Marine Emission Control System Market Growth Factor By Key Players: MAN Energy Solutions, Caterpillar Inc., Wärtsilä, Yara International, Johnson Matthey, Tenneco, Valmet, DuPont, Damen Shipyards Group, Alfa Laval, Mitsubish

According to a new research report by Global Market Insights, Inc., Global Marine Emission Control System Market is set to grow from its current market value of more than $5 billion to over $14 billion by 2024. Rising emissions from marine engines & growing environment concerns owing to degrading air quality will drive marine emission control system market growth in the years to come. Reportedly, oceanic vessels contribute to a majority of the pollution in the coastal environment – around 8%-12% of the global NOx emissions and around 40% of global NOx emissions from transport of freight mean. 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.

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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 system market outlook.

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

Reportedly, in a bid to reduce the environmental footprint of ships, the IMO has also tightened the regulations on NOx and SOx emissions from marine engines. As measures to reduce NOx emissions, emission control systems like exhaust gas recirculation (EGR) and selective catalytic reduction (SCR) have been adopted. For reducing SOx emissions however, scrubbers have been intensively deployed to lessen the sulfur content of fuel oil.

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Commercial applications accounted for over 45% of the global market share. Increasing cross border trade, long international voyage, and introduction of standards pertaining system construction, inspection, and operation will boost the product demand. In addition, rising health & environmental concerns coupled with increasing demand for sustainable systems will drive the business growth.

Recreational applications are anticipated to grow on account of rising disposable income and improvement in living standards. Ongoing investments in the development of tourism sector along with increasing demand for comfort and luxury will positively impact the marine emission control system market size.

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.

The shifting focus of the shipbuilding companies toward the use of electric energy alternatives over the fossil fuel-based engines will also have a notable impact on the industry growth. On July 2018, Liebherr has launched low-voltage frequency converter system for vessels that can be used for reducing emission and energy consumption. In maritime applications, electrification has been playing a crucial role in decreasing energy consumption. The design of electric drive provides the benefits of high flexibility and offers a wide range of possibilities for layout and integration within a distribution station.

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

The U.S. marine emission control system 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.

China market 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.

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 system 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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About Global Market Insights

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