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.
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Asia-Pacific serves as the most productive region as compared to others with diverse industry verticals significantly investing in flue gas desulfurization systems. Moreover, various players are investing in developing their product portfolios, which is anticipated to boost the demand for advanced flue gas desulfurization systems. Furthermore, the wet flue gas desulfurization systems market is projected to generate the highest market revenue during the forecast period, owing to increase in demand from the chemical and other manufacturing industries.
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.
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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.
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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.
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