COVID-19 impact on Oxy-fuel Combustion Technology Market
- The COVID-19 outbreak is hampering the oxy-fuel combustion technology demand in many applications. To curb the spread of corona virus, many governments across the globe enforced lockdown measures. This resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown, which are hampering the demand for oxy-fuel combustion technology.
- Key players operating in the oxy-fuel combustion technology market are primarily tier I and tier ii manufacturers and suppliers. Manufacture and supply chain facilities of these players are spread across various countries in Asia pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively affected the demand and supply chain of the technology.
- The COVID-19 outbreak has directly affected the production and demand for oxy-fuel combustion technology. The industrial shutdown caused by the COVID-19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials is projected to hamper full-scale operations of companies operating in the market.
Key Drivers of Oxy-fuel Combustion Technology Market
- Air pollution is one of the world's most important health and environmental issues. Due to their reliance on solid fuels for cooking, low-income countries have greater interior pollution rates, while outdoor air pollution rises as countries industrialize and transition from low to middle-income status. As a result, both low- and middle-income countries have higher levels of air pollution. Oxy-fuel combustion technique reduces the volume of exhaust gas by about 75%, resulting in a significant reduction in heat loss. Over the years, local and federal government agencies around the world have implemented a number of steps to reduce hazardous industrial air disposal. This is propelling the global oxy-fuel combustion technology market.
- Rising health concerns and the desire to minimize pollution, ever-increasing population and industrialization, increase in the number of power plants, and adoption of oxy-fuel combustion technology are projected to propel the oxy-fuel combustion technology market during the forecast period. Manufacturers have increased their demand for oxy-fuel combustion technology because of stricter regulations and the need to reduce environmental impact. Manufacturers can improve efficiency while lowering their environmental impact by using oxygen-fuel combustion technology.
Restraints of Oxy-Fuel Combustion Technology Market
- High cost associated with oxy-fuel technology solutions is the key restraining factor of the oxy-fuel combustion technology market. Growth of the market is restrained by high cost of oxy-fuel combustion technology over its conventional counterpart. Instability in prices can restrict the growth of the oxy-fuel combustion technology market. In addition, substitutes developed due to research and development can restrain the market during the forecast period.
Asia Pacific to Constitute Significant Share of Global Oxy-fuel Combustion Technology Market
- In terms of region, the global oxy-fuel combustion technology market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is anticipated to dominate the oxy-fuel combustion technology market during the forecast period because of the region's growing urbanization and industrialization. Asia Pacific offers lucrative growth prospects for participants in the oxy-fuel combustion technology market. Demand for energy in the region has increased, as the population and standard of life have risen, resulting in increased investments in power plants. This is projected to drive the oxy-fuel combustion technology market in the region.
- The market in North America is anticipated to expand at a faster pace during the forecast period. Increasing demand for oil and gas in North America is also expected to propel the oxy-fuel combustion technology market in the region during the forecast period.
Competitive Landscape of Global Oxy-fuel Combustion Technology Market
Major players operating in the global oxy-fuel combustion technology market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. The market is currently witnessing fierce competition among several leading players. Key players operating in the market include.
- Hitachi Ltd
- Air Liquide
- Air Products and Chemicals, Inc.
- Falorni Gianfranco s.r.l
- ESA S.p.A
- Encon Thermal Engineers Pvt. Ltd
- General Electric Company
- Jupiter Oxygen Corporation
- HEIDELBERGCEMENT AG
Global Oxy-fuel Combustion Technology Market: Research Scope
Global Oxy-fuel Combustion Technology Market, by Offerings
Global Oxy-fuel Combustion Technology Market, by End-user Industry
- Oil & Gas
- Power Generation
- Metal &Mining
Global Oxy-fuel Combustion Technology Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Oxy-fuel Combustion Technology Market Introduction
- Oxy-fuel combustion is the process of combusting hydrocarbon fuel in a nearly pure oxygen environment rather than air. A part of the flue gas is used to dilute the oxygen instead of nitrogen to control the temperature.
- Increase in concern about carbon dioxide pollutants into the atmosphere is one of the key factors driving the oxy-fuel combustion technology market. Traditional fuels provide the majority of the world's energy, and this situation is expected to remain the same for at least the next few decades. As a result, near-zero emission technologies are being developed for demonstration and large-scale commercial deployment in order to keep using fossil fuels in an efficient and environmentally friendly manner. Application of oxy-fuel combustion technology allows for the creation of new designs, enhancement of baseline combustion processes, and reduction of their environmental footprints. Apart from agriculture, oxy-fuel combustion technology is used in a variety of industries, including glue and resins, wood, health and beauty products, metal treatment, tanneries, water treatment, and construction and civil engineering.