Marine Emission Control Systems Market Analysis

Marine Emission Control Systems Market Analysis

Marine emission control systems market revenue from the MGO fuel segment is estimated to reach around USD 4 billion by 2032. The surging demand for MGO (marine gas oil) can be attributed to its high compatibility with diesel engines, enhanced efficiency across marine engines, and easy availability. Additionally, several governments worldwide have introduced strict norms, thus driving the inclination of marine operators toward the installation of emission control systems. Furthermore, extensive innovation and developments in the field of biofuel production to provide sustainable fuel for marine applications will spur industry progression.

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Marine emission control systems market valuation from SCR technology segment is poised to surpass USD 10 billion by 2032. The rising adoption of SCR (selective catalytic reduction) systems can be attributed to the deployment of stringent norms and mandates to reduce nitrogen oxide emissions in the marine ecosystem. This technology provides an advanced approach to active emissions control as it reduces the tailpipe emissions of nitrogen oxides to near-zero levels in modern diesel-powered vehicles. Furthermore, the ongoing advancements in marine engines are also fostering the demand for suitable emission control systems.

Marine emission control systems market from offshore applications is slated to exhibit over 8% gains between 2023 and 2032. The increasing number of offshore infrastructure development activities and government-backed energy projects have propelled the adoption of emission control systems.  In addition, the surge in favorable private-public initiatives enabling the integration of emission control systems in next-generation engines will positively influence the business outlook. For instance, in March 2022, the Canadian Government announced a funding of USD 56 million for emission reduction and boosting research and development in the offshore sector.

Asia Pacific marine emission control systems market is anticipated to register nearly 7% growth rate through 2032. The region is expected to emerge as a major hotspot for marine emission control technologies with increasing cargo shipping and marine trade across countries such as China, Japan, and India. For instance, as per data by Invest India, maritime transport is responsible for 70% of India’s trading in terms of value. As of 2021, India holds a 30% share of the global shipbreaking sector on account of the presence of the world’s largest ship-breaking facility. The growing maritime transportation and shipping activities have encouraged several governments in APAC to consider strict emission control norms, thus promoting the need for emission control systems.