NEWARK, Del, April 05, 2023 (GLOBE NEWSWIRE) -- The global marine selective catalytic reduction systems market may reach a valuation of US$ 4.77 billion by 2023, at a CAGR of 6.0%. By 2033, the global market projections indicate a value of US$ 8.54 billion.
Key Market Dynamics
The global maritime selective catalytic reduction (SCR) systems market is expected to develop significantly through 2033. Owing to a steady increase in shipbuilding activity, particularly in growing economies such as South Korea, China, and Japan.
The growing seaborne trading business, combined with severe rules governing maritime pollution, may fuel market expansion. Increasing maritime tourism and constant boating activity across sea areas can hasten marine SCR system deployment.
The high installation and upfront investment costs of a selective catalytic reduction in ships may limit its application. The retrofitting of marine SCR systems necessitates the inactivity of ships, which hurts the shipping marine selective catalytic reduction systems market advancement.
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Adopting favorable legislation to stimulate sustainable systems adoption creates lucrative opportunities for marine SCR industry growth. Moreover, the market growth is predicted to gain value from the growing investment in refining maritime fleets.
| Drivers • Innovative technique to minimize toxic gas emissions from naval vessels • Substantial expansion in the global maritime industry |
| Restraints • Costly installation and operation • Lack of cognition among end users |
| Opportunities • Environmental protection is receiving more attention • Considerable demand for marine engines that use minimal fuel |
| Threats • Government laws that are incredibly rigid • Existence of alternative measures |
Application Insight
Marine selective catalytic reduction systems sales volume from commercial applications is poised to strengthen at a steady CAGR through 2032. This increase is attributed to the increased production of container vessels, bulk carriers, tankers, and other commercial vessels. The sea route has evolved as a favored alternative for global transportation networks.
These characteristics and the advent of attractive government incentive schemes to modernize maritime transportation can accelerate the use of marine SCR systems to minimize emissions from commercial vessel engines.
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Asia Pacific Economic Picture
From 2023 to 2033, the Asia Pacific marine selective catalytic reduction systems market is expected to develop more than 6% CAGR. Furthermore, constant innovation, in collaboration with attractive investments in creating new solutions, is anticipated to strengthen the regional prospect.
Exponentially rising shipbuilding activities, particularly in Japan, South Korea, and China, are likely to benefit marine SCR systems adoption across the Asia Pacific.
Key Takeaways
- Due to the increasing development of sea route networks, the segment for offshore marine selective catalytic reduction systems is expected to transcend around US$ 4.5 billion by 2033.
- The navy segment had a market worth more than US$ 1.2 billion in 2022; revenue growth was anticipated from 2023 through 2032.
- By 2033, North America's marine selective catalytic reduction systems market is projected to be worth more than US$ 1 billion.
- Market growth for marine selective catalytic reduction systems in Asia Pacific may exceed 6% CAGR between 2023 and 2033.
Competitive Landscape
To improve the application of these systems, the leading manufacturers are focusing on making huge expenditures. They are indulged in utilizing competitive resources and strategic mergers and alliances.
Tenneco, Wärtsilä, YARA International, Hyundai, Mitsubishi, Johnson Matthey, PANASIA, Hitachi Zosen, MAN Energy Solutions, Agriemach, Hug Engineering, DCL International, Caterpillar, ECOUREA, ME Production, DEC Marine are among the leading marine selective catalytic reduction systems manufacturers.
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Recent Development
- Acquisition
Daewoo Shipbuilding & Marine Engineering acquired six B&W 11G95ME-GI Mk10.5 from MAN Energy Solutions in July 2021. This acquisition aims to construct six ultra-large container vessels of 23,500+ TEU for Hapag Llyod.
- Agreement
In September 2022, DAMEN Naval and Rolls-Royce Power Systems signed an agreement. The agreement is to supply DAMEN with MTU Series 4000 gensets for the German Navy's upgraded F126 frigates. Rolls-scope Royce's for the F126 frigates covers both automation and power technology. With this deal, Rolls-Royce maintains its long-standing collaboration with the German Navy.
Marine Selective Catalytic Reduction System Market By Application Key Segments
Marine Selective Catalytic Reduction System for Commercial:
- Containers
- Tankers
- Bulk Carriers
- Roll On/Roll Off
Marine Selective Catalytic Reduction System for Offshore:
- AHTS
- PSV
- FSV
- MPSV
Marine Selective Catalytic Reduction System for Recreational:
- Cruise Ships
- Ferries
- Yachts
Marine Selective Catalytic Reduction System for Navy:
- Marine Selective Catalytic Reduction System Market by Region
- Marine Selective Catalytic Reduction System in North America
- Marine Selective Catalytic Reduction System in Europe
- Marine Selective Catalytic Reduction System in Asia Pacific
- Marine Selective Catalytic Reduction System in Latin America
- Marine Selective Catalytic Reduction System in the Middle East & Africa
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Table of Content
1. Executive Summary | Marine Selective Catalytic Reduction Systems Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.7. Regional Parent Market Outlook
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