PUBLISHER: Grand View Research | PRODUCT CODE: 1321377
PUBLISHER: Grand View Research | PRODUCT CODE: 1321377
The global gas cleaning technologies market size is anticipated to reach USD 46.73 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.9% from 2023 to 2030. The growth of the market is anticipated to be driven by the increasing number of coal-fired power plants across the globe. According to the International Energy Agency, coal-fired power generation reached an all-time high in 2021, increasing by 8% globally. Coal served more than half of the additional power demand in 2021. Compared to 2020, emissions from coal-fired power plants in the U.S. increased by 16% and by 20% in the European Union in 2021. Also, in India, coal-fired power generation reached a record high in 2021, increasing by 13% compared to 2020.
The demand for coal-fired power in the world grew strongly in 2021 partly due to the decline in renewable energy and also the economic impacts of the Russia-Ukraine conflict. Which is likely to drive gas cleaning technologies demand in the upcoming years. According to the World Bank Group, industries contribute more than one-third of the direct and indirect Greenhouse Gas (GHGs) emissions globally. Among various industries, certain sectors like iron and steel, chemical, manufacturing, and cement are some of the primary contributors to climate change and global warming. This can be attributed to the fact that these industries require large amounts of energy for carrying out their processing or manufacturing activities. Air pollution control technologies are becoming critical for industries in order to limit the emission of GHGs.
Therefore, the rising air pollution and its impact on the health and environment are likely to augment the installation of various pollution control technologies, consequently driving the growth of the market. The rising industrialization and growth in various industries are leading to significantly increased air pollution. Most of the industrial processes in power, chemical, refineries & petrochemicals, textiles, metals, and cement, among other industries, involve the use of various gases and are responsible for the emission of these gases or other by-products of the process. Such industrial activities are responsible for the emission of pollutants such as carbon monoxide, hydrocarbons, sulfur dioxide, and nitrogen oxides, which is also fueling the growth of this market over the forecast period.