Stationary Catalytic Systems Market Size

Stationary Catalytic Systems Market Size

Stationary Catalytic Systems Market size exceeded USD 5.6 billion in 2023 and is set to witness 5.2% CAGR from 2024 to 2032 owing to the growing energy demand, rapid industrialization, and introduction of energy efficiency standards. According to Environmental Impact Assessment (EIA), the average annual growth in electricity demand from 2017–2050 is anticipated to remain around 0.9%. These systems are increasingly gaining prominence across energy-intensive industries owing to their ability to minimize nitrogen emissions and support clean energy initiatives.

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The power plants, cement, metal, and manufacturing industries are some of the key application areas where the product is witnessing a rapid adoption. Stringent government norms and introduction of mandates with an aim to limit NOx and CO emissions will encourage the product deployment.

Ongoing investments toward the development of technologically advanced SCRs along with the growing significance of energy optimization & management across the industries have further encouraged the adoption of these systems. SCRs are primarily installed with utility boilers in power plants and have witnessed a steady progression in deployment due to rising investments toward thermal power generation and infrastructural development globally. The contribution from key financial institutions including Asian Development Bank, African Development Bank, International Monetary Fund and the World Bank has positively influenced the stationary catalytic systems market outlook.

The developing countries are focusing toward the reliable and continues electricity supply and plans to develop new power plants with an aim to support the rising demand is driving the product demand. Moreover, growing efforts to minimize the electricity demand supply gap is anticipated to boost the product demand by 2032. NOx, CO and PMs emitted from industrial exhaust gases pose a threat of lung cancer hazard for humans and environment and are linked to numerous serious respiratory & cardiac health issues.