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Gas Cleaning Technologies Global market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The gas cleaning technologies market size is expected to see strong growth in the next few years. It will grow to $41.02 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%” - The Business Research Company
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How Has The Gas Cleaning Technologies Market Size Grown In Recent Years?
The gas cleaning technologies market size has seen robust growth in recent years. The market, valued at $30.74 billion in 2023, is projected to grow to $32.54 billion in 2024, marking a compound annual growth rate CAGR of 5.9%. This remarkable growth can be attributed to several factors-increasing awareness about the health impacts of air pollution, an upsurge in the number of energy and power plants, the rising adoption of air pollution control technologies, and escalating air pollution levels in tandem with increasing population density.
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What Does The Forecast Period Hold For The Gas Cleaning Technologies Market?
The gas cleaning technologies market size is anticipated to experience substantial growth in the coming years, with projections estimating a growth to $41.02 billion in 2028 at a compound annual growth rate CAGR of 6.0%. Several trends are expected to contribute to this growth. Rising adoption of wet scrubbers, increasing demand for coal-fired power globally, a growing preference for cleaner alternatives, escalating oil exploration activities, and changing climate patterns are some of the key drivers in the forecast period. Other significant trends include the integration with digital technologies, technological advancements, the increased use of bio-based and green technologies, an enhanced focus on specific pollutants, and the development of scalable and modular solutions.
What Are The Primary Growth Drivers Of The Gas Cleaning Technologies Market?
Rising oil and gas production activities are forecasted to fuel the growth of the gas cleaning technologies market. Global oil and gas production is on an upswing due to growing energy demands and concerted efforts to enhance energy security, all in a bid to meet the mounting needs of economic growth. Gas cleaning technologies play a crucial role in oil and gas production, aiding the removal of impurities, curtailing emissions, and ensuring compliance with environmental regulations. For instance, in September 2024, the UK-based agency, HM Revenue and Customs HMRC reports that total government revenues from UK oil and gas production soared to £9 billion in the financial year 2022 to 2023, from £1.4 billion in 2021 to 2022-an increase of £7.6 billion. These rising oil and gas production activities serve to drive the growth of the gas cleaning technologies market.
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Which Key Industry Players Are Fueling The Gas Cleaning Technologies Market?
Several significant companies operating in the gas cleaning technologies market bolster its growth-Siemens AG, General Electric Company, Mitsubishi Heavy Industries, Yara Marine Technologies AS, Johnson Matthey, Ecolab, ANDRITZ Group, Fuji Electric Co. Ltd., Wärtsilä Corporation, GEA Group AG, ALFA LAVAL AB, Dürr AG, FLSmidth, Evoqua Water Technologies LLC, Babcock & Wilcox, Nederman Holding AB, CECO Environmental, Tri-Mer Corporation, Verantis Environmental Solutions Group, KCH Services Inc., Hitachi Zosen Inova, Elessent Clean Technologies Inc., John Cockerill, Ducon Environmental Systems Inc. are some of the key players in this domain.
What Key Trends Are Shaping The Gas Cleaning Technologies Market?
Key players in the gas cleaning technologies market are focusing their efforts on the development of innovative solutions, such as digital tools. These digital tools are aimed at providing flexible and high-efficiency gas cleaning solutions, with the added advantage of reducing energy and water consumption. This shift towards digitalization is well-illustrated by the December 2023 launch of the High-Efficiency Scrubber HES Optimizer by Finland-based industrial machinery company, Metso Corporation. This digital tool enhances energy efficiency in gas cleaning plants by optimizing pressure drop in Venturi scrubbers with the help of real-time data and internal calculations. It ensures effective impurity removal, even when faced with changing volumes of gas and varying dust loads, thus helping to maintain high environmental standards.
How Is The Gas Cleaning Technologies Market Segmented?
The gas cleaning technologies market encompasses various segments:
1 By Product: Scrubbers, Dry Sorbent Injection, Particulate Or Dust Collection, Mist, Aerosols, Fine Particulate, Nitrogen Oxide NOx Reduction
2 By Application: Particulate Cleaning, Gaseous Or Chemical Cleaning
3 By End-User: Power Generation, Chemical, Cement, Refinery And Petrochemical, Pulp And Paper, Mining, Textiles, Metals, Other End-Users
How Is The Gas Cleaning Technologies Market Distributed Regionally?
In 2023, Asia-Pacific emerged as the largest region in the gas cleaning technologies market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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