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Flue Gas Desulfurization System Global Market Forecasted to Reach $26.25 Billion by 2028, Size, Share, Trends, Development Strategies and Segmentation Analysis
Flue Gas Desulfurization System Global Market
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According to The Business Research Company's, The flue gas desulfurization system market size has grown strongly in recent years. It will grow from $19.59 billion in 2023 to $20.77 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to stringent environmental regulations, rising global focus on air quality, increased coal-fired power generation, public awareness and environmental activism, expansion of industrial manufacturing.
The flue gas desulfurization system market size is expected to see strong growth in the next few years. It will grow to $26.25 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to transition to renewable energy, market expansion for fgd by-products, government support for clean energy, increasing use of natural gas, focus on circular economy practices. Major trends in the forecast period include integration of digital technologies, shift towards dry fgd technologies, byproduct utilization, collaborations and partnerships, technological advancements in fgd systems.
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Market Drivers and Trends:
Increase in air pollution is expected to propel the growth of the flue gas desulfurization system market going forward. Air pollution refers to the presence of harmful substances or pollutants in the Earth's atmosphere, which can have detrimental effects on the environment, human health, and the well-being of other living organisms. Flue gas desulfurization (FGD) systems play a crucial role in mitigating air pollution by reducing the emission of sulfur dioxide (SO2) from industrial sources, particularly coal-fired power plants. These systems employ various technologies to capture and remove sulfur dioxide from the flue gases before they are released into the atmosphere. By doing so, FGD systems contribute to the prevention of acid rain formation, alleviate respiratory issues associated with SO2 exposure, and address stringent environmental regulations aimed at reducing harmful emissions. For instance, in June 2023, the World Health Organization, a Switzerland-based a specialized agency of the United Nations published an article according to which air pollution poses a major threat to health and climate around 2.4 billion people are exposed to dangerous levels of household air pollution and household air pollution is associated with 7 million premature deaths annually. Therefore, an increase in air pollution is driving the flue gas desulfurization system market.
Collaboration is a key trend in the flue gas desulfurization system market. Major players are associating themselves with various companies to sustain in the market. For instance, in January 2022, General Electric (GE), a US-based conglomerate, associated with Apollo International Limited for MB Power Madhya Pradesh Ltd to design the whole Wet Flue Gas Desulfurization (WFGD) system. The project entails the design, engineering, and supply of vital WFGD system components. Once completed, it will help the client clean 7.4 million cubic meters of flue gas per hour and eliminate 51,000 tons of SO2 annually.
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Major Key Players of the Market:
Mitsubishi Heavy Industries Ltd., General Electric Company, Doosan Lentjes GmbH, Babcock & Wilcox Enterprises Inc., Rafako S.A, Siemens AG, FLSmidth & Co. A/S, Hamon Corporation, Marsulex Environmental Technologies Corporation, Thermax Limited, Ducon Technologies Inc., Clyde Bergemann Power Group, Andritz AG, Valmet Corporation, Hitachi Power Systems America Ltd., Chiyoda Corporation, China Energy Engineering Group Co. Ltd., Tri-Mer Corporation, Umicore, Veolia Water Technologies, Wärtsilä Corp., Wheelabrator Technologies Inc., Xcel Energy Inc., Yokogawa Electric Corporation, Zhejiang Feida Environmental Science & Technology, Zhejiang DunAn Artificial Environment, Zhejiang Shuanghuan Environmental Protection, Dürr AG, GEA Group AG
Flue Gas Desulfurization System Market 2024 Key Insights:
• The flue gas desulfurization system market size is expected to see strong growth in the next few years. It will grow to $26.25 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Surge In Coal-Fired Power Plants Drives Demand For Flue Gas Desulfurization Systems
• Ge's Collaboration With Apollo International For Advanced Wet Flue Gas Desulfurization System Design
• Asia-Pacific was the largest region in the flue gas desulfurization system market share in 2023
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