Selbyville, Delaware, Nov. 28, 2018 (GLOBE NEWSWIRE) --
The global marine emission control systems market is poised to grow from its current value of USD 5 billion to over USD 14 billion by 2024, as reported in the latest study by Global Market Insights, Inc. Stringency in the government mandates pertaining maritime pollution coupled with rising environment & health concerns will drive the market growth.
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 systems market outlook.
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China marine emission control systems 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 3rd July 2018, published requirements with an aim to limit NOx emissions. The norms are applicable on engines imported and converted for domestic trade on & after 1st September 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 systems 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.
Browse key industry insights spread across 480 pages with 904 market data tables & 10 figures & charts from the report, “Marine Emission Control Systems Market Size By Technology [SCR, Scrubber {Wet (Open Loop, Closed Loop, Hybrid), Dry}, ESP {Wet, Dry}], By Fuel [MDO, MGO, Hybrid], By Application [Commercial, Offshore, Recreational, Navy], Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, Norway, France, Russia, Denmark, Netherlands, China, Japan, India, South Korea, Australia, Vietnam, Indonesia, Saudi Arabia, UAE, South Africa, Angola, Brazil, Argentina, Mexico), Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/marine-emissions-control-systems-market
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 systems 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 market growth.
The U.S. marine emission control systems 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% by 2050 will further accelerate the product demand.
Some of the major marine emission control systems 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.
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