May 21, 2020 3:21 PM ET
iCrowd Newswire – May 21, 2020
The Global Flue Gas Desulfurization Systems Market is estimated to grow at a CAGR of 4.1% during the forecast period 2019-2026. The market research study presents that the flue gas desulfurization systems industry accounted $17,869.1 million in the year 2018 and is estimated to reach $25,063.8 million by the end of the year 2026.
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The global flue gas desulfurization systems industry is majorly driven by stringent government regulations toward controlling air pollution, growth of the industrial sector and increase in focus to combat air pollution. However, decline in number of coal power plants will impede the market growth over the forecast period. Whereas, technological advancements in desulfurization systems and enforcement of stringent regulations to control air pollution and emissions such as the Environmental Protection Law and others is expected to create lucrative market opportunities in the near future.
Segmentation Overview of the Global Flue Gas Desulfurization Systems Market
The report on the global flue gas desulfurization systems market include the study across various market segments such as technology and application. These major market segments are further categorized into various sub-segments to study the market in detail.
The Technology Segment of the Global Flue Gas Desulfurization Systems Market is Sub-Segmented into:
- Wet FGD Systems
- Spray Dry FGD System
- Dry FGD System
The Application Segment of the Global Flue Gas Desulfurization Systems Market is Sub-Segmented into:
- Power Plants
- Metal Processing and Mining
Geographical Overview of the Global Flue Gas Desulfurization Systems Market
The Global Flue Gas Desulfurization Systems Market is segmented on the basis of various geographical regions, such as:
- North America (Canada and U.S.)
- Europe (Germany, France, UK, Italy, Spain, The Netherlands and Rest of Europe)
- Asia Pacific (Japan, China, Australia and Rest of Asia Pacific)
- LAMEA (Latin America, Middle East and Africa)
As per the regional study, the Asia-Pacific flue gas desulfurization systems industry held the largest share in the year 2019, accounting for ~3/5th of the market share in the global marketplace. However, the LAMEA flue gas desulfurization systems industry is anticipated to grow at a CAGR of 5.0%. On the other hand, the North America flue gas desulfurization systems industry is anticipated to grow at a CAGR of 3.8% during the forecast period 2019-2026.
Market Competition Insights
Thermax Ltd., S.A. HAMON, Mitsubishi Hitachi Power Systems, Ltd., KraftPowercon, Koch-Glitsch, GEA Group Aktiengesellschaft, GE Power, Carmeuse, Babcock & Wilcox Enterprises, Inc. and ANDRUTZ AG. The market players are adopting various competitive strategies to withhold the large market share in the global flue gas desulfurization systems market.
Companies are adopting various competitive strategies to acquire majority of the market share. Technological advancements, collaboration, partnership, joint venture, business expansions are some strategical developments undertaken by companies. MHPS, HAMON, Thermax S.A., GE Power and others have increased the demand for flue gas desulphurization system products. For instance, in June 2019, Mitsubishi Hitachi Power Systems, Ltd. (MHPS) established MHPS-(Philippines) Plant Services Corporation was to offer services for thermal power generation plants in the Philippines. Also, Carmeuse established novel technologies in the form of Circulating Dry Scrubbers (CDS) and Novel Integrated Desulfurization (NID), these technologies can remove 98% SO2 on 2.5% sulphur coal.
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Keywords: Flue Gas Desulfurization Systems Market, Flue Gas Desulfurization Systems Market Size