In a recent research report, Future Market Insights predicted that the market for sulphur recovery technology would grow at an impressive 11% CAGR from 2021 to 2031.
The market for sulphur recovery technology is anticipated to reach US$ 1.2 billion in value by 2021 and expand at a compound annual growth rate (CAGR) of 11% from 2021 to 2031, according to data from Future Market Insights (FMI) that was recently published. 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.
Manufacturers of sulphur recovery technology are expected to benefit greatly from the growing number of refinery projects around the world because the installation of their units in these plants will result in sizable profits.
Demand for the installation of sulphur recovery technology units has increased as regulations for lowering sulphur levels in products and lower sulphur emissions have become more important.
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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.
- In terms of plant capacity, there is a rising demand for sulphur recovery technology units with 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 emission of hydrogen sulfide mainly released during oil & gas extraction, treatment, transportation, and refining are boosting the demand for development of cost-effective desulphurization technologies. For instance, environment legislation of 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. 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 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.