-road vehicles and power generation plants will continue to be major consumers of emission control systems. The market for on-road vehicles is expected to create an absolute dollar opportunity of US$ 5.1 Bn from 2021-2031. The market for power generation plants is expected to create an absolute dollar opportunity of US$D 2 Bn in the same time period.
“Emission control systems will witness speculative growth in East Asia over the next few years. By 2031, the global market will double in size to reach US$ 40 Bn,” says a Persistence Market Research analyst.
Automobile Sales to Favor Market Growth
Automobile sales have been expanding at a rapid pace in recent years. Despite economic instabilities induced by the coronavirus pandemic, over 95 million vehicles were produced in 2016 and around 78 million vehicles were sold in 2020.
Over the projection period, worldwide vehicle sales are expected to rise due to increasing population and rising disposable income. Automobile manufacturers are adopting various types of pollution control systems in order to limit vehicle emissions and cater to a consumer base that is progressively migrating toward eco-friendly products.
Source: Persistence Market Research