Stationary Catalytic Systems Market Analysis | 2023-2028
Stationary Catalytic Systems Market Size, Share, Trend, Forecast & Industry Analysis: 2023-2028
The Stationary Catalytic Systems Market was estimated at US$ 4.97 billion in 2022 and is expected to grow at a CAGR of 5.77% during 2023-2028 to reach US$ 6.99 billion by 2028.
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Stationary catalytic systems are emission control devices used in industrial processes and facilities to reduce the release of pollutants into the atmosphere. These systems employ catalysts to facilitate chemical reactions that convert harmful gases and pollutants, such as nitrogen oxides (NOx), carbon monoxide (CO), and volatile organic compounds (VOCs), into less harmful substances. Commonly used catalysts include metals like platinum and palladium.
Stationary catalytic systems play a vital role in mitigating air pollution from manufacturing plants, power stations, and other industrial sources. By promoting cleaner and more efficient combustion, these systems contribute to environmental protection and regulatory compliance in efforts to improve air quality. The driving factor that is contributing to the demand for stationary catalytic systems is the growing urban population with increasing disposable incomes.
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The stationary catalytic systems market is segmented into SCR and oxidation catalysts. The SCR segment is expected to govern the market by its NOx reduction achievability of up to 95%, without surpassing the threshold value of ammonia. Increasing environmental concerns along with growing demand for sustainable systems will drive the market growth.
The market is segmented into power plants, chemical & petrochemical, cement, metal, marine, manufacturing, and others. The power plant segment dominates the market, owing to the various factors driving its growth, such as rapid industrialization, increase in electricity demand, rising demand for manufactured goods, expansion of self-regulated power generating plants, and restructuring of the existing plants with the stipulation of green agenda.
In terms of regions, Asia-Pacific is estimated to be the dominant region for the stationary catalytic systems market during the forecast period, driven by the rising electricity demand primarily across Indonesia and Vietnam, increasing NOx emissions from power plants, rapid industrialization, easy availability of coal, and introduction regulatory framework.
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Some of the major stationary catalytic system manufacturers are-
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The Stationary Catalytic Systems Market is expected to grow at a CAGR of 5.77% during 2023-2028.
Hug Engineering, Kwangsung Co. Ltd., Agriemach Ltd., Johnson Matthey, DCL International, Inc., MAN Energy Solutions, Yara International ASA, AMEC Foster Wheeler Ltd., Babcock and Wilcox Enterprises, Inc., and Ducon Technologies Inc. are among the key players in the Stationary Catalytic Systems Market.
The Stationary Catalytic Systems Market is expected to reach US$ 6.99 billion by 2028.
Asia-Pacific is expected to dominate the stationary catalytic systems market during the next five years.
The SCR segment is expected to govern the stationary catalytic systems market in the coming years.