September 19, 2019
Worldwide marine emission control systems market is anticipated to amass US $5 billion by the year 2024 according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Growing environment and health concern coupled with strict government regulations outside and inside ECAs will complement the product installation. Expanding shipbuilding industry, restructuring of old engines, and healthy order book with an intention to adopt sustainable solutions are the main factors augmenting the global marine emission control systems (GMEC) market outlook. In addition, imposition of penalties by PSAs in the case of violation of the regulations will further fuel the market growth.
Considering the fuel dependency segment, hybrid marine emission control systems market is presumed to register momentous growth, on account of stringent government mandates along with technological advancements. High sulfur content in the fuel, coupled with insistence to limit sulfur emissions, PMs and nitrogen oxide by maritime industry will boost the product adoption.
Based on applications spectrum, the GMEC market from recreational application segment is anticipate increasing substantially over the forecast period, on account of growing disposable income and rise in demand for luxury and comfort. Constant research and rapid innovations in technology with an aim to lower the cost is set to boost the system installation. Long international voyage, coupled with rise in standards of system inspection, construction, and operation will propel the segmental growth.
Speaking of regional landscape, the U.S. GMEC market is predicted to grow on the grounds of stringent emission control mandates, coupled with technical advancements and ongoing investments towards manufacturing green systems. Enactment of government regulations along with growing shipbuilding activities in the region will propel the growth of marine emission control systems market.
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Furthermore, marine emission control systems market in China is estimated to increase more than 10% over the forecast timeframe. Growing impact of marine pollution on the environment, coupled with strictness in regulations to limit the emission levels will trigger the product installation in the region.
The prominent manufacturers in marine emission control systems market include Fuji Electric, Yara, DuPont, Kwang sung, Langh Tech, Mitsubishi, H+H Engineering, Hyundai Heavy Industries, and Alfa Laval among others.