Marine Emissions Control Systems Market Trends Report By Top Key Players: Yara Marine Technologies, Damen Marine Services, Johnson Matthey, Hitachi Zosen Inova, ANDRITZ, Tenneco, Fuji Electric Corp. of America, Wärtsilä, DuPont
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.
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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.
Europe marine emissions control systems market will continue to grow on account of regulatory measures on ecosystem disruption and GHG emissions. For instance, in 2015 the European Union (EU) introduced the Regulation ([EU] 2015/757) on the monitoring, reporting, and verification of carbon emissions from maritime industry. Ongoing government funded ventures, most notably the UK Zero Emissions Sector initiative to minimize shipping emissions will further support the industry growth.
Key Players in Marine Emissions Control Systems Market:
1. Yara Marine Technologies
2. Damen Marine Services
3. Johnson Matthey
4. Hitachi Zosen Inova
7. Fuji Electric Corp. of America
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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.
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 Marine Services, Johnson Matthey, Hitachi Zosen Inova, Kwangsung, ANDRITZ, Tenneco, AEC Maritime, Fuji Electric Corp. of America, Wärtsilä, and DuPont.
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