Oxy-Fuel Combustion Technology Market size was valued at USD 468.7 million in 2022 and is expected to grow at a 9.6% CAGR from 2023 to 2029. In oxy-fuel combustion technology instead of air, pure oxygen stream is used for combustion. Air pollution is one of the most serious health and environmental issue worldwide. Many chronic diseases mor disorders like lung cancer, chronic obstructive pulmonary disease, heart disease, lower respiratory infection are caused due to air pollution. For instance, according to a research study, about 5 million deaths were recorded due to air pollution in 2017. Whereas oxy-fuel combustion technology helps in reducing the exhaust gas volume about 75% in the air. Thus, increasing environment consciousness among the people about the harmfulness of air pollution and increasing awareness of reducing air pollution is expected to drive the market growth over the forecast period. In addition, increasing government initiatives to reduce air compressor pollution, rapid industrialization, increasing number of power plants and adoption of oxy-fuel combustion technology is expected to boost the growth of oxy-fuel combustion technology market at a significant rate. However, the high cost of oxy-fuel combustion technology when compared to conventional counterpart, and increasing developments of substitute in the market is expected to hinder the growth of oxy-fuel combustion technology market over the forecast year. Furthermore, increasing investments by market players in research and development and advancement of technology in reducing the air pollution is expected to provide opportunity to to drive the market growth in the projected years. Geographically, Asia Pacific region held the major market share in 2022 and is expected to dominate the global oxy-fuel combustion technology market in the forecasted years.
Oxy-Fuel Combustion Technology Market Key Developments:
In 2020, Linde announced their partnership with Indian Oil Corporation Praxair India Private Limited operated an air separation unit (ASU) to supply oxygen and nitrogen to its incumbent customer, IOCL.
Fastest Growing Market
Oxy-fuel combustion technology market is expected to grow over the forecasted period due to the increasing environmental consciousness among the public about air pollution and rising awareness in lowering the impact of air pollution on environment. The increasing health issues related to air pollution is expected to boost the need of oxy-fuel combustion technology market over the forecasted years. In addition, government initiatives to reduce air pollution and rising environmental awareness of companies and increased adoption of cleaner technology is expected to further boost the growth of oxy-fuel combustion technology market in a significant rate over the forecast period.
Oxy-Fuel Combustion Technology market was valued at USD 468.7 million in 2022, and is expected to grow at a 9.6% CAGR from 2023 to 2029
Asia Pacific oxy- fuel combustion technology market is expected to hold maximum market share and dominate the market over the forecast period.
The leading players in the global Oxy-Fuel Combustion Technology market are Hitachi Ltd, Air Products & Chemicals Inc, Falorni Gianfranco, Encon Thermal Engineers Pvt Ltd., General Electric Company., Praxair Technology Inc, Jupiter Oxygen Corporation, Linde, Heidelberg Cement AG, ESA S.P.A, Air Liquide
High cost of oxy-fuel combustion technology and availability of substitutes in market is expected to hinder the market growth over the forecast period.