The Worldwide Electrostatic Precipitator Industry Is Expected to Reach $6.9 Billion by 2027 - ResearchAndMarkets.com
By Business Wire
DUBLIN--(BUSINESS WIRE)--The "Global Electrostatic Precipitator Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global electrostatic precipitator market is projected to grow at a CAGR of 4.90% during the forecast period to reach US$6.900 billion by 2027, from US$4.935 billion in 2020.
An electrostatic precipitator is a device that uses a high-voltage electrostatic charge to remove dust particles from a gas or exhaust and then collects them on an electrode. Some of the primary factors boosting demand for these precipitators are increased industry investment and favourable government policies. In the next few years, the Asia-Pacific area contains enormous market potential.
One of the key reasons driving the global electrostatic precipitator market during the forecast period is the rising awareness of air quality control and growing industrialization in both developing and developed nations. Because of toxic pollutants emitted by automobiles, industrial manufacturing, power plants, and other industries, air quality is degrading regularly.
Electrostatic precipitators, which remove soot and ash from exhaust fumes, are an excellent solution for a variety of end-use sectors looking to reduce particulate matter in the exhaust air and thus stay within environmental limitations. In addition, countries like the United States, China, and India are seeing tremendous industrialization. Sectors including public transit, autos, and energy (power plants) all contribute significantly to the economy's growth. All of these factors combine to boost demand for electrostatic precipitators, boosting the global market's growth.
Increased awareness of the need for air quality control and the negative consequences of hazardous emissions has resulted in a rapid transition away from non-renewable energy sources and toward renewable energy sources for energy generation. Renewable energy sources such as wind, solar, geothermal, and hydropower generate electricity without emitting any pollutants. Furthermore, due to the instability of crude oil prices, geopolitical difficulties, and significant investment risks, many power plants are turning toward using renewable energy sources for energy production. During the forecast period, these issues are anticipated to limit the electrostatic precipitator market's growth.
The use of ESPs was reduced as a result of the lockdown of oil refineries, chemical and manufacturing industries, especially in the early stages. This aspect had a negative impact on the worldwide electrostatic precipitator industry. In addition, a drop in worldwide electricity usage due to the closure of large-scale businesses, offices, and malls lowered the demand for electrostatic precipitators.
The market, on the other hand, is expected to recover quickly. According to the Energy and Economic Growth Survey, the oil and gas industry will be among the hardest hit in 2020, with an average decrease of -2.8 percent. Furthermore, more than 100 nations have closed their international borders for transportation and non-essential trade, causing the demand-supply chain in the electrostatic precipitator market to be impeded. In the COVID-19 scenario, this had a significant impact on the demand for electrostatic precipitators among oil refineries.
Key Market Segments
- Plate Wire
- Flat Plate
- Power Generation
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- Hamon group
- Mitsubishi Hitachi Power Systems
- General Electric
- Trion IAQ
- Sumitomo Heavy Industries
- Babcock & Wilcox Enterprises
- John Wood Group PLC
- Thermax Limited
- Beltran Technologies Inc.
For more information about this report visit https://www.researchandmarkets.com/r/noho8g
Laura Wood, Senior Press Manager
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First published on Fri, May 6, 2022
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