Selective Catalytic Reduction System Market Size - By Application (Power Plants, Chemical & Petrochemical, Cement, Metal, Marine, Manufacturing), Research Report, Growth Prospects, Regional Outlook & Global Forecast, 2024 - 2032

Selective Catalytic Reduction System Market Size - By Application (Power Plants, Chemical & Petrochemical, Cement, Metal, Marine, Manufacturing), Research Report, Growth Prospects, Regional Outlook & Global Forecast, 2024 - 2032

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.

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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.

COVID- 19 Impact

The selective catalytic reduction system market faced challenges during the COVID-19 pandemic as disruptions in the supply chain and construction activities impacted production. However, the increased focus on resilient and efficient power distribution systems led to a gradual recovery. The industry demonstrated adaptability, incorporating technological advancements to enhance performance and meet evolving demands from various application industries.

Selective Catalytic Reduction System Market Trends

The global transition to clean and sustainable energy sources, including natural gas and renewables, has spurred the need for stationary catalytic systems. These systems play a vital role in mitigating emissions from power plants, refineries, chemical plants, and other industrial facilities involved in energy generation or product manufacturing.
For instance, in December 2023, the U.S. government adopted the U.S. Ocean Justice strategy to promote environmental justice for communities dependent on the ocean and Great Lakes for economic, cultural, spiritual, recreational, and food security reasons, thereby increasing the demand of the system for marine application. In addition, the accelerated industrialization in developing countries, especially in Asia and Latin America, has contributed to heightened pollution levels. Moreover, there has been a growing demand for stationary catalytic systems to manage emissions and comply with environmental regulations in these regions.
The selective catalytic reduction system market has been significantly influenced by ongoing advancements in catalytic technologies. Extensive research and development initiatives have concentrated on enhancing catalyst performance, durability, and efficiency. Novel catalyst formulations and designs have been introduced to boost pollutant conversion rates and reduce operating costs. A noticeable trend is the increasing preference for modular and compact catalytic systems, which not only occupy less space but also offer flexibility in installation. These modular systems are easier to maintain, facilitate efficient scalability, and boast quicker installation times when compared to traditional fixed systems.

Selective Catalytic Reduction System Market Analysis

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Continuous efforts to meet stringent emissions regulations, particularly for nitrogen oxides (NOx), are propelling the adoption of SCR systems across various industries. Increasing integration of SCR technology in power plants, industrial boilers, and marine engines to achieve substantial reductions in harmful emissions will complement the selective catalytic reduction system market scenario. The demand for SCR systems is further amplified by the global transition towards cleaner energy sources, where these systems play a pivotal role in minimizing environmental impact.

• Advancements in SCR technology is focusing on enhancing efficiency and performance. Manufacturers are developing innovative catalyst formulations and designs to optimize pollutant conversion rates and ensure compliance with emission standards.
• The trend towards modular and compact SCR systems is gaining traction, offering benefits such as space efficiency, easier maintenance, and scalability.
• As industries worldwide intensify their commitment to sustainability, the SCR System market is poised for continued growth, driven by the imperative to reduce air pollutants and contribute to a cleaner and healthier environment.

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Based on application, the market is segmented as power plants, chemical & petrochemical, cement, metal, marine, manufacturing. The power plant application industry accounted for 55% of the selective catalytic reduction system market share in 2023. The stationary catalytic reduction system emerges as a highly effective technology for curbing NOx and other pollutant emissions from heavy industries, encompassing coal-fired power plants, cement kilns, chemical and petrochemical facilities, manufacturing plants, metal and marine industries, and waste incinerators.

The accelerated pace of industrialization, coupled with stringent mandates for energy efficiency, has driven industries to embrace efficient emission control systems. In addition, government initiatives aimed at reducing NOx and CO levels in the atmosphere, combined with the continuous surge in demand for electricity generation, will further stimulate the adoption of this technology.

