Global Flue Gas Desulfurization System Market, By Type (Wet FGD Systems, Dry & Semi-Dry FGD Systems), By Installation (Greenfield, Brownfield), By End-Use Industry (Power Generation, Chemical, Iron & Steel, Cement Manufacturing, Others), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)Trend Analysis, Competitive Market Share & Forecast, 2018-2028
Flue Gas Desulfurization System Market to Cross USD 27.5 Billion by 2028
The global flue gas desulfurization system market is growing at a high CAGR because of the rising energy demand and increased investment in the construction of new thermal power plants along with the growing use of FGD systems in a variety of industries…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global flue gas desulfurization system market was worth USD 19.4 billion in the year 2021. The market is projected to grow at a CAGR of 5.20%, with revenues crossing USD 27.5 billion by the end of 2028. The market for flue gas desulfurization systems is expected to rise due to rising energy demand and increased investment in the construction of new thermal power plants. Furthermore, the growing use of FGD systems in a variety of industries, including agriculture and water treatment, is a key driver of market expansion. However, increasing the adoption of renewable and greener energy resources may act as a major restraining factor for market growth.
Increasing Investment Towards Environment-Friendly Structures is Driving Flue Gas Desulfurization System Market
The global flue gas desulfurization system is one of the major environmental investments the government in various countries are investing in. These systems offer various environmental and health benefits such as improving visibility and reducing acidic deposition. The acidic deposition can affect freshwater habitats, degrade soil quality (due to nitrogen leaching), and hinder wood development. With the increasing government expenditure towards environment-friendly structures, the demand for flue gas desulfurization systems is anticipated to surge in the forecast period.
Rising Demand for Electricity is Propelling Flue Gas Desulfurization System Market Growth
The increasing demand for electricity due to the rising population and penetration of electronic devices is influencing higher electricity production. Most emerging economies such as China, India, etc., are highly dependent on coal-based electricity production, which releases huge amounts of sulfur oxide into the environment. With increasing electricity production, the level of sulfur oxide is anticipated to surge only. Due to this, the government is increasingly investing in solutions such as the flue gas desulfurization system, which is propelling its market growth.
Flue Gas Desulfurization System Market - By End-User
Based on end-user, the global flue gas desulfurization system market is segmented into power generation, chemical, iron & steel, cement manufacturing, and others. The power generation segment accounts for the largest market share. Due to the use of high sulfur content coals in power plants, coal-fired power plants are the primary source of sulfur pollution. As a result, the power generating segment's dominance over other end-use industries is due to increased power generation.
Flue Gas Desulfurization System Market - Regional Insights
Geographically, the global flue gas desulfurization system market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. As a result of higher regulations and power output in the area, the Asia Pacific FGD systems market will experience rising demand from the power generation industry. In 2020, the power generating industry consumed the most FGD in the Asia Pacific area, accounting for the greatest proportion of the Asia Pacific FGD systems market.
Impact of COVID-19 on Flue Gas Desulfurization System Market
The flue gas desulfurization system market was negatively impacted by the unprecedented COVID-19 pandemic outbreak. The restrictions on the manufacturing and production operations worldwide resulted in a stark decline in pollution levels. Energy consumption also registered a significant decline during this period. Furthermore, the flue gas desulfurization system installation projects were also postponed during the lockdown period due to the limited availability of resources.
The leading market players of the flue gas desulfurization system market are Alstom S.A., Thermax Ltd, Andritz AG, Mitsubishi Hitachi Power Systems Ltd, Babcock & Wilcox Enterprises Inc., John Wood Group PLC, Ducon Technologies Inc., Hamon Corporation, Fujian Longking Co. Ltd, General Electric Company, Chiyoda Corporation, Doosan Lentjes, Rafako S.A., Wuhan Kaidi Electric Power Environmental Co., Ltd., Tri-Mer Corporation, CECO Environmental, Nederman Mikropul, AMEC Foster Wheeler, Marsulex Environmental, and other prominent players.
The flue gas desulfurization system market is slightly fragmented with the presence of several industry players. The companies constantly adopt competitive strategies such as partnerships, mergers, acquisitions, collaborations, to advance their offering and establish themselves as leading players.
Don’t miss the business opportunity of the flue gas desulfurization system market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the flue gas desulfurization system market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the flue gas desulfurization system market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook