According to the new research report published by The Insight Partners, titled “Oxy Fuel Combustion Technology Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Offerings (Solution, Services); End-Use Industry (Oil & Gas, Power Generation, Manufacturing, Metal & Mining, Others) the market was valued at US$ 386.52 million in 2020 and is projected to reach US$ 749.60 million by 2028; it is expected to grow at a CAGR of 9.6% from 2021 to 2028.
North America led the global oxy fuel combustion technology market with a substantial revenue share in 2020, followed by Europe and APAC. The US is in a prime position to commercialize the oxy fuel combustion technologies, which are expected to be required widely to completely decarbonize the global economy, owing to a renewed effort to formulate supportive policy and strengthen the current policy structure across the region. As a result, US leadership on CCS implementation would contribute significantly to the world, meeting its environment and sustainable-development goals. It would also help to lower the cost of carbon capture and storage (CCS), a technology that is critical for achieving climate targets and allowing technology implementation in other countries.
In 2020, Europe stood second in the oxy fuel combustion technology market with a decent share, and it is anticipated to witness a steady CAGR from 2021 to 2028. The European region includes France, Germany, Spain, Italy, the UK, and the Rest of Europe. Western European countries are more advanced compared to the Nordic and other Eastern European countries. Therefore, there are more developments and advancements with respect to the adoption of new technologies in the western part of Europe. On the other hand, economically strong countries such as Germany, Italy, and the UK have witnessed significant growth in the implementation of oxy fuel combustion technology solutions.
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In North America, the US has reported more than 20 million COVID-19 cases, with California, Texas, Florida, and New York, among others, being the majorly affected areas. Although the federal government in the US did not impose nationwide lockdown in 2020, governors of a few sates decided to impose lockdowns in their respective states. The lockdown hindered the operations of various industries, including chemical, manufacturing, hospitality, and IT. Despite the wide applications of oxy fuel combustion systems, the companies providing these systems have been facing fluctuating demands amid the pandemic, which can be attributed to the decline of economic activity as well as significant disruption and volatility in the market. Metal production, coating and spraying, waste disposal, power generation, and glass production are among the key industries with wide applications for the oxy fuel combustion technology. However, the oxy fuel combustion system providers are actively working and running the plant during this period, which is allowing them to cater the customer demands.
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