According to a Future Market Insights (FMI) report, the global sulphur recovery technology market size is likely to be valued at US$ 1.48 billion in 2023. The increasing application of sulphur recovery technology in the oil & gas sector is driving market growth. The market is estimated to garner US$ 4.2 billion in 2033, recording a CAGR of 11.1% from 2023 to 2033.
The increasing demand for sulphur from several end-use industries is the key growth driver for the sulphur recovery technology market. The rapid growth in the mining sector is expected to boost the sulphur recovery technology market during the forecast period.
Increasing expansion of refineries and upgrading existing units to meet evolving fuel specifications are driving the sulphur recovery technology market.
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Tail gas treatment units (TGTUs) are gaining popularity in the sulphur recovery technology market. TGTUs offer higher sulphur recovery rates and improved environmental performance compared to traditional Claus units.
Increasing research and development to improve the efficiency, reliability, and cost-effectiveness of sulphur recovery processes. This includes the development of innovative catalysts, process optimization techniques, and the integration of advanced technologies such as oxygen enrichment and waste heat recovery.
Increasing demand from emerging economies, particularly in Asia and the Middle East, is witnessing significant growth in the sulphur recovery technology market. Rapid industrialization, expanding refining capacities, and increasing energy consumption in these regions are driving the demand for sulphur recovery technologies. Additionally, the presence of sulphur-rich feedstock sources in these regions further boosts the market growth.
Key Takeaways from the Sulphur Recovery Technology Market Study:
- From 2018 to 2022, the sulphur recovery technology market demand expanded at a CAGR of 7%
- Based on technology, the tail gas treatment segment accounts for a CAGR of 8%
- By source of recovery, the oil segment is expected to expand at a CAGR of 7% during the forecast period
- North America to emerge as a promising market, capturing a CAGR of 11%
- Asia Pacific to be an opportunistic market, expected to capture a CAGR of 1% during the forecast period.
“Growing awareness to reduce greenhouse emission and increased demand for sulphur from various end-use industries is expected to drive the market in the forecast period. The increasing investment by industry bodies in research & development globally is projected to play a vital role in strengthening the market”, opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape:
Prominent players in the sulphur recovery technology market are,
- Bechtel Corporation
- Linde AG
- Royal Dutch Shell Plc
- Exxon Mobil
- Jacobs Engineering Group Inc
- Technip FMC plc CB&I
- Chiyoda Corporation
- Worley Parsons Ltd
- GTC Technology
- KT-Kinetics Technology SpA.
Some of the developments from the market are as follows-
- KT-Kinetics has been involved in various sulphur recovery projects worldwide. In 2020, the company was awarded an engineering and procurement contract by YASREF (Yanbu Aramco Sinopec Refining Company) for the sulphur recovery unit of its refinery in Saudi Arabia.
- PROSERNAT specializes in gas treatment and sulphur recovery technologies. In recent years, the company has been focused on developing advanced tail gas treatment units (TGTUs) for efficient sulphur recovery and emission reduction.
- Technip Energies offers a range of technologies for sulphur recovery, including its proprietary EHSUlphur process. In recent years, the company has been involved in several projects for the design and construction of sulphur recovery units worldwide.
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Know More about What the Sulphur Recovery Technology Market Report Covers:
Future Market Insights offers an unbiased analysis of the global sulphur recovery technology market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the sulphur recovery technology market, the market is segmented based on technology, source of recovery and capacity across five major regions.
Sulphur Recovery Technology Market Segmentation:
Technology:
- Claus Process
- Tail Gas Treatment
- Source of Recovery
- Oil
- Gas
- Others
Source of Recovery:
- Oil
- Gas
- Others
Capacity:
- <100 t/D
- 101-200 t/D
- 201-300 t/D
- >300 t/D
Region:
- Asia Pacific
- North America
- Latin America
- Europe
- MEA
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About the Industrial Automation Division at Future Market Insights (FMI):
Future Market Insights (FMI) is a highly experienced Industrial Automation team that aids companies from all over the world with their specific business intelligence needs through professional research, actionable insights, and strategic recommendations. With a library of over a thousand research and 1 Million+ data points, the team has spent over a decade analyzing the industrial automation domain across 50+ countries. From start to end, the company provides unrivaled research and consulting services. Please get in touch with us to see how we can help.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Note: This post was originally published at – https://www.chronicles24.com/index.php/2023/09/29/sulphur-recovery-technology-market-thrives-with-a-projected-cagr-of-11-1-from-2023-to-2033-reaching-us-4-2-billion/
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