Marine Selective Catalytic Reduction Systems Market Outlook 2018-2024 By Top Key Players: Wärtsilä, Tenneco, Yara International, Mitsubishi Heavy Industries, Hyundai Heavy Industries Co., Ltd, Johnson Matthey, MAN Energy Solutions, Caterpillar Inc., Nii
Marine Selective Catalytic Reduction Systems Market size in 2017 was valued over USD 3 billion and is set to surpass USD 5 billion by 2024. Growing regulatory pressure on ship manufacturers to meet environmental norms coupled with monetary penalties will stimulate the marine selective catalytic reduction system market growth. However, high installation cost and rise in clean fuel adoption may act as a constraint for the product demand.
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China marine selective catalytic reduction system market size is predicted to expand over 3% by 2024. Increase in long international voyage coupled with rising inter-border trade, cross-border mergers, and tax inversions will encourage the product adoption. The China Ministry of Transport published new NOx control requirements on 3rd July 2018, that specifically imply to second hand imported & domestic diesel engine vessels.
Increasing ocean acidification along with rising legislative pressure with an aim to limit NOx emissions will fuel the Europe marine selective catalytic reduction system market growth. Ongoing R&D investments pertaining to product design and ability to reduce the cost pressure will strengthen the business outlook. In addition, the need for the big ships to report its annual emission data along with other information post 2018 will propel the product installation.
Commercial marine selective catalytic reduction system market will grow over 2% by 2024. Growing standards with regard to system operation, inspection, and construction to maintain safe trade will stimulate the product adoption. Rising awareness to minimize maritime pollution coupled with ongoing R&D ventures with an aim to develop emission control technologies will positively impact the industry landscape.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
3. Yara International
4. Mitsubishi Heavy Industries
5. Hyundai Heavy Industries Co., Ltd
6. Johnson Matthey
7. MAN Energy Solutions
8. Caterpillar Inc.
9. Niigata University
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Marine Selective Catalytic Reduction System Market, By Application
o Container Vessels
o Bulk Carriers
o Roll On/Roll Off
o Cruise ships
Rising disposable income, demographic shifts, and improved standard of living leading to growth in investments toward tourism industry will drive the Asia Pacific marine SCR system market size. In addition, increase in shipbuilding activities, most notably in China, Japan and South Korea is anticipated to encourage the regional industry growth. Ongoing investments to limit pollution by marine industry through establishing new ECA zones will further boost the product adoption.
The U.S. marine selective catalytic reduction systems market will onlook growth on account of high clean fuel cost including LNG along with ongoing technological advancements to manufacture sustainable units. Implementation of stringent government protocols in the ECAs coupled with retrofitting activities will further strengthen the industry outlook. Rise in shipbuilding pertaining to the battle forces and increase in demand for commercial vessels will further complement the business growth.
Key manufacturers active in the marine selective catalytic reduction system market comprise Wärtsilä, Tenneco, Yara International, Mitsubishi Heavy Industries, Hyundai Heavy Industries Co., Ltd, Johnson Matthey, Hitachi Zosen Inova, MAN Energy Solutions, Hug Engineering AG, DCL International Inc., Caterpillar Inc., Niigata University, Ecospray Technologies, DEC-MECH Pty Ltd, ME Productions, and Agriemach Ltd.
Browse key industry insights spread across 446 pages with 657 market data tables & 22 figures & charts from the report, Marine Selective Catalytic Reduction System Market in detail along with the table of contents:
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