Newly released data by Future Market Insights (FMI), projects that the sulphur recovery technology market will reach valuation of US$ 1.2 Bn by 2021 and is expected to grow at compound annual growth rate (CAGR) of 11% for 2021 – 2031. The increasing production of shale gas will accelerate the growth with top market players holding 2/5th of sulphur recovery technology market share in 2021.
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Growth predictions remain positive for Europe due to increasing government expenditure on oil and gas industry and presence of leading market players in the U.K. and Germany. Spurred by this, the Europe sulphur recovery technology market is projected to grow at about 12% CAGR during the forecast period.
Market Historic Outlook In Comparison to 2021 – 2031 Forecasts
Future Market Insights in its recent study predicts that sulphur recovery technology market will grow 1.5x its current value during the forecast period owing to increasing demand for modernizing the air treatment and oil and gas facilities along with strict regulations to limit the sulphur dioxide emission exceeding the prescribed limits.
International Maritime Organization enforced its IMO 2020 regulations from 1st January 2020 which restricts the amount of sulphur in ship’s fuel oil to 0.50%. The regulation was implemented across the globe under the complementary International Convention for the Prevention of Pollution form ships (MARPOL) treaty to decrease the sulphur oxides level in the air and improve environment and human health.
With implementation of stringent regulations across the globe regarding sulphur emission as well as sulphur level in gasoline and other products, rise in demand for sulphur recovery technological solutions can be expected in forthcoming years.
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Middle East & Africa to Hold Major Share in Global Sulphur Recovery Technology Market
Future Market Insights comprehensively analyzed the sulphur recovery technology market by segmenting it into four regions- Americas, Asia Pacific, Europe, and the Middle East & Africa. In terms of value, Middle East & Africa is estimated to dominate the global sulphur recovery technology market.
However, on the basis of annual growth rate, the North America is expected to register an impressive growth at 19% CAGR in the global sulphur recovery technology market in 2021, owing to increasing oil & industry in this region.
Europe market is also projected to grow at 12% CAGR throughout forecast period, on the back of substantial consumption of sulphur recovery technology in the region.
By Segmentation:
Technology
Claus Process, Tail Gas Treatment.
Source of Recovery
Oil, Gas, Others.
Capacity
<100 t/D, 101-200 t/D, 201-300 t/D, >300 t/D.
Region
Asia Pacific, North America, Latin America, Europe, MEA.
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Competitive Landscape
The global sulphur recovery technology market has remained competitive with the presence of giant players having expertise in advanced manufacturing technologies, and product offerings for diverse applications.
However, leading players account for nearly 2/5th of the global sulphur recovery technology market share. These players include Royal Dutch Shell plc, Exxon mobil Corporation, Bechtel Corporation, Fluor Corporation, and Linde AG & Technip FMC plc.