Increasing emphasis on regulations for reducing levels of sulphur in products and lower sulphur emissions has boosted demand for deployment of sulphur recovery technology units.
Manufacturers of sulphur recovery technology are expected to benefit greatly from the expanding number of refinery projects throughout the world, as installation of their equipment in these facilities will result in large profits.
Furthermore, expanding expansion projects around the world are predicted to be a big contributor to global sulphur recovery technology sales.
The sulphur recovery technology market is predicted to grow at an excellent CAGR of 11% between 2021 and 2031, according to a recent research report released by Future Market Insights.
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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.
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“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.
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.
Key Points Covered in Sulphur Recovery Technology Market Study
- Market estimates and forecast 2021 – 2031
- Key drivers and restrains impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competitive Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact On Sulphur recovery technology Market
- Recommendation on Key Winning Strategies
Sulphur Recovery Technology Market Structure Analysis
- The global sulphur recovery technology market is characterized as fragmented, on account of the presence of numerous international as well as regional players in the sulphur recovery technology market.
- Substantial investments in oil & gas industries by governments, as well as leading companies, for improvement of product and technologies are expected to improve growth prospects of the sulphur recovery technology market.
- Key participants in the sulphur recovery technology market include Bechtel Corporation, Linde AG, Royal Dutch Shell Plc, Exxon Mobil, Jacobs Engineering Group Inc, Technip FMC plc CB&I, Chiyoda Corporation, Worley Parsons Ltd, GTC Technology, and KT-Kinetics Technology SpA.
This list is indicative – full details about prominent sulphur recovery technology manufacturers is available upon request
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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