Press release
Marine Emission Control Systems Market Growth By Top Key Players: Johnson Matthey, Tenneco, Valmet, DuPont, Damen Shipyards Group, Alfa Laval, Hyundai Heavy Industries Co., Ltd, Mitsubi, MAN Energy Solutions, Caterpillar Inc., Wärtsilä, Yara Internation
Europe Marine Emission Control Systems Market Size, By Application, 2017 & 2024 (USD Million)
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The U.S. marine emission control systems market is set to grow owing to stringency in emission control norms coupled with ongoing innovations and investments to manufacture sustainable systems. Implementation of strict government protocols and rise in shipbuilding activities pertaining to the growing demand for commercial vessels and battle forces will complement the industry outlook. MEPC in 2018, strategized to limit the emissions from the marine industry and reduce the levels by 50% by 2050.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. MAN Energy Solutions
2. Caterpillar Inc.
3. Wärtsilä
4. Yara International
5. Johnson Matthey
6. Tenneco
7. Valmet
8. DuPont
9. Damen Shipyards Group
10. Alfa Laval
11. Hyundai Heavy Industries Co., Ltd
12. Mitsubishi Heavy Industries
Marine emission control systems market in China will grow over 10% by 2024. Increasing PMs, NOx and SOx emissions from marine industry & its effect on the environment coupled with stringency in legislations to combat the pollution will boost the product demand. Ongoing FDI flow owing to cross-border mergers, tax inversions and acquisitions will further encourage the product penetration.
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Recently, in 2018, ForSea launched world’s largest emission-free ferries into service at Denmark and Sweden. In cooperation with ABB, ForSea group has accomplished this innovation in the maritime industry with a goal to decarbonize the environment. This project has set a benchmark for other shipbuilding companies which are looking forward to shifting toward eco-friendly ferries services.
The United Nations’ agency, International Maritime Organization (IMO) has been striving for long to promote maritime safety since its establishment. In order to prevent pollution from ships, it has framed suitable ship pollution rules. Based on the type of engines deployed on the ship, the IMO has set standards to limit the NOx as well as Sulphur emissions.
The organization has also made several other provisions for preventing air pollution such as mandating norms for controlling ozone depleting substances including halogens and CFCs. The prevalence of a strict regulatory landscape related to air pollution due to the different modes of transportation is poised to accelerate marine emission control systems market trends over the years ahead.
On-going changes in the development of marine emission control system will have a significant impact on the market trends over the years ahead. The strict regulatory policies deployed by the government as well as maritime organizations to control the pollution level will further strengthen the marine emission control system industry size. It is profound to mention that the increasing number of research activities related to the development of electric and battery-powered recreational and commercial boats will have a considerable influence on the product demand. For the record, by the end of 2024, marine emission control system market will surpass a revenue collection of USD 14 billion.
Browse key industry insights spread across 480 pages with 904 market data tables & 10 figures & charts from the report, “Marine Emission Control Systems Market in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/marine-emissions-control-systems-market
Recently, in 2018, ForSea launched world’s largest emission-free ferries into service at Denmark and Sweden. In cooperation with ABB, ForSea group has accomplished this innovation in the maritime industry with a goal to decarbonize the environment. This project has set a benchmark for other shipbuilding companies which are looking forward to shifting toward eco-friendly ferries services.
Growing trade activities along with advancements in emission control technology will propel the product installation. Restructuring of the old vessels to build sustainable systems coupled with healthy orderbook & growing ship building industry will positively impact the business landscape. Imposition of monetary penalties in the instance of non-compliance to directives will further complement the marine emission control systems market outlook.
This is prominently on account of the newly imposed regulations favoring the installation of these products. Reportedly, to improve the quality of domestic shipping and endorse environment friendly development of marine transport within China, the Chinese Ministry of Transport, on 3 July 2018, published new requirements for controlling nitrogen oxides (NOx) emission. The standards will be applicable to both newbuild vessels (after July 2020) and ships in operation (after July 2021) and will further be imposed on ships particularly involved in Chinese domestic trade.
Some of the major marine emission control systems market participants include Kwang Sung Technology Holdings Co. Limited, Yara International, Mitsubishi Heavy Industries, Hyundai Heavy Industries Co., Ltd, Wärtsilä, Caterpillar Inc., MAN Energy Solutions, Hug Engineering AG, Agriemach Ltd, Johnson Matthey, DCL International Inc., Niigata Power Systems Co.,Ltd., Tenneco, ECOUREA, Hitachi Zosen Inova, Ecospray Technologies, Ecospec Marine Technology, ME Productions, DEC-MECH Pty Ltd, H+H Engineering & Service GmbH, Alfa Laval, Damen Shipyards Group, Hamon Research Cottrell I, CR OCEAN ENGINEERING LLC, VDL AEC Maritime, Langh, DuPont, Clean Marine AS, Fuji Electric Corp. of America, SAACKE GmbH, and Valmet.
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