Authored By: Sarah
10 Sep 2024

Latest News: Emission Control Technology Market Size to grow by USD 48.1 billion between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Emission Control Technology Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges. The Euro emission standards represent a critical regulatory framework for controlling and managing harmful exhaust emissions from vehicles. Introduced in 1992, Euro 1 set the foundation with regulations targeting carbon monoxide emissions. Euro 2, established in 1997, expanded the scope to include combined limits for nitrogen oxides (NOx) and unburned hydrocarbons (HC), further reducing carbon monoxide emission limits. These standards have significantly contributed to the reduction of harmful emissions in the European automotive sector.

Key Highlights

Growth Projections  

The global emission control technology market  size is estimated to grow by USD 48.1 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  8.07% during the forecast period. Growing greenhouse gas emissions from industries is driving market growth, with a trend towards proliferation of euro emission standards However, rising demand for electric vehicles poses a challenge. Some of the industry leaders include Airex Industries Inc., American Air Filter Co. Inc., Andritz AG, Babcock and Wilcox Enterprises Inc., BASF SE, Camfil AB, Donaldson Co. Inc., Doosan Lentjes GmbH, DuPont de Nemours Inc., FLSmidth and Co. AS, Fujian Longking Co. Ltd., GEA Group AG, General Electric Co., Hamon S.A., John Wood Group PLC, Mitsubishi Heavy Industries Ltd., Parker Hannifin Corp., PAS Solutions BV, Sumitomo Heavy Industries Ltd., and Thermax Ltd..

Know what is trending in the market - Access a free sample report! 

Global emission control technology market 2024-2028

Major Findings

  • The market is experiencing significant growth due to increasing concerns about greenhouse gas emissions from industrial activities, particularly those reliant on fossil fuels. The rise in industrial production has led to higher emissions of carbon dioxide (CO2) and exacerbated air pollution and climate change.

  • Emissions from manufacturing plants also contribute to harmful pollutants like ozone, which can cause smog and health risks for affected populations. As the industrial sector expands, the demand for effective emission control technologies is growing to meet regulatory standards and mitigate environmental impacts, driving market growth during the forecast period.

  • The growing popularity of electric vehicles (EVs), driven by increased emphasis on sustainable energy and reduced carbon emissions, presents a challenge to the global market. This trend is supported by the rapid expansion of EV charging infrastructure, heightened consumer awareness, and various bans on fuel-powered vehicles.

  • Rising demand for EVs in major markets like China, the US, Japan, and European countries such as Norway and Germany, bolstered by supportive government policies, is expected to impact the market negatively. As EVs do not require fuel injectors, their increasing adoption may lead to decreased demand for related products, potentially hindering market growth during the forecast period.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers of automotive components and equipment. Key growth drivers in this sector include the escalating demand for electronic components in automobiles, such as electronic control units (ECUs) and other electrical components, fueled by the rising sales of electric vehicles, motorcycles, and passenger cars over the past decade.

The Emission Control Technology Market is experiencing significant growth, fueled by the Growing greenhouse gas emissions from industries. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

For insights on company offerings- Request a sample report!

Regional Insights

The Emission Control Technology Market encompasses innovative solutions designed to minimize harmful pollutants released into the environment. These technologies, essential for regulatory compliance includes Selective Catalytic Reduction (SCR). Companies investing in these advanced technologies reap benefits such as improved efficiency, and  reduced emissions.

Research Analysis Overview

Title: Emission Control Technology Market: Trends, Competition, and Future Prospects The Emission Control Technology Market is witnessing significant growth due to stringent regulations on industrial emission and increasing awareness towards reducing vehicular particulate emission and greenhouse gases. According to recent market research, the market is expected to witness a CAGR of over 5% during the forecast period. The market is highly competitive, with key players focusing on promotions and pricing strategies to gain a larger market share. Publisher reports provide a comprehensive analysis of the market, including a summation of data on catalytic converters, EGR, SCR, DOC, GPF, and DPF. The market is segmented into passenger cars and industrial applications. In the automotive sector, the focus is on reducing Hydrocarbons, NOx, and CO emissions to meet Euro emission standards. IoT technology is being increasingly adopted to monitor and control emissions in real-time. In the industrial sector, nanotechnology is being used to develop advanced carbon compounds for effective emission control. Electric vehicles are also gaining popularity due to their zero-emission capabilities. However, the market for emission control technologies in electric vehicles is still in its nascent stage. The market for emission control technologies for industrial applications is expected to grow at a faster rate due to increasing regulations and the need for sustainable industrial processes. In summary, the Emission Control Technology Market is expected to grow significantly due to increasing regulations, technological advancements, and the need for sustainable industrial and automotive processes. Competition is intense, with key players focusing on pricing and promotional strategies to gain a larger market share.

About Technavio                                                                        

Technavio is a global market research company offering comprehensive reports and insights on various industries. Our research helps businesses make informed decisions by providing actionable data and trends. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions. Technavio is one of the most influential market research and advisory firms in the world. We work with business and technology leaders to provide cutting-edge market research and insights to companies. 

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Read News Read Less
Interested in this report?
Get your sample now!
Technavio