Selective Catalytic Reduction (SCR) Market has observed tremendous growth in recent years, mainly due to effective government policies globally, trying to curb vehicle emission. The alarming increase in health hazards caused due to vehicular emission has resulted in growing awareness among individuals contributing to the growth of the selective catalytic reduction (SCR) Industry. With diesel engines providing a significant share of the vehicle emission, application of selective catalytic reduction in diesel vehicles has driven the market in recent times. Major manufacturers in the automotive market are focusing on the rising demand for high fuel efficiency in automobiles. As a result, the selective catalytic reduction market is estimated to showcase a high growth rate over the forecast period. Most recent trends in the market include the growing importance of a single module aftermarket treatment mechanism which is considered to meet high fuel efficiency and greenhouse gas regulations across the globe. The high cost related to the selective catalytic reduction is expected to act as a significant limitation for the market. According to Market Research Future (MRFR), the global selective catalytic reduction market is estimated to grow at an impressive CAGR over the forecast period of 2016 to 2023. —
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The global selective catalytic reduction (SCR) market is segmented based on the application, vehicle type, and region. The application segment comprises of diesel-powered vehicles and gasoline powered vehicles. Based on vehicle type, the market is segmented into passenger vehicles and commercial vehicles. Based on the region, the global selective catalytic reduction market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and the rest of the world.
The Asia-Pacific region is likely to deliver profitable opportunities to market players in the selective catalytic reduction (SCR) market. Severe government regulations along with improving transportation amenities and infrastructure are estimated to support the growth of the selective catalytic reduction (SCR) market in this region. Government authorities in developing nations such as India and China are encouraging original equipment manufacturers to employ SCR systems in vehicles primarily to enhance fuel efficiency and curb emissions, subsequently contributing to the SCR market in this region. Rising vehicle production and demand in the Asia-Pacific region is also likely to drive the selective catalytic reduction market in APAC over the forecast period. Growing investment in the automotive sector combined with a massive overhaul of the infrastructure are other significant factors contributing to the market in this region.
Other regions such as North America and Europe are also expected to show for rapid growth over the forecast period. The presence of hi-tech technology and major global market players in this region provides a secure groundwork for the selective catalytic reduction (SCR) manufacturers in this region. The established automotive industry in these regions also aids the growth of the SCR market chiefly due to the availability of advanced infrastructure, creating opportunities for the significant market players in the global SCR market.
The chief players of global Selective Catalytic Reduction (SCR) market are Tenneco, Inc. (U.S.), SDC Materials (U.S.) Faurecia SA (France), Benteler International AG (Germany), Eberspacher Group (Germany), Magneti Marelli S.p.A. (Italy), Amminex Emissions Technology (Denmark), and Toyota Motor Corporation (Japan).
Market players based in U.S. such as MIT, Tesla, and Tenneco, Inc. invested in research and development for selective catalytic reduction to reduce emissions in their large automobiles, primarily trucks and are likely to launch improved products over the forecast period.
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