Press release
Marine Emissions Control Systems Market Forecast & Business Opportunities 2018-2024
Global Market Insights, Inc.
Marine Emissions Control Systems Market size will witness an appreciable growth on account of increasing stringency of international standards on sulfur emissions. The 2020 International Maritime Organization (IMO) regulation requires the use of marine fuels having a sulphur content limit of 0.5%S against the present limit of 3.5%S. Several R&D initiatives focused on green shipping, notably the Maritime Environmental and Technical Assistance (META) Program will further complement the business landscape.
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Rising costs of compliances along with increasing legislative pressure on the shipping companies to meet new environmental regulations will stimulate the marine emissions control systems market. According to the recent OECD estimates, cleaner fuels will annually cost upto USD 30 billion to the container shipping industry. Rapid technological advancements to retrofit the existing fleet in compliance with key emissions standards will further fuel the industry growth.
Increasing seaborne trade accompanied by growing air pollution will drive the global marine emissions control systems market. According to UNESCO, ships account for over 15% of global Nitrogen Oxide (NOx) emissions and 8% of the global Sulphur Oxide (SOx) emissions annually. Expanding manufacturing and export base, notably led by Japan and China will further favor the business scenario.
Selective Catalytic Reduction (SCR) segment is anticipated to dominate the global marine emissions controls systems market. Relatively simpler installation, operational proficiency along with ability to offer optimum fuel economy are some of the underlying features supporting the technology’s superiority over the other counterparts.
Strengthening government norms on sustainable maritime transportation to combat the growing air pollution will drive the China marine emissions control systems market. According to the country’s legislative 13th Five-Year Plan, nitrogen and sulfur oxides emissions should be reduced by 20 and 65 percent respectively, relative to 2015, in its three designated coastal regions.
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U.S. marine emissions control systems market is anticipated to witness a robust growth on account of stringent emissions and fuel quality requirements. The IMO has designated seawaters along Canadian and the U.S. shorelines as the North American Emission Control Areas (ECAs) for the sturdy reduction in NOx And SOx emissions.
Notable participants across the marine emissions control systems market include DEC Marine, Yara Marine Technologies, Damen, Johnson Matthey, Hitachi Zosen, Kwangsung, ANDRITZ Group, Tenneco, AEC Maritime, Fuji Electric, Wärtsilä, DuPont amongst others.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Email: sales@gminsights.com
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