DUBLIN , Aug. 8, 2022 /PRNewswire/ -- The "Global Exhaust Gas Recirculation (EGR) Cooler Market: Analysis By Engine Type (Diesel and Gasoline), By Vehicle Type (Commercial and Passenger), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2026" report has been added to ResearchAndMarkets.com's offering.
In 2021, the global EGR cooler market was valued at US$534.85 million . The market is projected to reach US$616.05 million by 2026.
The EGR cooler market is expected to grow at a CAGR of 3.07% during the forecast period of 2022-2026.
The Exhaust Gas Recirculation (EGR) cooler is a crucial part of car engines used to reduce Nitrous Oxide (NOx) levels. By rupturing chemical bonds in the combustion chamber of the engine, extreme heat creates new, harmful chemicals. Exhaust gas cooling reduces temperature peaks and slows the rate of combustion.
The primary function of EGR coolers is to reduce nitrous oxide levels by cooling exhaust gases before they are recirculated into the engine. New emission standards introduced by the governments and international organizations is a major driver of the market.
By Engine Type: The report identifies two segments on the basis of engine type: Diesel and Gasoline. In 2021, the diesel segment accounted for more than 70% of the market. The diesel segment held the highest share as EGR coolers are mostly used in diesel based engines. Diesel engines produces more pollutant than others. Therefore, the use of EGR coolers have increased in diesel engines. The gasoline segment has been also increasing rapidly. Due to stringent regulations regarding new emission standards, use of EGR cooler in the gasoline engines have also increased.
By Vehicle Type: The report includes bifurcation of the market into two segments on the basis of vehicle type: Commercial Vehicle and Passenger Vehicle. The commercial vehicle segment accounted for more than 60% share of the market. Commercial vehicle segment recorded the highest share because the engines used in commercial or heavy duty vehicles are diesel engines. In addition, due to increasing commercial activities, use of commercial vehicles has increased in the delivery processes. So, increasing use of commercial vehicles has also supported the market growth.
By Region: In this report, the global EGR Cooler market is divided into five regions: Asia Pacific , Europe , North America , Latin America and Middle East & Africa . In 2021, Asia Pacific dominated the market by occupying almost half of the share of the market. The growing automotive market in the region boosting the EGR cooler market in the region.
The region comprises of countries like China , Japan , India , etc. where automobile industry contributes a large portion of the economy. Increasing car production in these regions would help the market to grow in the Asia Pacific region.
Global EGR Cooler market Dynamics
Growth Drivers: The market has been growing over the past few years, due to factors such as increasing CO? emissions, increasing sales of vehicles, rising demand for fuel efficient mechanism, new emission standards applied on automotive sector, etc. In developing nations, carbon dioxide emissions from burning fossil fuels have significantly increased, because industrialization is a crucial component of developing economies. various governments around the world set emission standards to control the pollution.
Due to this reason, use of EGR coolers in the automotive industry is increasing as the vehicle manufacturers need to meet the emission standards set by respective governments and international organizations. Furthermore, EGR cooler helps to enhance the fuel efficiency. Due to these factors, the market is expected to growing fast.
Challenges: However, the market has been confronted with some challenges specifically, fouling problem in EGR cooler, rising adoption of electric vehicle, etc. One of the key problems is the fouling of the EGR cooler, which is the deposition of particulate matter (PM) as a result of the thermophoretic force between the cooler wall and flow field.
EGR cooler fouling decreases the heat exchanger's ability to transfer heat effectively, and increases NOx emissions. Fouling of EGR cooler tend to be the predominate factors of EGR system failure. Furthermore, rising adoption of electric vehicles would also restrain the market growth as EVs do not require EGR coolers.
Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as innovations associated with EGR Coolers, EGR cooler with bypass, etc. New exhaust gas recirculation (EGR) cooler is equipped with a bypass channel to reduce incomplete combustion and the resulting emissions of hydrocarbons and soot.
The new EGR cooler's integrated bypass channel feeds exhaust gases back into the combustion chambers when the engine temperature is low. EGR cooler with bypass has the ability to enhance the performance of the vehicle. The new advancements are expected to drive the market growth.
