Marine Selective Catalytic Reduction System Market To Cross USD 5 Billion By 2024

Global Marine Selective Catalytic Reduction Systems Market is set to grow from its current market value of more than $3 billion to over $5 billion by 2024; according to a new research report by Global Market Insights, Inc.

Increasing levels of nitrogen emissions from maritime industry along with growing concerns over its adverse effects on human health and environment will drive the marine Selective Catalytic Reduction (SCR) system market growth.

The IMO introduced a norm under Regulation 13 with an aim to limit nitrogen emissions by engines with power output more than 130kW. The directive applies to the vessels installed and built from 1st January 2016. Rising concerns pertaining to NOx emissions

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China marine selective catalytic reduction system market size is predicted to expand over 3% by 2024. Increase in long international voyage coupled with rising inter-border trade, cross-border mergers, and tax inversions will encourage the product adoption. The China Ministry of Transport published new NOx control requirements on 3rd July 2018, that specifically imply to secondhand imported & domestic diesel engine vessels.

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 posts 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.

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 posts 2018 will propel the product installation.

Rising disposable income, demographic shifts, and improved standard of living leading to growth in investments toward the 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 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 Tenneco, Wärtsilä, YARA International, Hyundai, Mitsubishi, Johnson Matthey, PANASIA, Hitachi Zosen, MAN Energy Solutions, Agriemach, Hug Engineering, DCL International, Caterpillar, ECOUREA, ME Production, and DEC Marine amongst others.

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Source: Maritime Shipping News