Asia Pacific Stationary Catalytic Systems Market was valued at USD 2.76 billion in 2022 and is predicted to expand at over 5.9% CAGR from 2023 to 2032. The rising need for energy, swift industrial expansion, and the implementation of energy efficiency regulations have had a beneficial effect on the utilization of stationary catalytic systems. As per the Environmental Impact Assessment (EIA), the expected average annual growth in electricity demand from 2017 to 2050 is approximately 0.9%. These systems are progressively becoming more prominent in energy-intensive sectors due to their capacity to reduce nitrogen emissions and contribute to clean energy initiatives.
Power plants, cement production facilities, metal manufacturing industries, and other sectors are experiencing a rapid uptake in the Asia Pacific stationary catalytic systems market. This heightened adoption is driven by the strict regulations enforced by governments, along with the introduction of mandates designed to restrict NOx and CO emissions, which serve as incentives for the deployment of the products.
|Asia Pacific Stationary Catalytic Systems Market Size in 2022:||USD 2.76 Billion|
|Forecast Period:||2023 to 2032|
|Forecast Period 2023 to 2032 CAGR:||5.9%|
|2032 Value Projection:||USD 5 Billion|
|Historical Data for:||2019 to 2022|
|No. of Pages:||150|
|Tables, Charts & Figures:||144|
|Segments covered:||Technology, Application, & Region|
|Pitfalls & Challenges:|| |
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Developing nations across the region are placing their emphasis on establishing a steady and uninterrupted electricity supply. They are planning to construct new power plants to meet the increasing demand, which is propelling the demand for these products. Moreover, emissions of NOx, CO, and PMs from industrial exhaust gases pose significant risks to both human health and the environment, with potential hazards such as lung cancer and various serious respiratory and cardiovascular health issues, which in turn will increase the Asia Pacific stationary catalytic systems market revenue.
COVID-19 pandemic has posed challenges to the market as the pandemic has disrupted global supply chains due to lockdown measures, transportation restrictions, and reduced production capacities. This led to delays in the manufacturing and delivery of stationary catalytic systems, affecting market growth. However, as economies recover from the pandemic post lockdown measures, industrial activities resumed and grew significantly. This led to an increase in demand for stationary catalytic systems as industries strive to meet emission regulations and reduce their environmental impact.
The regional transition towards cleaner and more sustainable energy sources, including natural gas and renewable energy, has spurred the need for stationary catalytic systems. These systems play a pivotal role in mitigating emissions from power plants, refineries, chemical plants, and other industrial facilities involved in energy generation or product manufacturing. Furthermore, emerging economies, particularly in China, India Indonesia among others, are experiencing rapid industrialization, which has led to heightened pollution levels. Consequently, the demand for stationary catalytic systems has been on the rise to manage emissions and comply with environmental regulations in these regions.
Ongoing progress in catalytic technologies has been instrumental in shaping the market. Extensive research and development initiatives have been directed towards enhancing the performance, durability, and efficiency of catalysts. Novel catalyst formulations and designs have been introduced to optimize pollutant conversion rates while reducing operational costs. There is a growing inclination towards compact and modular catalytic systems that require less space and offer installation flexibility. In addition, modular systems are known for their ease of maintenance, scalability, and shorter installation times in comparison to conventional fixed systems, thereby complementing the industry scenario.
Based on technology, the selective catalytic reduction technology is set to observe gains at nearly 6.3% up to 2032. Selective Catalytic Reduction (SCR) technology employs a catalyst to reduce NOx emissions. During the combustion process, these systems can achieve remarkable NOx reduction rates of up to 95%, effectively meeting the stringent legislative requirements. The SCR process enables a high level of NOx conversion without exceeding the permissible ammonia threshold, driving increased demand. In addition, ongoing technological advancements aimed at creating more efficient, cost-effective, and compact systems for boilers of various sizes will promote the adoption of these products.
Based on application, the power plant application industry witnessed a market share of over 60.0% in the year 2022. Rapid industrialization along with stringent energy efficiency mandates have compelled industries to deploy effective emission control systems. Furthermore, government reforms to curtail NOx and CO in the atmosphere along with ever rising demand for electricity generation will enhance the technology adoption.
The China stationary catalytic system industry witness a market share over 37.5% in 2022. Significant rise in manufacturing activities along with increasing deployment of coal-based power plants to meet the ever-growing electricity demand will influence the deployment of the product. In addition, Stringent government norms pertaining to rise in NOx and CO emissions coupled with increasing effect of the pollutants on humans and environment health is positively influencing the demand for stationary catalytic systems across the country.
Stationary catalytic systems manufacturers are focusing on research & development, technology development, collaboration & innovation to conform with the internationally accepted mandated & regulations. Prominent industries operative in the stationary catalytic systems market are undertaking rigorous merger & acquisition with local, regional, along with global vendors to offer opportunities for the market growth.
Prominent industries operative in the stationary catalytic systems industry
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The above information has been provided for the following country across the region.