Wilmington, Delaware, United States, Transparency Market Research, Inc. , July 23, 2024 (GLOBE NEWSWIRE) -- The absorption tower market (흡수탑 시장) was projected to attain US$ 1.7 billion in 2023. It is likely to garner a 4.8% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 2.8 billion.
Increasing investments in research and development to create more efficient, cost effective, and environmentally friendly absorption towers offer growth potential. Government initiatives and subsidies aimed at promoting cleaner industrial processes and reducing air pollution are expected to drive market growth.
Rising awareness about the health impacts of air pollution among the general public and industry workers is pushing industries to adopt better emission control systems like absorption towers. International agreements and climate initiatives aimed at reducing greenhouse gas emissions are encouraging industries to invest in absorption technologies to comply with global standards.
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Key Findings of Market Report
- Regulations focusing on water conservation and reuse are driving industries to adopt absorption towers that minimize water consumption in their processes.
- Increasing emphasis on maintaining high health and safety standards in industrial operations is boosting the demand for absorption towers to control hazardous emissions.
- The need for resilient infrastructure against natural disasters such as hurricanes and earthquakes is prompting industries to invest in robust absorption tower systems.
- Participation in emission trading schemes and carbon markets is incentivizing industries to adopt absorption towers to manage emissions and comply with regulatory requirements.
Market Trends for Absorption Towers
- By absorption type, the chemical absorption segment is expected to boost the growth of the absorption tower market.
- Chemical absorption offers higher efficiency in removing specific gases, such as sulfur dioxide (SO2) and carbon dioxide (CO2), from industrial emissions compared to physical absorption methods.
- In terms of tower material, the stainless steel segment is anticipated to accelerate the market growth.
- Stainless steel offers excellent corrosion resistance, making it suitable for absorption towers operating in harsh environments with acidic gases or high humidity.
Absorption Tower Market: Key Players
The absorption tower market is competitive, driven by technological advancements, industry-specific demands, and strategic initiatives aimed at maintaining market leadership and sustainable growth. The following companies are well known participants in the absorption tower market:
- DuPont de Nemours. Inc.
- Alfa Laval AB
- CECO Environmental Corp.
- Babcock & Wilcox Enterprises Inc.
- Evoqua Water Technologies LLC
- SPX Corporation
- Mitsubishi Heavy Industries Ltd.
- Bionomic Industries Inc.
- Beltran Technologies Inc.
- Anguil Environmental Systems Inc.
Key Developments
- In June 2023, Coraline Soft filed with the Financial Services Commission via Shinhan 7th Special Purpose Acquisition Company. The plan is to start trading on the technology-focused Kosdaq market by September.
- The merger will be structured as an absorption merger, with Coraline Soft absorbing Shinhan 7th Special Purpose Acquisition Company and subsequently listing on the Kosdaq market under its own name.
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Global Market for Absorption Tower: Regional Outlook
North America
- Growth in industries such as oil & gas, chemical processing, power generation, and pharmaceuticals necessitates effective pollution control measures, boosting the demand for absorption towers.
- Shifts towards cleaner energy sources and renewable energy projects in North America require efficient emission control systems, providing opportunities for absorption tower market growth.
Asia Pacific
- Urbanization and the development of infrastructure projects lead to higher industrial activities, thereby increasing the requirement for emission control solutions.
- Adoption of advanced absorption tower technologies, including innovations in materials, design improvements for higher efficiency, and integration with digital solutions, supports market growth.
Absorption Tower Market Segmentation
Absorption Type
- Physical Absorption
- Chemical Absorption
Tower Material
- Carbon Steel
- Stainless Steel
- FRP
- Ceramics
- Others (Fiber Glass, etc.)
Shape
- Plate Column
- Packed Column
- Spray Column
- Others (Bubble Cap Column, etc.)
End User
- Power Plant
- Chemical Plant
- Oil Refinery Plant
- Pharmaceutical Industry
- Pulp and Paper Industry
- Water Treatment
- Other (Manufacturing Plants, etc.)
Distribution Channel
- Direct Sales
- Indirect Sales
Region
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
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