The FGD systems market is projected to grow from USD 19.3 billion in 2021 to USD 24.9 billion by 2026, at a CAGR of 5.2% from 2021 to 2026. The FGD systems market has shown a positive growth trend over the last few years and is primarily driven by various factors such as stringent air pollution control regulations, rising environmental awareness, and consideration of coal as the most reliable source of energy. However, high initial installation costs, high operational energy requirements, and waste disposing requirements and associated costs are some of the factors that are restraining the growth of this market.
“The dry & semi-dry FGD system segment is projected to grow at the highest CAGR during the forecast period.”
Based on type, the FGD systems market has been classified into wet and dry & semi-dry. The dry & semi-dry FGD systems segment is projected to grow at a higher CAGR during the forecast period as these are available at cheaper rates as compared to wet FGDs.
“The power generation end-use industry segment is projected to grow at the highest CAGR during the forecast period.”
Based on end-use industry, the power generation segment is projected to grow at the highest CAGR during the forecast period, as most emerging and developed countries are still dependent on coal for electricity generation. According to the International Energy Agency, roughly 36.7% of the world’s electricity generation in 2019 was dependent on coal. The FGD systems market will witness an increase in demand from the power generation industry due to stringent regulations to control sulfur emissions from plants that use coal for power generation. Organizations such as the US Environmental Protection Agency and the European Committee for Standardization have defined stringent regulations pertaining to emissions from coal-based power plants.
“Asia Pacific is projected to grow at the highest CAGR in the FGD systems market during the forecast period.”
The FGD systems market in Asia Pacific is projected to grow at the highest CAGR from 2021 to 2026. Key factors responsible for the adoption of wet FGD technology in the Asia Pacific region are government regulations for emission control, an increase in electricity demand, growth in reagent and equipment replacement market, and an increase in the number of coal-fired power plants.
Profile break-up of primary participants for the report:
- By Company Type: Tier 1 – 45%, Tier 2 – 22%, and Tier 3 – 33%
- By Designation: C-level Executives – 50%, Directors – 10%, and Others – 40%
- By Region: North America – 33%, Europe – 25%, Asia Pacific – 17%, South America – 17%, Middle East & Africa – 8%
As a part of the qualitative analysis of the FGD systems market, the research study provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing the growth of the market across the globe. It also discusses competitive strategies adopted by leading market players such as Mitsubishi Heavy Industries Ltd. (Japan), General Electric Company (US), Doosan Lentjes GmbH (Germany), Babcock & Wilcox Enterprises Inc. (US), Rafako S.A. (Poland), FLSmidth & Co. (Denmark), Hamon Group (Belgium), Marsulex Environmental Technologies (US), Thermax Ltd.(India), and Andritz AG (Austria), Ducon Technologies Inc. (US), Chiyoda Corporation (Japan), China Boqi Environmental (Holding) Co. Ltd. (China), LAB S.A. (France), Valmet Corporation (Finland), Kawasaki Heavy Industries Ltd.(Japan), Macrotek Inc. (Canada), China Everbright International Ltd. (China), AECOM (US), and Burns & McDonnell (US), among others.
The report defines, segments, and projects the size of the FGD systems market based on type, end-use industry, installation, and region. It strategically profiles the key players and comprehensively analyzes their market share and core competencies. It also analyzes competitive developments such as agreements, expansions, and new product developments undertaken by them in the market.
Reasons To Buy the Report:
This report is expected to help market leaders/new entrants by providing them the closest approximations of revenue numbers of the FGD systems market and its segments. The report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and devise suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.