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Global Oxy Fuel Combustion Technology Market Report 2023: Sector is Expected to Reach $825.17 Million by 2028 at a CAGR of 10.5%
Global Oxy Fuel Combustion Technology Market
Dublin, May 24, 2023 (GLOBE NEWSWIRE) -- The "Oxy Fuel Combustion Technology Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offerings, End-Use Industry" report has been added to ResearchAndMarkets.com's offering.
The global oxy fuel combustion technology market was valued at US$ 454.18 million in 2020 and is expected to grow at a CAGR of 10.5% during the forecast period from 2022-2028 to reach US$ 825.17 million by 2028.
The rising concern for carbon dioxide emission in the atmosphere is a major factor driving the oxy fuel combustion technology market. Anthropogenic CO2, that is CO2 produced because of human activities, comes from the combustion of fossil fuels in power plants, transportation, and industrial sources. Fossil fuels currently provide the most of the world's energy, and this situation is expected to persist for at least next few decades.
Thus, to continue using fossil fuels in an effective and environmentally sustainable manner, near-zero emission technologies are being developed for demonstration and large-scale commercial deployment.
The state-of-the-art application of oxy-fuel combustion technology to fossil-fuel energy conversion systems provides an opportunity to develop new designs, improving the competence of baseline combustion processes, and reducing their environmental footprints, including greenhouse gas emissions, through CO2 capture and storage.
The global oxy fuel combustion technology market is segmented into offerings, end-use industry. Based on offerings, the market is segmented into solution and services. Based on end-use industry, the market is segmented into oil & gas, power generation, manufacturing, metal & mining, and others. By geography, the oxy fuel combustion technology market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM).
Key Attributes:
Report Attribute | Details |
No. of Pages | 154 |
Forecast Period | 2022 - 2028 |
Estimated Market Value (USD) in 2022 | $454.18 million |
Forecasted Market Value (USD) by 2028 | $825.17 million |
Compound Annual Growth Rate | 10.5% |
Regions Covered | Global |
Market Dynamics
Drivers
Increasing Government Initiatives to Reduce Air Pollution
Rising Demand for Minimizing Gas Emissions in Industrial Processes
Restraints
High Energy Requirement and High Cost Associated with Oxy Fuel Technology Solutions
Opportunities
Growing Demand for Oxy Fuel Combustion Technology Among Developing Countries
Future Trends
Air Pollution Awareness Programs in Developed and Developing Countries
Companies Mentioned
Air Liquide
Air Products and Chemicals, Inc.
Encon Thermal Engineers Pvt. Ltd.
ESA Pyronics International
Falorini Gianfranco SRL
General Electric Company
Hitachi Ltd.
Jupiter Oxygen Corporation
Linde
HEIDELBERGCEMENT AG
For more information about this report visit https://www.researchandmarkets.com/r/j0ijea
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