[Research Report] The oxy fuel combustion technology market was valued at US$ 454.18 million in 2022 and is projected to reach US$ 825.17 million by 2028; it is expected to grow at a CAGR of 10.5% during 2022–2028.
The rising concern for carbon dioxide emission in the atmosphere is a major factor driving the oxy fuel combustion technology market. Anthropogenic CO2, that is CO2 produced because of human activities, comes from the combustion of fossil fuels in power plants, transportation, and industrial sources. Fossil fuels currently provide the most of the world's energy, and this situation is expected to persist for at least next few decades. Thus, to continue using fossil fuels in an effective and environmentally sustainable manner, near-zero emission technologies are being developed for demonstration and large-scale commercial deployment. The state-of-the-art application of oxy-fuel combustion technology to fossil-fuel energy conversion systems provides an opportunity to develop new designs, improving the competence of baseline combustion processes, and reducing their environmental footprints, including greenhouse gas emissions, through CO2 capture and storage.
Impact of COVID-19 Pandemic on Oxy Fuel Combustion Technology Market
The lockdown hindered the operations of various industries, including chemical, manufacturing, hospitality, and IT. Despite the wide applications of oxy fuel combustion systems, the companies providing these systems have been facing fluctuating demands amid the pandemic, which can be attributed to the decline of economic activity as well as significant disruption and volatility in the market. Metal production, coating and spraying, waste disposal, power generation, and glass production are among the key industries with wide applications for the oxy fuel combustion technology. However, the oxy fuel combustion system providers were actively working and running the plant during this period, which allowed them to cater to the customer demands. This has helped them in maintaining their cashflows and revenues.
Lucrative Regions in Oxy Fuel Combustion Technology Market
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Oxy Fuel Combustion Technology Market: Strategic Insights
Market Size Value in US$ 454.18 million in 2022 Market Size Value by US$ 825.17 million by 2028 Growth rate CAGR of 10.5% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Oxy Fuel Combustion Technology Market: Strategic Insights
Market Size Value in | US$ 454.18 million in 2022 |
Market Size Value by | US$ 825.17 million by 2028 |
Growth rate | CAGR of 10.5% from 2022 to 2028 |
Forecast Period | 2022-2028 |
Base Year | 2022 |
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Oxy Fuel Combustion Technology Market
Increasing Government Initiatives to Reduce Air Pollution
Air pollution is one of most serious health and environmental issues worldwide. Many of the leading causes of death, such as heart disease, stroke, lower respiratory infections, lung cancer, diabetes, and chronic obstructive pulmonary disease, are linked to air pollution, which includes both outdoor and indoor particulate matter and ozone. It is at the top of the list in low-income countries. It was estimated that 5 million people died because of air pollution in 2017. Low-income countries have higher indoor pollution rates due to their reliance on solid fuels for cooking, and outdoor air pollution increases as countries industrialize and move from low to middle income status. Hence, air pollution is more prevalent in both low- and middle-income countries.
Several initiatives have been taken by the local and federal government bodies across the globe over the years for minimizing the hazardous industrial air disposal. This is fueling the growth of the global oxy fuel combustion technology market.
Offerings -Based Insights
Based on offering, the oxy fuel combustion technology market is segmented into solution and services. The solution segment held a larger market share in 2022.
End-User Industry-Based Insights
Based on end-user industry, the oxy fuel combustion technology market is segmented into oil & gas, power generation, manufacturing, metal & mining, and others. The metal & mining segment is projected to register the highest CAGR during the forecast period.
Players operating in the oxy fuel combustion technology market are mainly focused on the development of advanced and efficient products.
- In 2020, Linde partnered with new contract with Indian Oil Corporation Limited (IOCL), the largest refiner in India. Praxair India Private Limited operated an air separation unit (ASU) to supply oxygen and nitrogen to its incumbent customer, IOCL.
- In 2019, NGK SPARK PLUG CO., LTD. (NTK) and Mitsubishi Hitachi Power Systems, Ltd. (MHPS) declared the establishment of CECYLLS Co., Ltd. The two companies to manufacture and sell cylindrical cell stacks (Note1) as the power generating elements used in solid oxide fuel cells (SOFC).
The oxy fuel combustion technology market has been segmented as follows:
Oxy Fuel Combustion Technology Market– by Offerings
- Solution
- Services
Oxy Fuel Combustion Technology Market – by End-User Industry
- Oil & Gas
- Power Generation
- Manufacturing
- Metal &Mining
- Others
Oxy Fuel Combustion Technology Market – by Geography
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- UK
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
- Middle East and Africa (MEA)
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- South America (SAM)
- Brazil
- Rest of SAM
Oxy Fuel Combustion Technology Market–Company Profiles
- Air Liquide
- Air Products and Chemicals, Inc.
- Encon Thermal Engineers Pvt. Ltd.
- ESA S.p.A.
- Falorni Gianfranco s.r.l.
- General Electric Company
- Hitachi Ltd.
- Jupiter Oxygen Corporation
- Linde
- HEIDELBERGCEMENT AG
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Offerings, and End-Use Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Asia Pacific is expected to register highest CAGR in the oxy fuel combustion technology market during the forecast period (2022-2028)
Air Pollution Awareness Programs in Developed and Developing Countries
India, Japan, and France are expected to register high growth rate during the forecast period
The estimated global market size for the oxy fuel combustion technology market in 2022 is expected to be around US$ 454.18 million in 2022
1. Increasing Government Initiatives to Reduce Air Pollution
2. Rising Demand for Minimizing Gas Emissions in Industrial Processes
The oxy fuel combustion technology market is expected to register an incremental growth value of US$ 370.99 million during the forecast period
US is expected to hold a major market share of oxy fuel combustion technology market in 2022
Solutions segment is expected to hold a major market share of oxy fuel combustion technology market in 2022
The global market size of oxy fuel combustion technology market by 2028 will be around US$ 825.17 million
Air Products and Chemicals, Inc., Air Liquide S.A., Linde Plc, General Electric, Jupiter Oxygen Corporation are the key market players expected to hold a major market share of oxy fuel combustion technology market in 2022
The List of Companies - Oxy Fuel Combustion Technology Market
- Air Liquide
- Air Products and Chemicals, Inc.
- Encon Thermal Engineers Pvt. Ltd.
- ESA Pyronics International
- Falorini Gianfranco SRL
- General Electric Company
- Hitachi Ltd.
- Jupiter Oxygen Corporation
- Linde
- HEIDELBERGCEMENT AG
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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