Marine Selective Catalytic Reduction System Market to hit $5bn by 2024 | Key Players include Johnson Matthey, MAN Energy Solutions, Caterpillar Inc., Nii, Wärtsilä, Tenneco, Yara International, Mitsubishi Heavy Industries, Hyundai Heavy Industries Co.,
Europe Marine Selective Catalytic Reduction Systems Market Size, By Application, 2017 & 2024 (USD Million)
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Marine Selective Catalytic Reduction System Market growth will be driven by increasing levels of nitrogen emissions from maritime industry along with growing concerns over its adverse effects on human health and environment.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Niigata University
3. Yara International
4. Mitsubishi Heavy Industries
5. Hyundai Heavy Industries Co., Ltd
6. Johnson Matthey
7. MAN Energy Solutions
8. Caterpillar Inc.
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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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.
Rising environmental concerns along with strict legislative norms with an aim to protect human and aquatic life will foster the marine selective catalytic reduction systems market growth. High emission levels from heavy fuel coupled with approval of low cost oil with SCR systems to comply with NOx norms is set to augment the business landscape. In addition, growing international merchandise trade along with increasing demand for container vessels and bulk carriers will boost the product demand.
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:
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.
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.
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.
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