Regenerative Thermal Oxidizer Market to Surpass a Valuation of US$ 13 Billion by the end of 2032 As They Effectively Destroy Hazardous Air Pollutants from the Exhaust Streams | Future Market Insights Inc.
Future Market Insights, Inc.
7 min read
NEWARK, DE / ACCESSWIRE / March 19, 2023 / The global regenerative thermal oxidizer market is anticipated to exhibit opulent growth opportunities over the forecast period by registering a CAGR of 4% to 5% from 2022 to 2032. The global market totaled a valuation of US$ 9.5 Billion by 2022 and exceeded a valuation of US$ 13 Billion by the end of 2032. During the historical period, the global regenerative thermal oxidizer market recorded a valuation of US$ 9 Billion in 2021.
Regenerative thermal oxidizers (RTO) are known as a type of industrial equipment which are commonly used in the treatment of exhaust air. Such advanced energy-saving systems effectively oxidize and decompose Volatile Organic Compounds (VOCs) at 850°C or higher. They comprise of ceramic bed that absorbs the heat from the emitted exhaust gas.
The rising implementation of stringent standards by numerous government and environmental organizations including the Environmental Protection Agency and rising production activities across the globe are estimated to bolster the demand for regenerative thermal oxidizers in the market.
Excessive complications in these systems and the high cost of maintenance attributed to the presence of numerous moving parts & components are some factors further hampering the growth of the regenerative thermal oxidizer market.
Recent Developments
Regenerative thermal oxidizer utilizes the absorbed heat for pre-heating the destroying air pollutants along with the incoming process stream present in the exhaust stream. These oxidizers destroy the existing Hazardous Air Pollutants (HAPs), VOCs, and other pollutants in the exhaust stream produced during the industrial process and production of chemicals.
Despite several advantages associated with regenerative thermal oxidizers, the high cost of this industrial equipment and the growing availability of other emission control equipment, such as electrostatic precipitators, are hindering sales in the market.
Competitive Landscape
Some of the prominent players in the global regenerative thermal oxidizer market are SGX Sensortech, The CMM Group, BD Group Industries, LLC, Biothermica Technologies Inc., Formia Emissions Control Oy, Air Clear LLC., Filtracni Technika, Thermische Prozesstechnik GmbH, Nacah Tech, LLC and others.
Because of the presence of a large number of participants and increasing product launches of advanced technologies and features, the market is highly competitive.
More Insights into the Regenerative Thermal Oxidizer Market
The North American region is anticipated to dominate the global regenerative thermal oxidizer market over the evaluation period with a healthy growth rate. In addition to that, over recent years, a significant rise in demand for oil & gas products such as gasoline, diesel, and others is being witnessed across North America, driven by rapid industrialization and growing vehicular feet across the U.S. and Canada. Hence, key industry players are focusing on launching new crude oil production facilities and refineries to meet the surging demand.
The North American region is expected to lead the global regenerative thermal oxidizer market due to the rising technological developments in the region. In 2019, Targa Resources Corporation, an oil & gas company based in the U.S. announced the opening of a new petroleum refinery in Texas, U.S., with a refining capacity of 35,000 barrels per day. As regenerative thermal oxidizers are extensively used for decomposing VOCs and other pollution across petrochemical refineries.
According to the FMI reports, the Western European region is expected to create lucrative growth opportunities over the evaluation period from 2022 to 2032. With rapid industrialization, growing mining activities, and increasing production of automotive, chemicals, and pharmaceuticals, a swift rise in the emission of VOCs, HAPs, hydrocarbons, and other pollutants is witnessed across Europe. Hence, regulatory organizations, such as the European Environment Agency, are implementing regulations mandating the adoption of emission control equipment.
In order to comply with these regulations, a large number of industry players are installing this equipment. For instance, Borealis, an Austrian chemical company, recently announced investing US$ 21.4 million in installing of novel Regenerative Thermal Oxidizer in its polyolefins plant in Porvoo, Finland by 2023. A multiplicity of such developments are estimated to bolster the growth in the Western Europe market.
Key Segments Profiled in the Regenerative Thermal Oxidizer Market Survey
Explore FMI's Extensive Coverage in Industrial Automation Domain:
District Cooling Market Forecast:The district cooling market is expected to increase from US$ 29.2 billion in 2023 to US$ 63.2 billion by 2033, at an 8.0% CAGR from 2023 to 2033.
Fire Pits Market Overview:The fire pits market is estimated to be worth US$ 7.24 billion globally in 2023 and is anticipated to register a CAGR of 6.5% from 2023 to 2033. In 2033, it is predicted that the global market would reach US$ 13.59 billion
Industrial Safety Footwear Market Keytrends:The industrial safety footwear market is set to thrive at a steady CAGR of 7.4% during the forecast period. The market holds a share of US$ 11.6 billion in 2023 while it is anticipated to cross a value of US$ 23.6 billion by 2033.
Vacuum Cleaner Filter Market Review:The global vacuum cleaner filter market was valued at US$ 1,924.1 million in 2022 and is projected to expand at an impressive CAGR of 9.3% to reach a market valuation of close to US$ 4,670 million in 2032.
Industrial Motors Market Research:The global industrial motors market was valued at US$ 653.0 million in 2022. From 2022 to 2032, the market is projected to expand slowly at a CAGR of 3.5%.
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries
