Automated Marine Debris Collection Equipment Market Industry Shares, Market Strategies And Key Playe
Posted: Sep 25, 2017
Automated Marine Debris Collection Equipment Market will attain an average adoption level of 8% in the early year (2018) of introduction and reach 10.2% by 2024; Automated Marine Debris Collection Equipment Market set to be driven by ising awareness regarding impact of marine debris
The Mediterranean market for automated marine debris collection equipment (conceptualized) has excellent growth prospects and virtually limitless growth opportunities owing to the presence of no notable player, observes Transparency Market Research in a recent report. The potential companies who are expected to have a lead in the market are the ones who can bank on their experience in the manufacture of manual marine waste collection boats and make a shift to technological advancements and automated equipment. These include Liverpool Water Witch Marine and Engineering Co. Ltd., U.S. based Elastec, United Marine International, and Harbor Clean.
The concept automated marine debris collection equipment is an unmanned or remotely controlled compact boat designed to work in a self-contained environment, with the choice of having on-board or off shore debris treating facility. Transparency Market Research estimates that the market for such an automated marine debris collection equipment will attain an average adoption level of 8% in the early year (2018) of introduction and reach 10.2% by 2024. In terms of adoption according to end-use, the government and municipality and the hospitality sectors are expected to remain at the forefront, with the government and municipality segment attaining an average adoption level contribution of 3.11% to the overall market in 2018. From a geographic front, France will lead with a projected adoption level of 16.85% in 2018.
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Improved Awareness about Coastal and Marine Ecosystems to Increase Focus on Marine Litter Management
The ever rising problem of marine debris/litter around the coasts of most Mediterranean countries has drawn the attention of many government and private environment protection agencies in the past few years. Marine pollution in and around Mediterranean coasts, especially in countries with coastal economies and tourist destinations, through the accumulation of plastic waste has also alarmed environment protection agencies lately. The rise in awareness about the negative impact of the situation on the environment as well as on the coastal and marine ecosystem have led to the initiation of several highly ambitious and amply funded programs that aim at the proper management of marine debris.
Environment and coast protection initiatives such as the Mediterranean Action Plan undertaken by agencies such as the United Nations Environment Program and the Environment LIFE program by European Commission have received funds that range in millions annually. These and more such initiatives will drive the adoption of automated marine debris collection equipment in the next few years.
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Financial Support Limited to Funding from NGOs to Restrain Market Growth
The Mediterranean coast spans over 28,583 miles, comprising the coast of several countries in Europe, Middle East, and Africa. Apart from the nearly 208 mn population in these coastal countries, nearly 170 mn tourists visit the Mediterranean coasts every year. The rising population of residents and tourists are putting severe pressure on these coastal areas, subsequently resulting in the degradation of natural resources therein. Though funds are allocated by a number of countries for the proper management of these areas and the prevention of pollution in the vicinity, it has been observed that the funds do not suffice the purpose of a wide ranging coastal clean-up.
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Transparency Market Research (Tmr) is a market intelligence company, providing global business information reports and services.