According to a recent report published by Allied Market Research, titled,"Global Emission Control Technology Market by Technology, Fuel Type, and End-User Vertical: Global Opportunity Analysis and Industry Forecast, 2018-2025," the global emission control technology market size was valued at $91,540.0 million in 2017, and is projected to reach $160,314.9 million by 2025, registering a CAGR of 7.3% from 2018 to 2025.
At present, Asia-Pacific dominates the market, followed by Europe, LAMEA, and North America. China dominated the global emission control technology market in 2017, whereas France is expected to grow at a significant rate in Europe during the forecast period.
Factors such as emission control regulations by government and an increase in automobile production fuel the growth of the emission control technology market. In addition, the adoption of nanotechnology in emission control technologies boosts market growth. However, growth in production of electric vehicles and the high cost of catalysts hinder the emission control technology market growth. Conversely, innovations in emission control catalysts and government initiatives for emission reduction in developing nations are anticipated to provide remunerative opportunities to the key player for the emission control technology market expansion.
The government of various countries are taking initiative for emission control of greenhouse gases from the industries such as automotive, marine, off-highway, rolling stock, and industrial. In recent days, there are some areas where vehicles do not meet the emission control standards set by the government. For instance, around half of the American citizens are living in the areas, which do not meet the emission control standards and are majorly responsible for pollution, which includes particulate matter, and other smog-forming emissions. Emission control technologies such as diesel particulate filter (DPF), diesel oxidation catalyst (DOC), gasoline particulate filter (GPF), exhaust gas recirculation (EGR), and selective catalytic reduction (SCR), and others provide with an effective way to reduce industry related emission control.
Emission of harmful pollutants from the railways also possess a serious threat to the ecosystem, due to which initiative is being taken to control these emissions for cleaner air. For instance, emission control devices are to be fitted to locomotives of South Western Railway to cut harmful emission from diesel trains. Eminox, an emission control technology manufacturer developed the selective catalytic reduction & continuously regenerating trap (SCRT), which works in a similar fashion to the emission technologies used in cars. This device consists of various filters and platinum catalyst and can reduce particulate matters by over 90%, nitrogen oxide by over 80%, and cut hydrocarbon and monoxide by over 90%.
In recent days, greenhouse exhaust emission is the main concern as the ships carry cargo and passengers all over the world, they produce harmful pollutants which have a damaging impact on human life and the ecosystem. Shipping is responsible for transporting around 90% of the goods, which is traded around the world. Ships such as tugs, cruise liners, and other travel in very environmentally sensitive areas, due to which engine of ships should meet the strict emission control regulations. Leading emission control technology manufacturer is introducing new technologies to meet the strict emission regulations and reduce pollution. For instance, Man Energy Solutions, an emission control technology manufacture introduce a technology to reduce the pollutants emission in the sea. This technology also provides improved engine efficiency, utilization of cleaner fuels, and others.
Key Findings of Emission Control Technology Market Study :
- The diesel segment in fuel type generated the highest revenue in 2017.
- By end-user vertical, the automotive segment generated the highest revenue in 2017.
- LAMEA is anticipated to exhibit the highest CAGR during the forecast period.
In 2017, Asia-Pacific contributed the highest emission control technology market revenue, followed by Europe, LAMEA, and LAMEA.
The emission control technology market key players analyzed in this report are BASF, Clean Diesel Technologies, Inc., Clariant, Cormetech, Corning Incorporated, DCL International Inc., Johnson Matthey, Tenneco Inc., Umicore, Walker Exhaust Systems, and others.