Emission Control Technologies Market Projected to Attain $160.3 Bn by 2025 at 7.3% CAGR, Says AMR
PORTLAND, Oregon, April 11, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Emission Control Technologies Market by Technology {Diesel Particulate Filter (DPF), Gasoline Particulate Filter (GPF), Diesel Oxidation Catalyst (DOC), Selective Catalytic Reduction (SCR) and Exhaust Gas Recirculation (EGR)}, Fuel type (Gasoline and Diesel), and End-User Vertical (Automotive, Marine, Aerospace, Off-highway, Rolling Stock, and Industrial): Global Opportunity Analysis and Industry Forecast, 2018 - 2025". According to the report, the global emission control technologies market accounted for $91.5 billion in 2017 and is expected to garner $160.3 billion by 2025, growing at a CAGR of 7.3% during the forecast period, 2018-2025.
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The rise in automobile production, emerging emission control regulations by government, and increased adoption of nanotechnology in emission control technologies drive the growth of the global emission control technologies market. Additionally, innovations in emission control catalysts and surge in government initiatives for emission reduction in emerging economies would provide lucrative opportunities to emerging market players in the near future. However, rise in electric vehicle production and high cost of catalysts hamper market growth.
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Selective Catalytic Reduction (SCR) to grow at the fastest CAGR in the future
By technology, the selective catalytic reduction (SCR) segment is projected to grow at the highest CAGR of 13.5% during the forecast period. This is attributed to the imposition of strict emission control regulations such as EURO VI that uses SCR technology to reduce NOX emission. However, the gasoline particulate filter (GPF) segment is expected to continue its dominance and occupy more than three-fifths of the global share by 2025.
Gasoline to remain the dominant segment through 2025
By fuel type, the gasoline segment generated almost four-fifths of the global revenue in 2017 and is expected to maintain this trend throughout the forecast period. However, the diesel segment is expected to register the highest CAGR of 8.4% from 2018 to 2025.
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Industrial segment to register the fastest growth from 2018 to 2025
By end-user vertical, the industrial segment is poised to experience the fastest growth from 2018 to 2025, a CAGR of 12.7%. This is due to the adoption of after-treatment devices by industrial engines in compliance with strict emission standards imposed by the regulatory authorities. However, the automotive segment is expected to retain dominance throughout the forecast period on account of mandatory adoption of emission control technologies to reduce tailpipe emission.
Asia-Pacific to generate the highest global revenue in the forecast period
Regionally, Asia-Pacific is expected to occupy more than half of the global shares by 2025, owing to rising population and increased demand for automobiles that meet emission standards.
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Key market players
The key players analyzed in the report include BASF, Clean Diesel Technologies, Inc., Clariant, Cormetech, Corning Incorporated, DCL International Inc., Johnson Matthey, Tenneco Inc., Umicore, Walker Exhaust Systems, and others. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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