PUBLISHER: The Business Research Company | PRODUCT CODE: 1425474
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425474
Flue Gas Desulfurization System Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on flue gas desulfurization system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for flue gas desulfurization system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The flue gas desulfurization system market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Flue gas desulfurization systems are designed to eliminate sulfur dioxide (SO2) from industrial fuel gas emissions generated through combustion processes. They are instrumental in reducing SO2 emissions in various industries.
These systems primarily come in three types such as wet FGD systems, spray dry FGD systems, and dry/semi-dry FGD systems. Wet FGD systems involve scrubbing the gas with an alkaline sorbent to effectively remove sulfur dioxide. These systems are specifically engineered to eliminate SO2 from flue gases and find application in power generation, chemical processing, iron and steel production, metal processing and mining, cement manufacturing, paper and pulp industries, among others. They are deployed in both greenfield (new) and brownfield (existing) installations to address emission concerns.
The flue gas desulfurization market research report is one of a series of new reports from The Business Research Company that provides flue gas desulfurization market statistics, including flue gas desulfurization industry global market size, regional shares, competitors with a flue gas desulfurization market share, detailed flue gas desulfurization market segments, market trends and opportunities, and any further data you may need to thrive in the flue gas desulfurization industry. This flue gas desulfurization market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The flue gas desulfurization system market size has grown strongly in recent years. It will grow from $19.59 billion in 2023 to $20.77 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. Historical growth can be attributed to stringent environmental regulations, a heightened global focus on air quality concerns, the increase in coal-fired power generation, the impact of public awareness and environmental activism, and the expansion of industrial manufacturing activities.
The flue gas desulfurization system market size is expected to see strong growth in the next few years. It will grow to $26.25 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The anticipated growth in the forecast period is driven by the shift towards renewable energy sources, the expanding market for flue gas desulfurization (FGD) by-products, governmental backing for clean energy initiatives, the growing utilization of natural gas, and an increased emphasis on circular economy practices. Major trends expected during this period encompass the integration of digital technologies within FGD systems, a transition towards dry FGD technologies, the utilization of byproducts generated from the FGD process, fostering collaborations and partnerships, and advancements in technology related to FGD systems.
The rise in coal-fired power plants, accounting for a 16% surge in coal-fired power generation reaching 898,679 GWh in the US in 2021, is stimulating the flue gas desulfurization system market. These systems are crucial for reducing harmful gas emissions in the wake of expanding coal-based electricity generation.
The anticipated rise in air pollution levels is a key driver propelling the flue gas desulfurization system market. These systems, pivotal in curbing air pollution, specifically the emission of sulfur dioxide (SO2) from industrial sources like coal-fired power plants, employ diverse technologies to capture and eliminate harmful gases. By doing so, they actively contribute to preventing acid rain, mitigating health issues linked to SO2 exposure, and complying with stringent environmental regulations. For instance, the World Health Organization reported alarming statistics associating air pollution with significant health risks, affecting approximately 2.4 billion individuals globally and causing around 7 million premature deaths annually due to household air pollution. This surge in air pollution reinforces the demand for flue gas desulfurization systems.
Stringent government regulations aimed at curtailing air pollution serve as a driving force behind the flue gas desulfurization system market. With escalating air pollution attributed to increased industrialization and urbanization, these systems effectively mitigate pollution by curbing the release of sulfur dioxide (SO2) into the atmosphere. Governments worldwide are implementing diverse initiatives and investments to combat air pollution. For instance, the US Environmental Protection Agency (EPA) announced a substantial allocation of $53.4 million from the Inflation Reduction Act and American Rescue Plan by Vice President Biden for 132 air monitoring projects in 37 states. These initiatives focus on enhancing community-level air quality monitoring, especially targeting marginalized communities overwhelmed by pollution.
Collaboration emerges as a pivotal trend within the flue gas desulfurization system market as major industry players engage in partnerships to maintain their market presence. For instance, in January 2022, General Electric (GE) collaborated with Apollo International Limited for MB Power Madhya Pradesh Ltd to develop an entire Wet Flue Gas Desulfurization (WFGD) system. This comprehensive project encompasses the design, engineering, and provision of crucial WFGD system components. Upon completion, the system is projected to facilitate the cleaning of 7.4 million cubic meters of flue gas per hour, resulting in the annual elimination of 51,000 tons of SO2.
To maintain their market stance, major players in the flue gas desulfurization system sector are pursuing mergers and acquisitions (M&A), a strategic approach involving multifaceted legal, financial, and operational considerations. These M&A initiatives serve diverse strategic objectives, encompassing the pursuit of economies of scale, entry into new markets, expansion of product portfolios or service offerings, access to intellectual property, and competitive consolidation. An exemplar transaction occurred in December 2021 when Andritz AG, an Austria-based international technology group, acquired GE Steam Power's AQCS business for an undisclosed sum. This acquisition was aimed at broadening Andritz's product spectrum and technological capabilities, specifically enhancing their air pollution control (APC) equipment. GE Steam Power, based in Switzerland, specializes in technologies and services for nuclear and coal power plants, aligning with Andritz's strategic pursuit of innovative, optimized solutions for new-build projects.
Major companies operating in the flue gas desulfurization system market report are Mitsubishi Heavy Industries Ltd., General Electric Company, Doosan Lentjes GmbH, Babcock & Wilcox Enterprises Inc., Rafako S.A, Siemens AG, FLSmidth & Co. A/S, Hamon Corporation, Marsulex Environmental Technologies Corporation, Thermax Limited, Ducon Technologies Inc., Clyde Bergemann Power Group, Andritz AG, Valmet Corporation, Hitachi Power Systems America Ltd., Chiyoda Corporation, China Energy Engineering Group Co. Ltd., Tri-Mer Corporation, Umicore, Veolia Water Technologies, Wartsila Corp., Wheelabrator Technologies Inc., Xcel Energy Inc., Yokogawa Electric Corporation, Zhejiang Feida Environmental Science & Technology, Zhejiang DunAn Artificial Environment, Zhejiang Shuanghuan Environmental Protection, Durr AG, and GEA Group AG.
Asia-Pacific was the largest region in the flue gas desulfurization system market share in 2023. The regions covered in the flue gas desulfurization system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the flue gas desulfurization system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The flue gas desulfurization system market consists of sales of flue gas desulfurization systems for once-through processes and regenerable processes. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.