The global flue gas desulfurization system market is expected to cross USD 27.5 billion by 2028. According to a recent study conducted by strategic consulting and market research firm Report Ocean, the market is growing at a CAGR of 5.20%. The market growth is driven by the rising energy demand, increased investment in the construction of new thermal power plants, and the growing use of flue gas desulfurization (FGD) systems in various industries.
The global demand for energy is increasing, leading to the construction of new thermal power plants. FGD systems are crucial in reducing sulfur emissions from these plants and ensuring compliance with environmental regulations. Additionally, the use of FGD systems in industries such as agriculture and water treatment further contributes to market expansion. However, the adoption of renewable and greener energy resources may pose a restraint to market growth.
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The investment towards environment-friendly structures is driving the flue gas desulfurization system market. Governments worldwide are prioritizing environmental investments, and FGD systems offer significant environmental and health benefits. These systems improve visibility, reduce acidic deposition, and prevent environmental damage caused by sulfur oxide emissions. As governments increase their expenditure on environmentally friendly infrastructure, the demand for FGD systems is expected to surge.
The rising demand for electricity, driven by population growth and increased use of electronic devices, is propelling the flue gas desulfurization system market. Countries heavily dependent on coal-based electricity production, such as China and India, release substantial amounts of sulfur oxide into the environment. To address this, governments are investing in solutions like FGD systems to mitigate sulfur pollution and drive market growth.
The power generation segment accounts for the largest market share in the flue gas desulfurization system market. Coal-fired power plants, which use high sulfur content coals, are the primary source of sulfur pollution, driving the demand for FGD systems in the power generation sector.
Geographically, the Asia-Pacific region is expected to experience rising demand for FGD systems, particularly in the power generation industry, due to higher regulations and power output in the region. The COVID-19 pandemic had a negative impact on the market, resulting in a decline in pollution levels and energy consumption. Flue gas desulfurization system installation projects were also postponed due to resource limitations during the lockdown period.
Key players in the flue gas desulfurization system market include Alstom S.A., Thermax Ltd, Andritz AG, Mitsubishi Hitachi Power Systems Ltd, Babcock & Wilcox Enterprises Inc., and others. The market is slightly fragmented, and companies adopt competitive strategies such as partnerships, mergers, acquisitions, and collaborations to establish themselves as leading players.
Consulting analysts can provide crucial insights to facilitate business growth in the flue gas desulfurization system market. The in-depth analysis offered by the report covers growth potential, upcoming trends, market statistics, and recent technology trends. Decision-makers can leverage these insights to make informed strategic decisions. The report also analyzes growth drivers, challenges, and competitive dynamics in the market.
Market Size & Forecast by Value, 2018-2028
By Value (USD Million)
Market Share & Forecast
Wet FGD System
Spray Dry FGD System
Dry FGD System
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Iron & Steel
The Middle-East and Africa
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