REPORT OVERVIEW
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The global marine emission control systems market size was 6015.5 million in 2022. As per our research, the marine emission control systems market is expected to reach USD 9814.2 million by 2028, exhibiting a CAGR of 8.5% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, marine emission control systems experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
Emission control system are devices or systems that reduce the amount of pollution released by maritime boats. These systems are compatible with new as well as current vessels. Emission control systems prevent the discharge of hazardous gases into the atmosphere from automobiles. This comprises hydrocarbons, the gas carbon monoxide, and nitrogen oxides. These hazardous gases are produced by engines, crankcases, fuel containers, and carburetors.
Growing worries over significant amounts of carbon and emissions of greenhouse gases from maritime operations will drive marine emission control systems market demand.
COVID-19 Impact: Interruption in Services to Deplete Market Growth
To avoid the quick spread of COVID-19 following its 2020 outbreak, governments around the world had to impose strict social isolation regulations and close national borders. Nonetheless, these restrictions had a substantial impact on the global economy because companies all over the globe had to shut down or reduce back operations, disrupting the supply network and harming a variety of industries.
Furthermore, the second round of COVID-19, which devastated the industry, was observed in 2021 in several of major economies, including the U.S., India, and Brazil. However, once trade activities restart, it is expected that marine emission control systems market growth will continue to grow gradually in the coming years.
LATEST TRENDS
"Selective Catalytic Reduction to Stimulate Market Development "
The increasing use of SCR (selective catalytic reduction) systems can be ascribed to the implementation of severe rules and requirements for lowering the release of nitrogen oxides in the marine environment. This technique provides an advanced method to active emission reduction by reducing nitrogen oxide tailpipe emissions into near-zero levels in contemporary diesel-powered automobiles. Furthermore, continual improvements in boat engines are increasing the necessity for appropriate emission control systems.
SEGMENTATION
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- By Type
Based on type; the market is divided into scrubber, exhaust gas recirculation (EGR) systems, selective catalytic reduction (SCR) systems, others
Ceramic & carbon brick lining is the leading part of the type segment.
- By Application
Based on the application; the market is divided into commercial, recreational, navy, others
Commercial is the leading part of the application segment.
DRIVING FACTORS
"Substantial Research and Development to Aid Market Expansion "
MGO (marine gas oil) is in high demand due to its excellent compliance with diesel engines, improved efficiency across maritime engines, and ease of availability. Furthermore, various governments throughout the world have enacted stringent regulations, driving marine emissions control systems to install emission control systems. Furthermore, substantial research and development in the realm of manufacturing biofuel to supply environmentally friendly gasoline for marine applications is going to move the marine emissions control systems market growth forward.
"Hunt for Initiatives to Foster Industry Progress "
The market for offshore operations is expected to grow between 2023 and 2032. The increasing amount of offshore construction operations and government-supported energy projects has accelerated the implementation of emission control technologies. Furthermore, the hunt for attractive private-public initiatives that will enable the integration of air quality controls in future-oriented engines will have a beneficial impact on the commercial picture. For example, in March 2022, the Canadian government proposed USD 56 million in support for reducing emissions and increased development and research in the offshore sector.
RESTRAINING FACTORS
"Paradigm Shift towards Clean Fuel Replacements to Limit the Market Evolution "
The paradigm shift toward clean fuel replacements and zero-emission energy sources for maritime applications may limit the market prospects for marine emission control systems to some extent. Furthermore, the high expenses for installation that accompany marine emission control systems, as well as the rising participation of numerous governments to encourage the use of low-carbon fuels, may stymie corporate growth.
REGIONAL INSIGHTS
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"Existence of Ship-Breaking Plants in Asia Pacific to Support Market Advancement "
The Asia Pacific marine emission control systems market share will continue to grow rapidly through 2023. With increased shipping of cargo and maritime trade among nations such as Japan, China, and India, the region is likely to emerge as a significant hotspot for marine emission reduction technologies.
For example, according to data from Invest India, sea transport accounts for the majority of India's trade in regard to value. Because of the existence of the world's biggest ship-breaking plant, India has a significant share of the worldwide ship-breaking business as of. Increasing maritime transport and shipping operations have prompted multiple governments throughout Asia Pacific to explore strong emission control regulations, highlighting the necessity of marine emission control systems.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.
The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.
List of Market Players Profiled
- Alfa Laval (Sweden)
- Wartsila (Finland)
- Yara (Norway)
- Shanghai Bluesoul (China)
- Clean Marine (Norway)
- DowDuPont (U.S.)
- Niigata Power System (Japan)
- DEC Maritime (France)
- Mitsubishi (Japan)
- Johnson Matthey (U.K.)
- Kwangsung (South Korea)
- Damen Shipyards (Netherlands)
- Tenneco (U.S.)
- Ecospray Technologies (Italy)
REPORT COVERAGE
This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.
In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 6015.5 Million in 2022 |
Market Size Value By |
US$ 9814.2 Million by 2028 |
Growth Rate |
CAGR of 8.5% from 2022 to 2028 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the marine emission control systems market expected to touch by 2028?
The global marine emission control systems market size is expected to reach USD 9814.2 million by 2028.
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What CAGR is the marine emission control systems market expected to exhibit by 2028?
The marine emission control systems market is expected to exhibit a CAGR of 8.5% by 2028.
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Which are the driving factors of the marine emission control systems market?
The driving factors of the marine emission control systems market are substantial research and development and hunt for initiatives
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Which are the key players or most dominating companies functioning in the marine emission control systems market?
Alfa Laval, Wartsila, Yara, Shanghai Bluesoul, Clean Marine are the key players or most dominating companies functioning in the marine emission control systems market.