- Thermal incinerators are used for controlling air pollution inside manufacturing units. Many chemical industries have installed thermal incinerators to improve air quality inside their plants.
Key Drivers of the Global Thermal Incinerator Market
- Thermal incinerators have the ability to decrease emissions from most VOC sources, including distillation vents, reactor vents, solvent operations, and operations performed in dryers, kilns, and ovens. Moreover, the product also handles minor fluctuations in air flow. Demand for thermal incinerators is expected to increase in different manufacturing industries as a result of multiple usages of the product.
- Mandatory government regulations related to environmental measures for manufacturing industries is expected to work as a potential driver of the thermal incinerator market. Rising environmental concerns at the global level also boosts the sales of thermal incinerators in both developed and developing countries.
- The chemical industry and oil & gas production faced a major slowdown from March 2020 to July 2020 as a result of Covid-19. This has decreased their overall sales for the financial year 2020-21. However, companies are signing partnerships with different companies to improve their total revenue.
Technological Advancements to Create New Market Opportunities
- Technological innovations in the thermal incinerator manufacturing process has created new opportunities in the thermal incinerator market. Companies are offering advanced products which are compact and work without any noise.
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High Consumption of Energy to Restrict Market Growth
- Thermal incinerators require high energy to purify air. Average energy consumption is very high compared to other industrial products. This affects total operational and maintenance cost for manufacturing industries and may restrict their market growth in the near future.
Asia Pacific the Dominant Market for Thermal Incinerators
- Increasing number of chemical and oil & gas companies coupled high foreign investment in different end-use segments in the Asia Pacific region is one of the key reasons driving the demand for thermal incinerators in the region. China and India are key markets. Japan and South Korea also account for significant share of the thermal incinerator market. Industrial growth in Brazil and South Africa is driving the demand for thermal incinerators in South America and Middle East & Africa regions.
- Key manufacturers are operating their business from Asia Pacific and North America. These players have a global reach through their own sales channels or distributors. North America and Europe also have significant share in the thermal incinerator market.
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Key Players Operating in the Global Thermal Incinerator Market
Key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level. Small scale players are trying to increase their sales by improving their domestic market share. The global thermal incinerator market is fragmented in nature. Companies are working on product innovation and development to increase their customer base.