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Marine Selective Catalytic Reduction Systems Market Analysis
- Report ID: GMI2942
- Published Date: Feb 2023
- Report Format: PDF
Marine Selective Catalytic Reduction Systems Market Analysis
Offshore marine selective catalytic reduction systems market is anticipated to surpass over USD 4.5 billion by 2032, on account of the rapid expansion of sea route networks. For instance, researchers have identified that the safe navigation season for open-water vessels across the Arctic is gradually becoming longer than estimates from climate models. In addition, the emphasis on boosting the procurement of essential vessel supplies has also increased worldwide.
To cite an instance, in March 2022, a Singapore-based e-commerce solution, Shipskart, secured USD 2.7 million in a Series A funding round to bring essential vessel procurement, one of the maritime and offshore sector’s most analog process, to the online platform. These factors will foster the construction of marine engines and in turn, proliferate the deployment of selective catalytic reduction systems. Likewise, R&D initiatives to ensure robust and reliable operations of marine catalytic converters have also surged for offshore applications, further strengthening the industry outlook.
Marine selective catalytic reduction systems market size from the commercial applications is poised to register nearly 6% growth rate through 2032. This growth is credited to the mounting production of container vessels, bulk carriers, tankers, and other commercial vessels. The sea route has emerged as a preferred option for global transport networks. These factors, alongside the launch of favorable government incentive programs to upgrade marine transportation, will escalate the adoption of marine SCR systems to limit emissions from commercial vessel engines.
North America marine selective catalytic reduction systems market value is expected to reach more than USD 1 billion by 2032 due to the establishment of strict regulatory norms to limit emissions and the rising focus on the upgradation of traditional vessels. In 2022, the U.S. government laid out plans to advance international and domestic green shipping corridors to help achieve global net-zero GHG emissions by 2050. With the resultant increase in focus on compliance with such standards, the demand for efficient marine SCR systems is likely to rise. Additionally, the growing number of shipbuilding projects and the implementation of favorable pollution reduction directives will also augment the use of SCR systems to curb emissions.
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Marine Selective Catalytic Reduction Systems Market Scope
