Insights on the Oxy Fuel Combustion Technology Global Market to 2028 - by Offerings, End-use Industry and Geography
April 26, 2021 06:28 ET
| Source:
Research and Markets
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The global oxy fuel combustion technology market was valued at US$ 386.52 million in 2020 and is expected to grow at a CAGR of 9.6% during the forecast period from 2021-2028 to reach US$ 749.60 million by 2028.
The rising concern for carbon dioxide emission in the atmosphere is a major factor driving the oxy fuel combustion technology market. Anthropogenic CO2, that is CO2 produced because of human activities, comes from the combustion of fossil fuels in power plants, transportation, and industrial sources. Fossil fuels currently provide the most of the world's energy, and this situation is expected to persist for at least next few decades. Thus, to continue using fossil fuels in an effective and environmentally sustainable manner, near-zero emission technologies are being developed for demonstration and large-scale commercial deployment. The state-of-the-art application of oxy-fuel combustion technology to fossil-fuel energy conversion systems provides an opportunity to develop new designs, improving the competence of baseline combustion processes, and reducing their environmental footprints, including greenhouse gas emissions, through CO2 capture and storage.