According to recently published data from Future Market Insights (FMI), the market for sulphur recovery technology will be valued at US$ 1.2 billion by 2021 and is predicted to expand at a compound annual growth rate (CAGR) of 11% from 2021 to 2031. In 2021, the top market players will hold a 2/5 market share in sulphur recovery technology due to the rising production of shale gas.
Due to rising government spending on the oil and gas sector and the presence of major market players in the U.K. and Germany, growth predictions for Europe are still optimistic. As a result, it is anticipated that during the forecast period, the market for sulphur recovery technology in Europe will expand at a CAGR of about 12 percent.
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Increasing emphasis on regulations for reducing levels of sulphur in products and lower sulphur emissions has boosted demand for the deployment of sulphur recovery technology units.
The growing numbers of refinery projects across the world are anticipated to create vast opportunities for sulphur recovery technology manufacturers, as the installation of their units in these plants will lead to significant profits.
Furthermore, increasing expansion projects across the world are expected to be a major factor contributing to sales of global sulphur recovery technology.
According to the recent research report published by Future Market Insights, the sulphur recovery technology market is expected to exhibit an impressive CAGR of 11% during the forecast period of 2021-2031.
Key Takeaways of Sulphur Recovery Technology Market Study
Increasing exploration and production activities, especially those associated with shale gas, led to high demand for sulphur recovery technology units from refineries. Production of recovered sulphur from gas refining activities is increasing significantly, attributable to the rise of major gas refining activities across the globe.
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In terms of plant capacity, there is a rising demand for sulphur recovery technology units with a capacity of less than 100 t/d, owing to lower emission footprint, ease of upgradation, and relative cost-effectiveness as compared to other units.
Stringent environmental regulations regarding the emission of hydrogen sulfide mainly released during oil & gas extraction, treatment, transportation, and refining are boosting the demand for the development of cost-effective desulphurization technologies. For instance, environmental legislation of the EU (European Union) sets the standards for oil & gas refineries industries in Europe.
The oil and gas production in prevailing refineries is expected to have a greater impact on the growth and development of the global sulphur recovery technology market in comparison to new refinery bases.
In terms of value and volume, Europe and the MEA are identified as dominant regions throughout the forecast period. The increasing number of refineries projects in countries in Europe and MEA such as Saudi Arabia, Kazakhstan, and Russia, are expected to supplement the demand for sulphur recovery technology. These countries also have oil reserves, which in turn support the demand for sulphur recovery technology.
“APAC is one of the majorly profitable markets for players offering sulphur recovery technology, attributable to the establishment of new refineries to cater to the growing demand for new gas refining units in the region,” says an FMI analyst.
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Sulphur Recovery Technology Market: 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.
Such key players are adopting strategies such as expansion, acquisitions, and product launches, and are creating challenges for small-scale players.
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