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Flue Gas Desulfurization System Market Size By Technology (Wet, Dry), By Application (Power Plants, Chemical & Petrochemical, Cement, Metal Processing & Mining, Manufacturing, Others) & Forecast, 2024- 2032
- Report ID: GMI3345
- Published Date: Feb 2023
- Report Format: PDF
Flue Gas Desulfurization System Market Size
Flue Gas Desulfurization System Market size reached USD 20.8 billion in 2023 and is projected to expand at more than 6.5% CAGR from 2024 to 2032, backed by soaring concerns regarding worker health in the manufacturing industry.
Stringent regulations worldwide to limit harmful SOx emissions are driving the market growth. Rising global warming and mounting concerns about sustaining ambient air quality standards have encouraged global agencies to mandate air quality levels for the efficient disposal and management of SO2 as it has serious health issues, including respiratory system inflammation, breathing issues, and skin irritation.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Flue Gas Desulfurization System Market Size in 2023: | 20.8 Billion (USD) |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 6.5% |
| 2032 Value Projection: | 35.6 Billion (USD) |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 335 |
| Segments covered: | Technology, Application |
| Growth Drivers: | |
| Pitfalls & Challenges: |
Excessive procurement costs may restrain industry progression
The high installation cost is a major factor restraining flue gas desulfurization systems market demand. The initial setup prices and the limited availability of technical expertise have reduced investment opportunities while lengthening the time needed to make these systems operational. Nonetheless, mounting awareness and concerns among several industries to curb sulfur dioxide emissions are likely to enable industry participants to overcome this issue. As per the American Lung Association, the largest sources of SO2 are electricity generation plants that are on the rise due to surging demand for electricity and smart city plans.
Flue Gas Desulfurization System Market Analysis
The flue gas desulfurization system market from wet technology segment held over 88% of the revenue share in 2022, owing to the high control & scrubbing efficiency and low cost of sorbent material used in these FGD systems. Additionally, it is widely utilized by large manufacturing and power production companies as it reduces most sulfur dioxide bound in chemical reactions with either ammonia, sodium sulfate, lime slurry, or scrubbers and produces dry by-products, which makes it 90% more efficient than dry FGD systems.
The flue gas desulfurization system market from the manufacturing application is estimated to expand at 8% CAGR through 2032, due to growing population and rapid industrialization in emerging nations have increased the demand for manufacturing operations, promoting the use of FGD systems.
Asia Pacific flue gas desulfurization systems market size dominated around USD 13 billion in 2022. Prominent development and investment in new thermal plants, combined with a positive inclination toward energy-intensive businesses across booming nations such as India and China, are fueling the regional market development. To cite an instance, in August 2022, Shenhua Jiujiang Power Corporation, a Jiangxi-based subsidiary of China Energy, invested over USD 1 billion (7.45 billion yuan) in flue gas desulfurization and denitrification equipment for its Jiangxi Development and Reform Commission Expansion project.
Flue Gas Desulfurization System Market Share
Top companies operating in the flue gas desulfurization system market are
- S.A. HAMON
- CECO Environmental
- Mitsubishi Heavy Industries, Ltd.
- General Electric
- Verantis Environmental Solutions Group
- Tri-Mer Corporation
- Nederman Holding AB
- Babcock & Wilcox Enterprises, Inc.
- GEA Group Aktiengesellschaft
- Hitachi Zosen Inova AG
- Marsulex Environmental Technologies
- KCH Services, Inc.
- Ducon Infratechnologies Ltd.
- Thermax Limited.
- KC Cottrell India
These firms majorly engage in organic growth tactics, along with partnerships and collaborations with public energy firms, to gain a competitive edge. For instance, in January 2022, Thermax Limited, a thermal energy solution provider, received a more than USD 65 million order for installing two FGD systems in an Indian power public sector company with a capacity range of 500 MW. In addition, FGD system installation is set to support customers’ statutory compliance with industrial pollution norms.
Impact of COVID-19 pandemic
The COVID-19 outbreak negatively influenced the supply chain of equipment and FGD deployment. The disruption in business operations, including planning, order placement, and so on, was hit severely during the pandemic. It further delayed power plant projects, which affected the industry. Moreover, the decrease in electricity deployment hindered product adoption. However, in the post-pandemic scenario, developing countries are opting for renewable sources of energy, such as thermal and solar, which, in turn, is accelerating the need for FGD, propelling flue gas desulfurization system market revenue.
The flue gas desulfurization system market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Billion” from 2019 to 2032, for the following segments:
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Market Insights, By Technology
- Wet
- Dry
Market Insights, By Application
- Power Plants
- Chemical & Petrochemical
- Cement
- Metal Processing & Mining
- Manufacturing
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Australia
- Vietnam
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Nigeria
- Latin America
- Brazil
- Argentina
- Chile
Frequently Asked Questions (FAQ) :
Flue Gas Desulfurization System Market Scope
