Technologies that control the emission of dangerous greenhouse gases released from the internal combustion in engines and other components are termed as emission control technologies.
Global emission control technologies market is estimated to grow with 7.17% CAGR during the forecasting years of 2019-2027. The market is anticipated to grow to $XX million by 2027.
Regulations by the government for emission control, growth in population and the growth of the automotive industry are efficiently driving the demand of the market. The most important driver is regulations by the government for emission control. Government has established stringent regulation for pollutant gas emission from the vehicles owing to the combustion of fuels such as diesel fuel, fuel oil, petrol, gasoline, biodiesel, and others.
The restraining factors for emission control technologies that are limiting the market growth has been the rise in the electric vehicle industry and the increasing price of catalyst.
The market for emission control technologies is segmented geographically into North America, Asia Pacific, Europe and the Rest of World regional segment. The fastest growing market in Europe. European Union has been taking measures to save Europe from the pollution caused due to higher carbon emissions. The group of countries have decided to put efforts for this program collectively. European countries have developed the concept of Low Emission Zone (LEZ). These Low Emission Zones are controlled by the lower emission traffic moving through the region. Similarly, the companies operating in these regions have to follow stringent regulations for carbon emissions.
Aerinox, BASF, Clean Diesel Technologies, Clariant AG, Cormetec, Corning Incorporated, DCL International Inc., Johnson Matthey, Tenneco Inc., UMIcore, Babcock & Wilcox Enterprises, Ceco Environmental, Hamon, Thermax Ltd., and General Electric Company are the major companies operating in the market.