According to a new report published by Allied Market Research, titled, " Flue Gas Desulfurization Systems Market by Technology and Application: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global flue gas desulfurization (FGD) systems market size was valued at $17,869.1 million in 2018, and is projected to reach $25,063.8 million in 2026, growing at a CAGR of 4.1%. The wet FGD systems segment accounted for over three-fourths of the global flue gas desulfurization systems market share in 2018 and is expected to witness significant growth during the forecast period.
Flue gas desulfurization systems have witnessed unprecedented adoption in the current years, owing to rise in concerns pertaining to increase in pollution and environment protection. In addition, factors such as a rise in number of industries and increase in awareness regarding health hazards caused due to air pollution drive the adoption of flue gas desulfurization systems. However, high product and installation costs restrain the growth of the flue gas desulfurization systems market.
An increase in demand for air scrubbers has been witnessed in the fast-emerging economies such as India and China, owing to presence of several local and regional manufacturing companies. Moreover, rise in industrialization is expected to offer lucrative growth opportunities to small manufacturers across the globe. However, flue gas desulfurization systems market in LAMEA is in its nascent stage and is anticipated to observe substantial development in the near future due to rise in awareness among individuals toward controlling air pollution. LAMEA is expected to offer lucrative opportunities for the market players due to economic growth and rise in access to cutting-edge technologies.
This report discusses various aspects of the global flue gas desulfurization systems industry. Based on technology, the wet FGD systems segment is expected to account for the largest share in the market during the forecast period. This is attributed to increased demand from various industries such as power, oil & gas, and mining.
By application, the power plants segment is expected to account for the maximum share during the forecast period. This is attributed to a surge in the need for flue gas desulfurization systems to control the discharge of SO2 and other gaseous pollutants. Region wise, Asia-Pacific is the most productive segment in the flue gas desulfurization systems market. This is attributed to the fact that numerous domestic competitors are expanding their business in China and India due to enhancing product portfolios, expanding geographical reach, and growing customer base.
Key Findings of the Study:
- The report provides an extensive analysis of the current and emerging flue gas desulfurization system market trends and dynamics.
- The key market players within the flue gas desulfurization systems market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the flue gas desulfurization systems industry.
- The report provides an extensive analysis of the flue gas desulfurization systems market trends and its emerging opportunities.
- In-depth flue gas desulfurization systems market analysis is conducted by constructing estimations for the key segments between 2018 and 2026.
- The global flue gas desulfurization systems market forecast analysis from 2019 to 2026 is included in the report.
- Depending on technology, the wet FGD systems segment was the largest revenue system in 2018.
- By application, in 2018, the power plants segment generated the highest revenue, accounting for almost three-fifths of the market, and is projected to grow at a substantial CAGR from 2019 to 2026.
- Region wise, LAMEA is expected to grow at a significant rate during the study period.
- U.S. accounted for over 60% of the share of the North America flue gas desulfurization systems market in 2018.
The key players in this market adopted business expansion and acquisition as their key strategies to cater to increase in consumer demands. Furthermore, they launched energy-effective flue gas desulfurization systems of different types and capacities to strengthen their market position. The key players profiled in this report include Babcock & Wilcox Enterprises, Inc., GE Power, GEA Group Aktiengesellschaft, Mitsubishi Hitachi Power Systems, Ltd, S.A. HAMON, and Thermax Ltd.