The oxy-fuel combustion technology market size is projected to reach US$ 1,185.6 million by 2031 from US$ 535.45 million in 2023. The market is expected to register a CAGR of 10.4% in 2023–2031. Raising awareness towards reducing environmental pollution rise in demand for oxy-fuel combustion technology from oil & gas, manufacturing, glass, and thermal engineering industries are among the key factors driving the oxy-fuel combustion technology market.
Oxy-fuel Combustion Technology Market Analysis
The oxy-fuel combustion technology market is expected to experience considerable growth during the analyzed timeframe owing to the increasing demand for oxy-fuel combustion technology in developing countries to reduce air pollution and industrial gas emissions. In addition, several initiatives have been taken by local and federal government bodies across the world over the years to minimize hazardous industrial air disposal. For instance, in September 2022, the government of India also announced that they had set a new aim of a 40% reduction in particulate matter (PM) concentration in cities covered under NCAP by 2026, updating their earlier goal of 20 to 30% reduction by 2024. Such government initiatives across the globe are anticipated to drive market growth from 2023 to 2031.
Oxy-fuel Combustion Technology Market Overview
With the mounting population and industrialization, the demand for energy is also rising at the global level. The rise in energy consumption also boosted the need for minimized carbon dioxide emissions. This has resulted in driving the demand for oxy-fuel combustion technology across the globe. Oxy-fuel combustion is one of the most important technologies for capturing carbon dioxide in power plants. As a result, the adoption of this technology has increased, which is propelling the oxyfuel combustion technology market. Also, governments of several countries across the globe are taking various initiatives to reduce air pollution, which is further driving the growth of the market. Further, various industries are adopting the technology to reduce gas emissions, boosting the growth of the oxy-fuel combustion technology market. However, 02 supply and CO2 capture result in substantial energy penalties that must be mitigated through system optimization and the development of innovative processes; this poses one of the major challenges for market growth.
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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 Drivers and Opportunities
Increasing demand for Oxy-fuel Combustion Technology in Developing Economies is expected to be the Prime Driver for the Oxy-fuel Combustion Technology Market.
The rising air pollution rate across India, China, Mexico, Malaysia, Russia, South Africa, and other developing countries is influencing the governments and industries across these countries to take initiatives to reduce the same to build a healthy environment for its population. According to the World Bank, nearly 33,000 deaths are recorded in Mexico each year due to air pollution. Industrial air pollution is responsible for nearly 20,000 of these deaths, which occur primarily in towns and cities. In Mexico, air pollution is a serious problem, accounting for nearly one-fifth of all deaths (5.9%).
World Health Organization (WHO) set a limit of 10 micrograms (thousandth of a gram) of PM2.5 per cubic meter of air (10g/m3) for average outdoor ambient air pollution. In Mexico City, however, average concentrations are around 25 g/m. In addition, in 2019, India recorded around 1.67 million deaths due to air pollution, which is 18% of the total deaths in the country. Thus, to minimize the PM-2.5 and other industrial gas emissions to reduce their environmental effects and impact on human health, the demand for oxy-fuel combustion technology is expected to increase during the forecast period.
Awareness Programs Towards Minimizing Air Pollution Across Developing and Developed Countries
Air pollution awareness programs or initiatives in developed and developing economies have grown over the years to combat the increasing climatic changes due to the increasing greenhouse gas emissions. WHO, the United States Environmental Protection Agency (EPA), and The World Economic Forum are among the international government entities working on the awareness programs. Similarly, various non-profit private organizations are taking initiatives to educate industries regarding the adverse effects of harmful or toxic gases emitted by them in the environment. These organizations include The Climate & Clean Air Coalition (CCAC), The Union of Concerned Scientists, and Earthjustice. A few awareness programs are listed below:
- BreatheLife, a global campaign, is aimed at encouraging people to act on air pollution or environmental pollution to protect human lives and the planet. This campaign is led by the WHO, the UN Environment Programme (UNEP), and the CCAC.
- The United Nations (UN) General Assembly designated the International Day of Clean Air for blue and clear skies. It was held in September 2022 to brought attention to various air pollutants affecting human and environmental health.
- Union Ministry of Environment for Forest and Climate Change, India organizes Swachh Vayu Diwas to raise awareness to improve air quality under the National Clean Air Programme (NCAP).
Thus, the growing initiatives by various organizations or entities are influencing the end-use industries for adopting technologies that will minimize the emission of hazardous gas into the environment, which is expected to boost the growth of the global oxy-fuel combustion technology market in the coming years.
Oxy-fuel Combustion Technology Market Report Segmentation Analysis
Key segments that contributed to the derivation of the oxy-fuel combustion technology market analysis are offerings and the end-use industry.
- Based on offerings, the oxy-fuel combustion technology market has been divided into solutions and services. The solution segment accounted for a larger market share in 2023.
- Based on the end-use industry, the oxy-fuel combustion technology market has been divided into oil & gas, power generation, manufacturing, metal & mining, and others. The power generation segment held a larger market share in 2023.
Oxy-fuel Combustion Technology Market Share Analysis by Geography
The geographic scope of the oxy-fuel combustion technology market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East and Africa, and South America.
North America will dominate the oxy-fuel combustion technology market in 2023. The North America region includes the US, Canada, and Mexico. The US and Canada are highly dependent on fossil fuels to fulfill their primary energy demand. Hence, the emission of harmful gases in these countries is high. The largest resource of greenhouse gas emissions in the US is human activities that include burning fossil fuels for electricity, heat, and transportation. As per the United States Environmental Protection Agency (US EPA), in 2022, the total greenhouse gas emission in the US was 6,343.2 million metric tons of CO2 equivalent. Different economic sectors responsible for greenhouse gas emissions are transportation, holding 28% of greenhouse gas emissions in 2022; electricity production, accounting for 25%; industry, accounting for 23%; commercial and residential sectors holding 13%; and agriculture, accounting for 10%. Thus, the rapid growth in the above sectors will increase the harmful gas emissions in North America during the forecast period, which in turn is expected to raise the demand for oxy-fuel combustion technology in the future.
Oxy-fuel Combustion Technology Market Report Scope
Oxy-fuel Combustion Technology Market News and Recent Developments
The oxy-fuel combustion technology market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for oxy-fuel combustion technology market and strategies:
- In November 2022, HeidelbergCement started the further development and scaling-up of the LEILAC technology together with Calyx, an Australian technology company and a European consortium. With this strategic initiative, the company is scaling up the time and money it spends on making the cement production process more sustainable by utilizing carbon capture technology.
- In October 2022, SLB and Linde collaborated on carbon capture, utilization, & sequestration (CCUS) projects to enhanced decarbonization solutions across various industrial and power sectors. The collaboration was aimed at combining decades of experience in carbon dioxide (CO2) capture & sequestration, innovative or advanced technology portfolios, project development & execution expertise, and engineering, procurement, & construction (EPC) capabilities.
Oxy-fuel Combustion Technology Market Report Coverage and Deliverables
The “Oxy-fuel Combustion Technology Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, & country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter’s Five Forces analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
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
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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