Marine emission control system market to cross $14bn by 2024
The global marine emission control system market is set to grow from its current market value of more than $5bn to over $14bn by 2024; according to a new research report by Global Market Insights, Inc.
Stringency in the government mandates pertaining maritime pollution coupled with rising environment & health concerns will drive the marine emission control system market growth. The IMO has launched a directive with an aim to reduce nitrogen oxide emissions by diesel engine vessels, built or installed on and after January 1, 2016. In addition, the IMO further declared global sulphur limit in 2016, reducing the sulphur content in fuel to 0.5%, that will go into effect from January 1, 2020.
Growing trade activities along with advancements in emission control technology will propel the product installation. Restructuring of the old vessels to build sustainable systems coupled with healthy orderbook & growing ship building industry will positively impact the business landscape. Imposition of monetary penalties in the instance of non-compliance to directives will further complement the marine emission control system market outlook.
China’s marine emission control system market is set to grow on account of increasing FDI flow coupled with cross-border mergers, acquisitions and tax inversions. The Chinese Ministry of Transport, on July 3, 2018, published requirements with an aim to limit NOx emissions. The norms are applicable on engines imported and converted for domestic trade on & after September 1, 2018.
Installation of scrubber systems will witness an upsurge in demand owing to long term operational flexibility and less payback period. Hybrid scrubber system’ ability to treat high temperature and gas streams will positively impact the marine emission control system market share. In addition, increasing IMO directives to combat SOx emissions from marine industry along with R&D initiatives toward green shipping will complement the business outlook.
Recreational applications are anticipated to grow on account of rising disposable income and improvement in living standards. Ongoing investments in the development of tourism sector along with increasing demand for comfort and luxury will positively impact the marine emission control system market size.
Commercial applications will witness growth owing to stringent government mandates coupled with rising cross-border trade and long international voyage. Ongoing replacement and upgradation of old vessels with an aim to adopt sustainable systems is further projected to drive the marine emission control system market growth.
Europe Marine Emission Control Systems Market Size, By Application, 2017 & 2024 (USD Million)
The U.S. marine emission control system market will grow on account of ongoing R&D activities coupled with introduction of standards toward system operation, construction and inspection. Growing demand for commercial and navy vessels along with implementation of strict IMO protocols will foster the industry growth. MEPC strategy to limit the marine emissions and reduce the pollution by 50 percent by 2050 will further accelerate the product demand.
Some of the major marine emission control system market participants include Wärtsilä, Yara, Alfa Laval, DEC Maritime, Clean Marine, DuPont, Shanghai Bluesoul, Niigata Power System, Mitsubishi, Fuji Electric, Johnson Matthey, Kwangsung, Tenneco, Damen Shipyards, Ecospray Technologies and H+H Engineering.
For more information visit www.gminsights.com
21st January 2019