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Scrubber System Market Report 2024 - Scrubber Market Size, Demand, And Growth
Scrubber System Market
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According to The Business Research Company's, The scrubber system market size has grown strongly in recent years. It will grow from $3.72 billion in 2023 to $4.01 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to international maritime regulations, stringent air quality standards, volatility in fuel prices, ship retrofitting projects, global sulfur cap implementation, incentive programs.
The scrubber system market size is expected to see strong growth in the next few years. It will grow to $5.41 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to global carbon neutrality goals, expansion of emission control areas, demand for green shipping, increasing scrubber system efficiency, transition to alternative fuels. Major trends in the forecast period include integration with smart ship technologies, adoption of exhaust gas cleaning systems, technological advancements in scrubber designs, open-loop, closed-loop, and hybrid systems, demand for hybrid scrubber systems.
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Market Drivers and Trends:
An increase in international trade via major sea routes is expected to propel the growth of the scrubber systems markets going forward. International trade refers to the exchange of goods, services, and capital across national borders. It involves the buying and selling of products and services between different countries, contributing to the global economy's interconnectedness. The extensive movement of cargo and vessels through major sea routes enhances scrubber systems, as ship operators seek cost-effective solutions to adhere to emission standards while maintaining operational efficiency. For instance, in 2021, according to (UNCTAD) The United Nations Conference on Trade and Development, is US-based an intergovernmental organization, Asia remained the world-leading maritime freight area with Asian ports, including in developed and developing regions, loading around 4.6 billion tons of goods, or about 42 per cent of total goods loaded in ports worldwide. Therefore, an increase in international trade via major sea routes is driving the growth of the scrubber systems market.
Product innovation is a key trend gaining popularity in the scrubber systems market. Major companies operating in the market are focused on research and development for product innovations to sustain their position in the market. For instance, in November 2021, Wärtsilä Corporation, a Finland-based company specializing in innovative technologies and lifecycle solutions for the marine and energy markets, introduced the IQ Series exhaust gas treatment system, a small scrubber system for container vessels. The IQ Series scrubber can produce the same exhaust gas cleaning results while taking up less space which is 25% smaller, 30% lighter, and 35% smaller in volume. This innovative design allows the same exhaust gas cleaning results to be achieved within a smaller footprint. Furthermore, the IQ series can be added with additional technologies, such as exhaust gas recirculation (EGR) to reduce NOx, a black carbon filter to reduce particulate matter (PM).
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Alfa Laval AB, Nederman MikroPul LLC, Wärtsilä Corporation, Yara Marine Technologies AS, DuPont de Nemours Inc., CECO Environmental Corp., Evoqua Water Technologies Corp., Verantis Corporation, Fuji Electric Co. Ltd., HAMON Group, Babcock & Wilcox Enterprises Inc., Valmet Oyj, Tri-Mer Corporation, GEA Group AG, Croll Reynolds Company Inc., Fabritech Engineers Pvt. Ltd., Duke Energy Corporation, Pacific Green Technologies Inc., Andritz AG, Hitachi Zosen Inova, Schutte & Koerting Acquisition Company, Pollution System, CR Clean Air Group LLC, Anguil Environmental Systems Inc., Alfa Chemistry, Chempri BV, Croda International plc., Evonik Industries AG, Kuala Lumpur Kepong Berhad, NOF CORPORATION, Pilot Chemical Corp., Stockmeier Group, Zschimmer & Schwarz GmbH & Co. KG, Lubrizol Advanced Materials Inc.
Scrubber System Market 2024 Key Insights:
• The scrubber system market size is expected to see strong growth in the next few years. It will grow to $5.41 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Marine Industry Surge Propelling Growth In Scrubber Systems Market
• Innovative Strides Advancements In Scrubber Systems Market Through Product Innovation
• Asia-Pacific was the largest region in the scrubber system market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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