• Rising demand for cement production along with growing rate of pollutants released in the atmosphere is increasing the focus on deployment of emission control technologies.
   
• Introduction of stringent norms with an aim to limit the emissions and applicability of monetary penalties in the case of non-compliance will further complement the industry outlook.
   
• Introduction of IMO norms stating strict limitations under Annex VI pertaining NOx emissions is driving the demand for SCR installation with waste incinerators.

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Asia Pacific selective catalytic reduction system market size is projected to expand at 5.9% CAGR through 2032. The expansion of selective catalytic reduction systems is expected to experience significant growth in the Asia Pacific region, primarily driven by the escalating manufacturing activities. China, as the world's largest manufacturing hub, produces approximately 50% of the global industrial goods such as crude steel, cement, vehicles, and other industrial applications, plays a pivotal role in this trend.

In addition, the introduction of regulatory norms in China, coupled with increased stringency in existing regulations regarding emissions from power plants and cement industries, is acting as a positive complement to the selective catalytic reduction system market growth trajectory.

• The ongoing investments toward development of new industrial facilities along with the government focus on improving the energy efficiency will drive product deployment in China.
• The cement, heavy metal manufacturing, glass, and refining are some of the key energy-intensive industries in the country with a sizeable potential for product adoption.
• China under its 14th Five Year Plan for Energy Conservation and Emission Reduction Program has emphasized on the enhancement of energy efficiency across various industries.
• The government has also introduced energy efficiency standards across major manufacturing sectors and announced financial incentives to support the emission reduction efforts.

Selective Catalytic Reduction System Market Share

Key operating players in the selective catalytic reduction system (SCR) industry is dynamic and subject to change based on factors including technological advancements, regulatory developments, and industry collaborations. These companies play pivotal roles in providing innovative SCR solutions to industries aiming to reduce nitrogen oxide (NOx) emissions and comply with stringent environmental regulations. In addition, continuous advancements in SCR technologies and the global focus on environmental sustainability are key drivers influencing the market share dynamics of these industry players.

Selective Catalytic Reduction System Market Companies

Major companies in the selective catalytic reduction system industry include

• Agriemach Ltd.
• Babcock & Wilcox Enterprises, Inc.
• CECO ENVIRONMENTAL
• CORMETECH
• DCL International Inc.
• DUCON
• Environmental Energy Services Corporation
• General Electric
• Hug Engineering
• Johnson Matthey
• Kwangsung Co., Ltd.
• MAN Energy Solutions
• McGill AirClean LLC
• Mitsubishi Heavy Industries, Ltd.
• Thermax Limited
• Yara International ASA

Selective Catalytic Reduction System Industry News

• In April 2023, General Electric started integrated their selective catalytic reduction (SCR) and Catalytic oxidation reduction (COR) systems into its LM2500XPRESS aeroderivative gas turbines to reduce the emissions of carbon monoxide (CO) up to 50%. The said installation of the emission control systems as a CO emission control technology on their LM2500XPRESS units will offer a sustainable power option in the aeroderivative business, thereby offering growth to the market.
• In January 2023, Thermax Limited received an order worth USD 30.8 million to renovate and modernize electrostatic precipitators at 3x210 MW thermal power station in Bankura, West Bengal, India. The scope of the work include design, engineering, manufacturing, civil work, dismantling/relocation, construction, & commissioning of the ESP systems to reduce particulate emissions and comply with the air quality standards set for the power plants in the power plant.

The selective catalytic reduction system market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘USD Million’ from 2019 to 2032, for the following segments

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Market, By Application

• Power Plants
• Chemical & Petrochemical
• Cement
• Metal
• Marine
• Manufacturing
• Others

The above information has been provided for the following countries across the regions

North America

• U.S.
• Canada
• Mexico

Europe

• Germany
•  UK
•  Italy
•  Norway
•  France

Asia Pacific

• China
• Japan
• India
• South Korea
• Australia

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa

Latin America

• Brazil
• Argentina
• Chile