The global industrial emission control systems market is poised to grow by USD $6.46 billion during 2020-2024, progressing at a CAGR of over 7% during the forecast period. This is based on a new 120-page report by Technavio, "Global Industrial Emission Control Systems Market 2020-2024."
The market is driven by the increase in stringent government regulations. In addition, the increase in power and electricity demand globally is anticipated to boost the growth of the industrial emission control systems market.
The increase in GHG emissions from industries has led governments to introduce stringent regulations to minimize the levels of harmful emissions. For instance, the National Ambient Air Quality Standards (NAAQS) defined under the Clean Air Act, was introduced by the US Environmental Protection Agency (EPA). The objective of this act is to limit the emission of pollutants such as SO2, lead, ozone, CO, NO2, and particulate matter. This is propelling the adoption of industrial emission control systems, which include products such as fabric filters, cyclone separators, catalytic reactors, scrubbers, electrostatic precipitators, and thermal oxidizers. Thus, the increase in stringent government regulations is expected to drive market growth during the forecast period.
Press Release & Graphic Courtesy of Business Wire.