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Regionally, the Asia Pacific and North America regions hold a significant share in the global air quality control systems market. The major driving factors for the market growth in the regions have been the increased need for food, oil, gas, electricity, and power. With diverse opportunities across the Asia Pacific region, the air quality control systems are at various stages of development. In emerging markets like China and India, the market is tied to rapid industrialisation and urbanisation. The Indian government and other regulatory bodies in these regions are implementing strict regulations to effectively reduce the emission from the rising industrial sector, which is propelling the growth of the air quality control systems market. In the coming years, Latin America and the Middle East and Africa will also witness a healthy growth due to the rising need to curb air pollution.
The market is also influenced by the product developments, contracts undertaken, and M&A activities among the key players in the industry like Thermax Ltd and General Electric (NYSE: GE). In 2018, GE Power was awarded contracts worth USD 247 million to install and supply Wet Flue Gas Desulphurization (Wet FGD) technology at four NTPC power plants to help the thermal power plants meet the new emission standards in India. Similarly, in December 2020, engineering solutions provider Thermax Ltd (NSE: THERMAX) bagged a USD 58 million order from a public-private joint venture power company for setting up two flue gas desulphurisation (FGD) systems at their thermal power plant in Jharkhand, India.
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The major players in the global air quality control systems market are Mitsubishi Hitachi Power Systems Ltd (MHPS), Thermax Ltd, Amec Foster Wheeler, Babcock & Wilcox Enterprises, Inc, Ducon Technologies Inc, and General Electric among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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