Global awareness regarding the need to maintain a green environment with the rising carbon dioxide levels has positively influenced global stationary catalytic systems market share over the past few years. Governments across the globe are establishing strict regulations regarding the need to control and gradually eliminate industrial emissions.
For instance, the EPA launched the National Ambient Air Quality Standard which is required to be followed by all the firms in the U.S. It focuses on limiting NOx emissions from boilers and gas turbines. Increasing concerns towards the adverse effects of pollution along with strict rules have supported the deployment of oxidation catalysts and selective catalytic reduction systems.
Escalating demand for oxidation catalysts for annihilating VOC, formaldehyde, and carbon emission from gas turbine power generators has supported market expansion over the years. A rapid increase in industrialization and the consequent demand for power along with an exponential rise in population have supported growth trends in the market.
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Some of the key stationary catalytic systems providers include Kwang sung, DCL International, Mc Gill AirClean, Babcock and Wilcox, MAN Energy Solutions, and Johnson Matthey, among various others. Expounded below are some of the major factors likely to impact stationary catalytic systems market over the forecasted timeframe:
Robust power plant applications
With respect to the application spectrum, in the year 2018, the use of the product in power plant applications was valued at more than 2 billion. An increase in global demand for electricity due to the increase in commercial, industrial, and residential establishments has been observed. As of April 2020, the total net electricity generated in the U.S. amounted to 274,876 MWh.
Economic development in regions like Asia Pacific coupled with an increase in manufacturing activities has led to the growth in self-regulated utilities to generate power, magnifying stationary catalytic systems deployment. Moreover, regulations towards the establishment of zero-emission buildings along with the restructuring of old industries and plants are outlining the industrial trends.
Rapid increase in industrialization
The swelling rise in industrialization in both developed and developing countries due to the growth in demand for various goods has amplified the number of factories and commercial units in the past decade. Subsequently, the rising demand for electricity and the establishment of energy-efficient protocols has boosted stationary catalytic systems industry forecast.
Measures being undertaken to reduce the demand and supply gap for electricity along with government rules regarding the inspection of equipment, construction and operation will steer the installation of the product.
U.S. stationary catalytic systems market
U.S. stationary catalytic systems market has gained commendable traction over the years due to stringent government rules along with advanced features and growing focus towards the use of sustainable units. Efforts taken by the private companies and the governments in the region to provide technologically advanced infrastructure solutions that are smart and sophisticated, along with the refurbishment of obsolete technology will drive regional growth in catalytic systems demand.
Product improvements by the market players
Constant research and development is carried out in the industry to enhance the product offerings to meet the escalating demands as well as to achieve a competitive edge. Increasing importance paid to energy-efficiency, management, and optimization especially in the industries along with efforts undertaken by the private companies to enhance the energy-efficiency capabilities has supported the industry trends.
As evident, the global stationary catalytic systems industry is poised to witness substantial expansion in near future. Cement applications may also represent a major growth avenues, with the tremendous demand for the material from the construction sector. Despite the recent slowdown in development activities due to the coronavirus outbreak, construction sector is expected to pick up pace soon and will require considerable cement production, driving the adoption of stationary catalytic systems.
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