There is a growing need to control the hazardous elements emitted by the industrial plants and factories. These elements have long-term as well as short-term effects on the environment as well as human health. As a result, industrial flue gas treatment systems are being widely adopted around the world. These systems help the companies to reduce atmospheric substance emission and protect the environment as well as nearby residents. Stringent government rules and environmental laws are driving the demand in the industrial flue gas treatment systems market. The global industry is witnessing steady rise in demand, which is expected to reflect in the growth in business opportunities and investments in the market.
Major Drivers & Restraints for the Market
According to the research, the global industrial flue gas treatment systems market is expected to be driven by four major factors. These factors mainly include the changing laws and government regulations around the world. Governments from around the world are becoming more and more stringent about protecting the environment from the harmful substances like heavy metals, dioxins, and such other byproducts that cause acidification and eutrophication.
Apart from that, strong rise in demand from different industrial verticals, especially the industries like cement are also expected to drive the demand in the industry. Rise in the marketable byproducts and utilization of coal based energy sources are also expected to create the demand in this market. Major restraints for the market include emergence of renewable energy sources and fluctuating economies are expected to restraint the industry.
Researchers segment the industrial flue gas treatment systems market on the basis of the types of businesses, pollution control systems, and geographic demand for these systems. The businesses are sub-segmented into new systems, projects, retrofits and upgrades. Control systems in the market are divided into desulfurization, DeNOx, mercury control, particulate control and such other. Basic applications of these systems are found in iron and steel, power generation, chemical, non-ferrous metal processing units, cement manufacturing, and such other. Based on geographic regions, the market is divided into Asia Pacific, North America, Europe, and rest of the world.
As per the analysis of the trends, segments, drivers, restraints and current competition in the market, the researchers are expecting healthy growth in the market. According to the researchers, the industrial flue gas treatment systems market is expected to maintain a steady CAGR of over 5% from 2014 to reach $59,546.7 million by the end of 2019. During the forecasting period of the next four to five years, North America is expected to dominate the global market in terms of the overall share and consumption. However, industrial growth in the emerging markets is expected to provide exponential growth opportunities for the regions like Asia Pacific, Latin America, Middle East and Africa.