Marine Emission Control Systems Market worth over $27 Bn by 2032

Marine Emission Control Systems Market size is set to surpass USD 27 billion by 2032, according to a new research report by Global Market Insights Inc.
 

Strong influx of stringent IMO regulations and the rapidly increasing transition to sustainable energy systems will complement the industry dynamics. Several economies have deployed strict regulations to accelerate the energy transition and limit greenhouse gas emissions. For instance, in January 2023, IMO implemented a new set of requirements for the reduction of international maritime carbon emissions. It requires all ships to measure their attained Energy Efficiency Existing Ship Index (EEXI) to determine energy efficiency. Similar decarbonization mandates worldwide will drive the demand for marine emission control systems.
 

Rising demand for scrubbers to limit sulfur emissions from ship engines to promote industry growth

In terms of technology, the marine emission control systems industry valuation from scrubber systems segment reached over USD 5 billion in 2022. This growth is attributed to the growing focus on the reduction of sulfur emissions on ships. Several governments are working towards the reduction of sulfur air pollutants to reduce the impact of air pollution, which accounts for 300.000 premature deaths each year in the EU. Desulfurization of exhaust gases with the help of scrubbers, also known as exhaust gas cleaning systems (EGCS) provides an effective alternative to sulfur-reduced fuels. Furthermore, wet scrubbers are increasingly used across maritime applications owing to their ability to remove 99% of particulates and unwanted soluble gas, adding a positive edge to the product demand.
 

Rising adoption of hybrid power systems to outline industry expansion

The hybrid fuel segment is expected to register more than 9% CAGR from 2023 to 2032. The rapid modernization of maritime vessels and the increasing innovation in the enhancement of vessel performance, efficiency, long-lasting energy supply, and reduction of operating as well as maintenance costs have fueled the demand for hybrid fuel alternatives. Hybrid electric power systems have attained significant traction with the growing emphasis on the decarbonization of ship power plants, sea vessels, and offshore installations. The combination of fuel and battery sources also offers advanced propulsion technology and reduce energy consumption to marine transportation.
 

Browse key industry insights spread across 450 pages with 742 market data tables & 50 figures & charts from the report, “Marine Emission Control Systems Market Size By Technology (SCR, Scrubber Systems {Wet Technology [Open Loop Technology, Closed Loop Technology, Hybrid Technology], Dry Technology}), ESP), By Fuel (MDO, MGO, Hybrid), By Application (Commercial, Offshore, Recreational, Navy, Others), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/marine-emissions-control-systems-market
 

Expanding commercial-scale deployment to foster demand for marine emission control systems

The commercial application segment valued at USD 3 billion in 2022. The increasing global trade and cross-border transport propelled by the robust growth in demand for commodities is slated to fuel the commercial application scope of marine emission control technologies. For instance, the Port of Corpus Christi located in Texas, the U.S. reported a record-high growth in cargo volumes in June 2022 with a 22% across steel, dry bulk, and crude oil. This rising maritime transportation has compelled operators to install advanced tailpipe emission control solutions, thus boosting the industry development.
 

Favorable government initiatives to propel industry progression across Europe

Europe marine emission control systems market value is poised to exceed USD 5 billion 2032 driven by the presence of robust regulatory frameworks and the increasing focus on pollution reduction. Moreover, the influx of favorable government-led initiatives to preserve the ocean ecosystem and reduce pollution are also spearheading the product demand in the region. For instance, in November 2022, the European Commission announced an additional investment of more than USD 10 million to support the ongoing efforts to limit GHG emissions from international shipping.
 

New product launches to favour business growth

Key Participants operating in the global marine emission control systems industry are HYUNDAI HEAVY INDUSTRIES CO., LTD., IHI Corporation, Tenneco Inc., Ecospec.NovelTech Pte Ltd, ME Production, ALFA LAVAL, HAMON, CR Ocean Engineering, and DuPont. These firms are introducing innovative products with advanced features to strengthen their business presence. For instance, in November 2021, Wärtsilä unveiled a new IQ Series Scrubber System featuring 50% recycled steel, 30% less weight, 25% less space consumption, and 35% less volume.