Flue Gas Desulfurization Market to Reach $27,655.04 million by 2027- at 5.6% CAGR

Increasing Demand from Power & Energy Sector Augments Flue Gas Desulfurization Market Growth – The Insight Partners

NEW YORK, UNITED STATES, January 13, 2023 /EINPresswire.com/ -- According to The Insight Partners new research study on the flue gas desulfurization market was valued at US$ 18,128.01 million in 2019, and it is expected to grow at a CAGR of 5.6% during 2020–2027 to reach US$ 27,655.04 million by 2027. Increasing demand from power & energy sector is anticipated to influence the flue gas desulfurization market at greater extent. However, high cost of reagents and safety concerns associated with FGD system is expected to hamper the market growth.

In 2019, North America held the largest share in the global flue gas desulfurization market. The largest market share of the North American region is primarily attributed to changes in lifestyle patterns of consumers and preference toward healthy and natural food and cosmetic products. Additionally, increase in the demand for flue gas desulfurization from feed processing industries is further expected to stimulate the growth of the market. Flue gas desulfurization is widely used in the preparation of animal feed, pharmaceutical, and cosmetic products. Further, the presence of strong manufacturing base for flue gas desulfurization along with increased focus over R&D activities is further expected to expand the growth of the market in the region.

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Power facilities are the most extensive generators of SO2 that may cause acid rain. Sulfur is one of the well-known elements found in coal. When combusted, the sulfur in coal converts into sulfur dioxide. When sulfur dioxide combines with moisture in clouds, it forms acid rain. Adding sodium-based exhaust gases lessens SO2 emissions by 98%.

According to the International Energy Agency, the coal-fired power plants produce about 37% of the globe's electricity, making them the largest single electricity generation source worldwide. However, such plants are bound to release pollutants, especially sulfur, which deteriorates the quality of environment. Sulfur dioxide is usually formed by combusting fossil fuels and by the smelting of mineral ores that contain sulfur. When sulfur dioxide mixes with water and air, it produces sulfuric acid, which is the chief component of acid rain. Acid rain can cause deforestation, corrode building materials and paints, and acidify waterways to harm aquatic life. Therefore, the government has proposed stringent policies to control emissions of particulate matter (PM), Sulphur dioxide, nitrogen oxides, and mercury by coal-based thermal power plants. The new rules are expected to cut Sulphur dioxide emissions by 90%, PM emissions by 25%, nitrogen oxides by 70%, and mercury by 75% from new thermal plants. The growing focus toward reducing the pollutants arising from power generation sector has significantly driven the demand for setting up flue gas desulphurization systems.

Flue Gas Desulfurization Market: Segmental Overview

Based on type, flue gas desulfurization market is categorized into dry FGD and wet FGD. In 2019, the wet FGD segment dominated the market by accounting the largest market share. Factors responsible for the increasing adoption of wet FGD technology are its high removal efficiency, an increase in electricity demand, high emission standards set by federal governments, and an increase in the number of coal-fired power plants in emerging countries. Besides, the wet FGD systems use limestone as a reagent, and the by-product is gypsum, which can be marketed to cement and wallboard manufacturers and the fertilizer industry.

Impact of COVID-19 Pandemic on Flue Gas Desulfurization Market

COVID-19 first began in Wuhan (China) during December 2019, and since then it has spread across the world at a fast pace. As of December 2020, the US, India, Brazil, Russia, France, the UK, Italy, Spain, Argentina, Colombia, Germany, and Mexico are some of the worst affected countries in terms of confirmed cases and reported deaths. According to the latest WHO figures, there are ~76,023,488 confirmed cases and 1,694,128 total deaths globally. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Chemical & materials is one the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. Although, China is the global hub of manufacturing and largest raw material supplier for various industries, it is one of the worst affected countries. The lockdown of various plants and factories in China is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various materials. Various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to affect the industries in a negative manner; thus, act as restraining factor for the growth of various markets related to this industry in the coming months.

Flue Gas Desulfurization Market: Competition Landscape and Key Developments

A few of the key players operating in the global flue gas desulfurization market are Chiyoda Corporation; Ducon; General Electric; S.A.Hamon; Mitsubishi Heavy Industries, Ltd.; Rafako S.A.; Valmet; Doosan Lentjes; Babcock and Wilcox Enterprises, Inc.; and Marsulex Environmental Technologies. These companies are involved in the production and distribution of flue gas desulfurization for diversified application bases such as power generation, chemical, iron and steel, and cement manufacturing. The companies are continuously looking forward to expand its customer base by extending their geographic presence and new product offerings.

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