As we are getting near the 2020 sulphur cap, a study by Global Market Insights reported that the marine emission control system market size will exceed USD 14 billion by 2024.
The study by Global Market Insights indicates that strict laws regarding maritime pollution combined with rising environment & health concerns will drive the marine emission control system market to grow even more. The IMO has launched a directive with an aim to reduce nitrogen oxide emissions by diesel engine vessels, built or installed on and after 1st January 2016.
Furthermore, the IMO has declared the controversial global sulfur cap in 2016, reducing the sulfur content in fuel to 0.5%, that will go into effect from 1st January 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. Penalty fines in the instance of non-compliance to the regulations will further enrich the marine emission control system market outlook.
China marine emission control system market is set to grow on account of increasing Foreign Direct Investment (FDI) flow in addition with cross-border mergers, acquisitions and tax inversions. On 3rd July 2018, the Chinese Ministry of Transport, published requirements with an aim to limit NOx emissions. The norms are applicable on engines imported and converted for domestic trade on and after 1st of September 2018.
Installation of scrubber systems will witness an upsurge in demand owing to long term operational flexibility and less payback period. The ability of hybrid scrubber systems to treat high temperature and gas streams will positively impact the marine emission control system market share.
Moreover, increasing IMO directives to combat sulphur oxides emissions from marine industry along with R&D initiatives toward green shipping will further boost the market’s growth.
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.
The U.S. marine emission control system market will grow on account of ongoing research and development activities in combination 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. Marine Environment Protection Committee (MEPC) strategy to limit the marine emissions and reduce the pollution by 50% by 2050 will further accelerate the product demand.
Marine emission control system market research report includes in-depth coverage of the industry with estimates & forecast in terms USD & units from 2013 to 2024, for the following segments:
Marine Emission Control System Market, By Technology
- Open loop
- Closed loop
Marine Emission Control System Market, By Fuel
Marine Emission Control System Market, By Application
Explore more at Global Market Insights’s report