Marine Emission Control Systems Market Size

Marine Emission Control Systems Market Size

Marine Emission Control Systems Market size valued at USD 11 billion in 2022 and is projected to expand at more than 8.5% CAGR from 2023 to 2032.

Growing concerns associated with large volumes of carbon and greenhouse gas emissions from maritime activities will foster demand for marine emission control systems. As per the International Energy Agency (IEA), international shipping accounted for approximately 2% of the global energy-related carbon emissions in 2021. Over the last decade, the popularity of cruise travel and cargo shipping has increased dramatically driven by a robust global trade. Hence, several government organizations worldwide have implemented ambitious initiatives for the reduction of environmental impact. For instance, the United Nation’s International Maritime Organization (IMO) aims to cut down ocean-vessel emissions to 50% by 2050. 

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Rising use of low-carbon fuels may impede product demand

The paradigm shift towards clean fuel alternatives and zero-emission energy systems for maritime applications could restrain the marine emission control systems market outlook to some extent. Moreover, the high installation costs associated with marine emission control systems along with the increasing intervention of several government for the adoption of low-carbon fuels may also obstruct business growth. For instance, according to IEA, by 2030, low-carbon fuels will account for 15% of the global energy demand in the Net Zero Scenario. However, the surging number of seaborne trade activities and favorable replacement and retrofitting services for marine vessels will fuel the adoption of novel emission control technologies, adding a positive edge to the business progression.