Electrostatic precipitators, devices designed to remove various pollutants from exhaust fumes, are on the rise. The market for these valuable pollution control devices is expected to experience significant growth over the next decade, driven largely by stringent air pollution norms and increasing fossil fuel combustion. However, it's not all smooth sailing, with challenges such as low-cost alternatives potentially hindering market growth.
Market Growth and Forecast
In 2022, the Electrostatic precipitator market size exceeded USD 8 billion. From 2023 to 2032, the market could witness over 6% CAGR. Rapid industrialization and high demand for advanced industrial equipment, particularly in the Asia Pacific region, contribute to this potential growth.
Key Drivers and Challenges
The growth can be attributed primarily to the regulations on air pollution and the increasing combustion of fossil fuels. Countries are implementing strict norms to control air pollution. For instance, the National Clean Air Program in India aims to reduce particulate matter concentration by 40% by 2026. This implies a rising demand for effective pollution control devices like electrostatic precipitators.
Notwithstanding, the existence of less expensive alternatives may pose a challenge. Market expansion might be slowed down by these alternatives.
Segments of Growth
Observing the market segmentation, the plate design segment is expected to observe a nearly 6% growth rate through 2032 as a result of its wide use across industries. Meanwhile, the dry system segment is projected to surpass USD 12.5 billion by 2032, given its high efficiency and lower maintenance cost.
Furthermore, the marine industry could see an 8% increase in the market share until 2032 due to stringent emission standards and regulations.
Key Market Players
Major companies in the market include FLSmidth, GEECO Enercon Pvt Limited, Fuel Tech Inc., S.A. Hamon, among others. These firms use strategies such as new product launches and acquisitions to bolster their market position.
Impact of COVID-19
The COVID-19 pandemic indeed had a negative impact on the industry. However, a recovery is anticipated as production rebounds to levels seen before the pandemic.