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Chemical & Petrochemical IECS Market Trends

Report ID: GMI10187
Published Date: Jul 2024
Report Format: PDF

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Chemical & Petrochemical IECS Market Trends

Stringent government regulations coupled with increasing technological advancements in industrial emission control systems will complement the business scenario. Regulatory frameworks, such as the U.S. Environmental Protection Agency (EPA) standards, the European Union’s Industrial Emissions Directive (IED), and China's National Emission Standards, have been pivotal in driving the adoption of industrial emission control systems. Companies are increasingly investing in advanced technologies to meet stringent emission limits, avoid penalties, and enhance sustainability credentials. In addition, significant technological advancements aimed at improving efficiency, reliability, and cost-effectiveness of pollution controlling devices will further complement the business outlook.

Growing public awareness and advocacy for environmental protection are influencing corporate strategies and government policies. NGOs, environmental groups, and the general public are increasingly demanding stricter emission controls and greater transparency. This heightened awareness is driving companies to adopt advanced emission control technologies and practices, thereby enhancing their social license to operate.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of chemical & petrochemical IECS was reached USD 9 billion in 2023 and is anticipated to register 6.3% CAGR between 2024 and 2032, driven by regulatory compliance along with rising sustainability and corporate social responsibility.

The electrostatic precipitators segment in the chemical & petrochemical IECS market is predicted to record 6.4% CAGR through 2032, due to innovations in heat recovery, advanced materials, and system design for enhancing energy efficiency, sustainability, and profitability of emission control solutions.

Asia Pacific chemical & petrochemical IECS market is projected to reach USD 5.2 billion by 2032 due to the rapid industrialization and economic growth in emerging markets.

APC Technologies, Inc., Babcock & Wilcox Enterprises, Inc., BASF SE, CECO ENVIRONMENTAL, DÜRR Group, FLD Smidth, Fujian Longking Co., Ltd., Fuel Tech Inc., GEA Group, and General Electric, among others.