Impact Analysis of COVID-19 and Way Forward:
The growth of the market for EGR cooler manufacturers has been restricted by the global spread of the COVID-19 epidemic. Due to the worldwide closure of manufacturing facilities in the first two quarter of 2020, sales of exhaust gas recirculation coolers fell precipitously. The governments of many nations implemented lockdowns. Although the performance of the key participants in the EGR cooler industry has been held down by the closure of production facilities and a lack of workers. The absence of vehicle movement had a significant impact on the transportation industry.
The first half of 2020 saw a considerable decline in the EGR market. However, the pandemic accelerated the need for emission-free transportation, particularly in industrialized nations like China , Europe , and the US. EGR cooler began receiving a lot of attention as governments around the world consider how to recover from the pandemic with an economy that is stronger and more resilient than it was before.
The EGR cooler market is concentrated. Global players have strong dominance in the market, however, domestic players like KORENS Co., Ltd. has been a pioneer in the field of EGR cooler.
Rising Demand for Fuel Efficient Mechanism
New Emission Standards Applied on Automotive Sector
Fouling problem in EGR Cooler
Rising Adoption of Electric Vehicle
Innovations Associated with EGR Coolers
Rheinmentall AG (Rheinmentall Automotive AG)
Tokyo Radiator MFG. Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/xk145l
Research and Markets Laura Wood , Senior Manager press@researchandmarkets.com
For E.S.T Office Hours Call +1-917-300-0470 For U.S./CAN Toll Free Call +1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1904 Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/global-exhaust-gas-recirculation-egr-cooler-market-report-2022-2026-rising-demand-for-fuel-efficient-mechanism--new-emission-standards-applied-on-automotive-sector-driving-growth-301601359.html
(Bloomberg) -- Amazon.com Inc., determined to reduce the size of its sprawling delivery operation amid slowing sales growth, has abandoned dozens of existing and planned facilities around the US, according to a closely watched consulting firm. Most Read from BloombergAmazon Closes, Abandons Plans for Dozens of US WarehousesGazprom Won’t Reopen Gas Pipeline in Energy Shock to EuropeStocks Suffer Third Weekly Loss on Rate-Hike Woes: Markets WrapLukoil Chairman Ravil Maganov Dies After Falling From
Nio's August deliveries soared year over year, but there are plenty of clouds on the horizon too.
Five years after Amazon announced that it would buy supermarket chain Whole Foods for $13.7 billion, a big new change has just taken place -- on September 1, incoming chief executive Jason Buechel is taking over for John Mackey. "As a co-founder of Whole Foods, I've often explained my relationship to the company with a parent-child metaphor," Buechel wrote in a letter announcing his retirement to Whole Foods Staff in September 2021. The transition took nearly a year and, now, former Chief Operating Officer Jason Buechel is stepping in to lead the high-end supermarket chain.
Yahoo Finance's Pras Subramanian reports live from Rivian's first, newly opened service center on the East Coast on how the company plans to expand across the U.S. by 2023.
SEOUL/DETROIT (Reuters) -After grabbing the No. 2 spot in the U.S. electric vehicle market with stylish, long-range models, Hyundai Motor and Kia are the automakers with the most to lose from new rules that halt subsidies for EVs made outside North America. These two companies, which make the popular Ioniq 5 and EV6 models, sold more than 39,000 EVs in the United States between January and July – doubling last year's sales and blowing past Ford Motor Co, Volkswagen AG and General Motors Co. But the Inflation Reduction Act signed into law by U.S. President Joe Biden last month excludes Hyundai Motor Co and its affiliate Kia Corp from federal tax credits because they don't yet make EVs in North America, knocking their EV ambitions in the short term at least, a Hyundai official, parts suppliers, analysts and car dealers said.
Russia has scrapped a Saturday deadline to resume flows via a major gas supply route to Germany, deepening Europe's difficulties in securing winter fuel, after saying it had found faults in the Nord Stream 1 pipeline during maintenance. Nord Stream 1, which runs under the Baltic Sea, had been due to resume operating at 0100 GMT on Saturday after a three-day halt for maintenance. But Gazprom, the state-controlled firm with a monopoly on Russian gas exports via pipeline, said on Friday it could not safely restart deliveries until it had fixed an oil leak found in a vital turbine.
