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DUBLIN, December 21, 2021--(BUSINESS WIRE)--The "Electrostatic Precipitator Market by Product Type and End Use: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global electrostatic precipitator market 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 precipitator (ESP), also known as electrostatic air cleaner, is a device that is used to remove dust and smoke from streams of flowing gas. It uses an electric charge to remove impurities coming out from smokestacks and other flues.
The growth of the global electrostatic precipitator market is driven by the increase in awareness for air quality management and rapid industrialization in both developed & developing economies. The air quality is deteriorating on a daily basis due to the harmful emissions released from automotive, industrial manufacturing, power plants, and other sectors.
According to an article published by the Natural Resource Defense Council (NRDC), the level of fine particulate matter in the air increased by 38% in India and China between 1960 and 2009. Electrostatic precipitators used for removing soot and ash from exhaust fumes serve as an ideal option for several end-use sectors to reduce the particulate matter from the exhaust air.
Moreover, several agencies such as the United States Environmental Protection Agency (U.S. EPA), and Central Pollution Control Board (CPCB) have implemented stringent regulations to curb the increasing pollution levels. This has made different industries such as automotive, power plants, and oil & gas use electrostatic precipitators for reducing the level of particulate matter from exhaust air within standard limits. Furthermore, several efforts have been made by both developed and developing economies to reduce the air pollution levels. For instance, the SmartWay Program led by the United States Environmental Protection Agency aims at reducing carbon dioxide, nitrogen oxides, and particulate emissions from the industrial and automotive sectors. This is expected to increase the sale of electrostatic precipitators for reducing the level of particulate matter in the air, thus fueling the market growth.
However, an increase in awareness for air quality control and ill effects associated with harmful emissions have led to a rapid shift from nonrenewable sources towards renewable sources for energy generation purposes. 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 gigawatts (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. These factors together hamper the growth of the electrostatic precipitator market during the forecast period.
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 units (BU), which is a growth of around 9.83% as compared to 2020-2021. This has led conventional sources-based power plants such as coal-fired and gas-based power plants to witness significant growth, wherein electrostatic precipitators are widely used for soot and ash removal purposes from the exhaust gas.
In addition, these power plants are connected with the rigorous government regulations for upholding the requirement for keeping particulate matter emissions within standard limits. This is anticipated to increase the sales of electrostatic precipitators among coal-fired and gas-fired power plants, thus creating remunerative opportunities for the market.
Key Players in the global electrostatic precipitator market are:
1. Babcock & Wilcox Enterprises Inc.
2.1. Key findings of the study
3.3. Porter's five forces analysis
3.4.1.1. Increasing awareness for air quality management
3.4.1.2. Rapid Industrialization in both developed and developing economies
3.4.2.1. Emergence of renewable energy sources
3.4.3.1. Coal-fired and gas-fired power plants connected with rigorous government regulation
3.6. Impact of key regulations on the global Electrostatic Precipitator market
3.7. Impact of COVID-19 on the global Electrostatic Precipitator market
CHAPTER 4: ELECTROSTATIC PRECIPITATOR MARKET, BY PRODUCT TYPE
CHAPTER 5: ELECTROSTATIC PRECIPITATOR MARKET, BY END USE
CHAPTER 6: ELECTROSTATIC PRECIPITATOR MARKET, BY REGION
7.2. Product Mapping of Top 10 Player
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