The global flue gas desulfurization system (FGDS) market size is anticipated to reach a valuation of US$ 34,881.3 million by 2032, with sales growing at a moderate CAGR of 5.1% from 2022 to 2032. Historically, the market witnessed a CAGR of 4.10% from 2016 to 2021, and reach US$ 21,172.5 million in 2022. An upsurge in the number of energy power plants, developed so as to meet the growing demand for power, and growing efforts for environmental preservation will bolster the growth of the FGDS market in the forthcoming years.
Rapid industrialization across the globe has resulted in an immense amount of solid waste that adversely affects the environment. In addition, growing awareness regarding environmental preservation has resulted in the development of technologies that will assist with pollution emission control, lessen our dependency on fossil fuels, and also help meet the rising electricity needs. One of these technologies is the flue gas desulfurization system. This set of technologies involves the removal of sulfur dioxide from exhaust flue gases of fossil-fuel power plants and from other emissions of sulfur oxide emitting processes. In the past few years, FGD systems have gained enormous growth and will continue to do so during the next ten years.
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The sulfur dioxide emissions that are mainly accountable for acid rain are controlled in several countries across the globe to preserve the environment with the help of FGD systems. This serves as a growth driver for the market. Further, more FGD systems are being developed to meet the surging demand for power. Again, the increasing number of chemical, cement, iron, and steel industries spur the demand for FGDS. the implementation of stringent environmental protection mandates also supplements the growth of the flue gas desulfurization system market. The technological advancements in FGD systems will also aid the market growth in the upcoming years.
Key Takeaways:
- Regulatory impediments and high costs of installation may hinder the growth of the flue gas desulfurization system market.
- In terms of type, the wet FGD category will lead the market as it offers greater efficiency compared to dry FGD.
- By application, the power generation segment accounted for a significant share in 2022 and will continue to present considerable growth during the assessment period.
- The flue gas desulfurization system market in North America held 24.3% of the market share in 2022, driven by favorable government regulations.
- Europe’s FGD market accounted for 21.4% of the market share in 2022 and this regional growth can be attributed to rising awareness of environmental conditions.
Competitive Landscape
Mitsubishi Electric Corporation, Ltd., FLSmidth & Co/ A/S., Siemens AG., Clyde Bergemann Power Group, Thermax Limited, and Tata Projects, among others, are some of the leading players in the flue gas desulfurization system market profiled in the full version of the report.
In a highly competitive environment, eminent market players are concentrating on expansion strategies. These businesses also engage in strategic mergers, acquisitions, collaborations, and partnerships to gain a competitive advantage.
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Key Segments Profiled in the Flue Gas Desulfurization System Survey
By Type:
- Wet Flue Gas Desulfurization System
- Dry Flue Gas Desulfurization System
- Semi Gas Desulfurizer Flue Gas Desulfurization System
By Application:
- Power Generation
- Chemical Processing
- Iron and Steel
- Cement Manufacturing
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
More Insights into Flue Gas Desulfurization System Market
FMI offers the latest, unbiased, and detailed analysis of the global flue gas desulfurization system market, providing historical data from 2016 to 20217 and forecast statistics for 2022 to 2032. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of product type, application, and region.
According to the reports, based on segmentation, the power generation category will dominate the international marketplace due to a growing demand for sulfur reduction requirements in power plants. Based on type, the wet flue gas desulfurization will lead the market growth during 2022 and 2032.
Based on region, the flue gas desulfurization system market in North America is expected to be the largest one while Asia Pacific will emerge as the fastest-growing FGDS market. The target market in North America held 24.5% of the market share in 2022 and is influenced by favorable government policies. In Asia Pacific, the market will be driven by countries like India, China, and Japan. Heightened power needs across this region will fuel the growth of the market in Asia Pacific. In addition to North America and Asia Pacific, Europe, too, will contribute to the overall growth of the flue gas desulfurization system market.
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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