Key Revenue Pockets - Electrostatic Precipitator Market
The overall electrostatic precipitator market is expected to grow from USD 5.8 billion in 2018 to USD 7.0 billion by 2023, at a CAGR of 3.97%. Tightening air pollution control regulations, growth in coal-fired power plants, and growing environmental concerns are the key factors driving the growth of this market. However, a growing demand for alternative energy sources and functional disadvantages of electrostatic precipitators are likely to pose some challenges.
Increasing environmental pollution, including particulate emission, across the globe has resulted in the adoption of stringent regulations. The National Air Pollution Control Programmes, signed by European countries, which requires them to cut down their pollution levels and ensure coherence with pollution control policy is one of several initiatives implemented across the globe. These regulations mandate several manufacturing and power generation companies to cut down their particulate emission levels by adopting dust pollution control technologies, such as electrostatic precipitators.
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The market for dry ESP types is expected to grow at the highest CAGR within the overall electrostatic precipitator market during the forecast period. The growth can be attributed to this type’s ability to withstand high temperatures and high particulate volumes, cost-effectiveness, and low electricity consumption.
Related services offering is expected to grow at a higher CAGR than hardware & software offering during the forecast period. Frequent requirement for installation services, design and engineering, project management and execution, lifecycle services and maintenance services; and increasing demand for upgrading electrostatic precipitators are the major factors driving the growth of the market for services.
The electrostatic precipitator market in RoW is expected to grow at the highest CAGR during the forecast period. Investments toward installing electrostatic precipitators in various end-use industries, such as power & electricity, steel, and chemicals, are increasing, which is expected to create opportunities for the market’s growth.
Related Reports:
Electrostatic Precipitator Market by Type (Dry Electrostatic Precipitator and Wet Electrostatic Precipitator), Vertical (Power & Electricity, Metals, Cement, Chemicals), Offering, and Geography - Global Forecast 2018 to 2023
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