Marine Emission Control Systems Market to represent a significant expansion at 15% CAGR by 2028
Posted: Jun 23, 2019
Marine Emission Control Systems Market – Key Findings
Global marine emission control systems market size registered in 2018 – Over US$ 4.5 Bn.
Estimated CAGR for the global revenues of marine emission control systems market – Nearly 15% over 2018-2028
Regulatory bodies such as IMO (international Maritime Organization) will continue to play a pivotal role in standardizing the parameters for monitoring marine emission levels, thereby posing significant influence on the performance of marine emission control systems market.
Top 3 Factors Shaping Marine Emission Control Systems Market
Hybrid Type Scrubber Systems to Remain Preferred Choice
Scrubber is cited as most preferred type of marine emission control system, estimated to be growing at a significant CAGR of over 15% during the forecast period. The rising demand for hybrid type of wet scrubber systems has been attributed to the stringent regulatory framework set by the IMO regarding the reduction of sulfur emission levels. Features such as superior operational efficiency and endurance will continue to enhance the market prospects of marine emission control systems at a global level.
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Apart from scrubber system technology, selective catalytic reduction technology also remains a noteworthy expansion area for marine emission control systems market players. This particular segment of the market is expected to grow at robust, double-digit CAGR during the forecast period. It is projected that the global value of marine emission control systems market for scrubber system will surpass US$ 20 Bn by 2028 end.
Scrubber and SCR Systems to be Highly Lucrative in Marine Emission Control Systems Market
Scrubber systems and SCR (selective catalytic reduction) systems are witnessing significant gains in the global marine emission control systems market, which are likely to exceed the revenues worth US$ 21 Bn toward the end of 2028. Demand for marine emission control systems with scrubber features are representing a relatively high-growth segment compared to other technology counterparts.
On the other side, gradual demand growth of electrostatic precipitators is attributed to the lack of defined regulations regarding the monitoring of the particulate matter. The open loop type scrubber systems held a share of about 70% by value in 2018, owing to its applications in majority of cargo segment vessels and some of the service type vessels.
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North America: Market Leader in the Marine Emission Control Systems Industry
North America is the key region for marine emission control systems production. North America’s market for marine emission control systems is estimated to grow at a significant CAGR of more than 18% and will represent a total incremental opportunity of over half a billion dollars in terms of value, during the forecast period. The significant growth in marine vessels sales observed within the North American region has been providing a strong impetus to the applicability of marine emission control systems across the region.
Marine Emission Control Systems Market Structure Analysis
The market for the marine emission control systems market is estimated to be characterized by the rising number of market contenders and the severing competition among existing players over the course of next ten years.
The manufacturers in marine emission control systems market to expand with strategic developments such as product launches, product innovation, expansion, partnership & collaborations, and merger & acquisitions in the marine emission control systems market.
Key players operating in the global market for marine emission control systems market, include Wärtsilä Oyj Abp, Alfa Laval AB (publ), Yara Marine Technologies As, Clean Marine AS, DuPont, Niigata Power Systems Co., Ltd., Mitsubishi Heavy Industries, Ltd., Fuji Electric, Kwangsung Co., Ltd., Tenneco Inc.
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