While more than three in 10 U.S. retirees say they would be motivated to rejoin the workforce if inflation continued to eat into their savings, 43% of retirees see their age as a barrier to getting a new job. According to an American Staffing Association survey, the fear of ageism poses a barrier to retirees contemplating un-retirement. Overall, 14% of current retirees said they are open to or actively looking for work.
(Bloomberg) -- The US government’s new restrictions on the ability of Nvidia Corp. to sell artificial intelligence chips to Chinese customers threatens to deal a heavy blow to the country’s development of a sweeping range of cutting-edge technologies.Most Read from BloombergAmazon Closes, Abandons Plans for Dozens of US WarehousesGazprom Won’t Reopen Gas Pipeline in Energy Shock to EuropeStocks Suffer Third Weekly Loss on Rate-Hike Woes: Markets WrapLukoil Chairman Ravil Maganov Dies After Falli
Follow Buffett’s lead. And collect big dividends too.
The Nord Stream 1 pipeline that transports Russian gas to Germany will undergo further maintenance, Gazprom said on Friday after scrapping a Saturday deadline to resume flows, deepening Europe's difficulties in securing fuel. Gazprom was already undergoing maintenance from Aug. 31-Sept. 2, prompting concerns about supply to Europe ahead of the onset of winter if the outage was extended. Russia slashed flows through the pipeline to 40% of capacity in June and to 20% in July.
President of the Association of Flight Attendants CWA Sara Nelson joins Yahoo Finance Live to discuss the August jobs report and how it affects the airline industry, grappling with labor shortages, travel demand, flight delays and cancellations.
Demand has fallen as countries struggle economically. Meanwhile, Russian oil continues to flow, and the West is trying to revive the Iranian nuclear deal and free up Iranian oil supply. The result could be higher prices.
(Bloomberg) -- In a dusty corner of Oklahoma, close to where Erle Halliburton founded his eponymous oil services empire 103 years ago, a group of workers shows why US oil production growth has been underwhelming in spite of a price boom.Most Read from BloombergGlobal Bonds Tumble Into Their First Bear Market in a GenerationLukoil Chairman Ravil Maganov Dies After Falling From Hospital WindowStocks Suffer Third Weekly Loss on Rate-Hike Woes: Markets WrapPutin Brings China and India to Russia for
Artist and independent Kyle McDonald said on CoinDesk TV’s “First Mover,” the possibility Ethereum’s Merge will reduce energy costs by 99.95% is “highly realistic.”
Shanghai-based Pinduoduo has become popular among lower-income consumers in China with its discounted goods. Now, it is expanding overseas as the economy loses steam at home.
Recent monthly jobs reports are stretching credulity. Evidence suggests recession may be close at hand.
OPEC+ is set to meet on Labor Day to discuss the energy market, as member nations have signaled an appetite to cut production targets, a move that could send oil prices surging in the volatile market. The meeting comes as U.S. crude prices increased marginally Friday, following three consecutive monthly losses. Energy giants ExxonMobil (XOM) and Chevron (CVX) gained ground...
The Beverages - Alcohol industry looks poised to gain from strong on-premise and off-premise demand, recovery in Travel Retail, innovation, and premiumization despite supply-chain disruptions. Players like DEO, BUD, STZ and BF.B will likely capitalize on the trends.
ArcelorMittal one of the world’s largest steelmakers, said it plans to close two of its plants in Germany amid soaring electricity costs. Luxembourg-based ArcelorMittal said separately on Thursday that it will close a blast furnace in Spain amid low demand. On Friday, it said the company will close a blast furnace in Bremen, Germany, in the country’s north, and a plant that produces wire rod in Hamburg.
CHICAGO (Reuters) -More farm equipment dealers are going out of business, leaving a handful of companies with control of a large swathe of the market and greater ability to set prices for selling and repairing equipment, according to interviews with farmers, equipment dealers and analysts. In Montana, a state the size of Germany, only three Deere & Co. dealerships remain compared to around 30 two decades ago, according to the state Farmers Union. Local barley farmer Erik Somerfeld said one dealer network dominates all sales and repairs for rival equipment maker CNH Industrial.