Selective Catalytic Reduction System Market Size

Selective Catalytic Reduction System Market Size

Selective Catalytic Reduction System Market size was valued at USD 3.73 billion in 2023 and is set to grow at a CAGR of 5.5% between 2024 and 2032. The increasing energy demand, swift industrialization, and implementation of energy efficiency standards have had a favorable influence on the adoption of selective catalytic reduction system. As per the Environmental Impact Assessment (EIA), the average annual growth in electricity demand is projected to be approximately 0.9% from 2019 to 2050. Stationary catalytic systems are gaining significance in energy-intensive sectors due to their capacity to reduce nitrogen emissions and contribute to clean energy initiatives.

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Key application industries including power plants, cement, metal, and manufacturing industries are experiencing swift adoption of the product. This is being driven by stringent government regulations and the introduction of mandates aimed at restricting NOx and CO emissions. The United States Environmental Protection Agency (EPA) supervises the manufacturing, processing, distribution, and utilization of chemicals, regulating pollution levels and establishing standards for waste management and handling hazardous chemicals. The association also provides a Technical Guidance Document (TGD), outlining the Compliance Assurance Monitoring (CAM) process and offering technical references for monitoring equipment and instruments.

Continued investments in the advancement of technologically sophisticated selective catalytic reduction (SCR) systems, coupled with the increasing importance placed on energy optimization and management across various industries, have fostered the widespread adoption of these systems. For instance, in June 2023, the U.S. allocated around USD 6 billion to tackle issues related to marine pollution, climate change, sustainable fishing, marine conservation, maritime security, and the development of a sustainable blue economy.

In addition, SCRs are predominantly installed alongside utility boilers in power plants, experiencing a consistent increase in deployment due to heightened investments in thermal power generation and global infrastructural development. Positive contributions from major financial institutions, including the Asian Development Bank, African Development Bank, International Monetary Fund, and the World Bank, have further positively impacted the selective catalytic reduction system market revenue.

Developing countries worldwide are directing their attention toward ensuring a reliable and continuous electricity supply. Plans to construct new power plants, aimed at supporting the escalating demand, are propelling the demand for the product. Furthermore, concerted efforts to narrow the gap between electricity demand and supply are expected to drive increased deployment of the product over the forecast period. The emissions of NOx, CO, and PMs from industrial exhaust gases pose a significant threat of lung cancer and environmental hazards and are associated with various severe respiratory and cardiac health issues.