Marine Selective Catalytic Reduction Systems Market size worth $9 Bn by 2032

Marine Selective Catalytic Reduction Systems Market size is set to surpass USD 9 billion by 2032, according to a new research report by Global Market Insights Inc.
 

The report indicates that the escalating investment in shipping and port infrastructure is a prominent factor driving the development of selective catalytic reduction (SCR) systems for marine engines. For instance, in November 2022, the Indian government announced an investment of over USD 25 billion as a part of its major push to upgrade shipping and port infrastructure. Ship restructuring projects have also gained momentum to comply with increasingly stringent emission standards. Such factors will foster the deployment of selective catalytic reduction in ships to reduce nitrogen oxide emissions from engines.
 

With rapid technological innovation, the progress in interconnectivity, automation, and real-time data across the marine selective catalytic reduction system value chain has also become more prominent. In recent years, organizations including the IMO (International Maritime Organization) have introduced strict policies and mandates to restructure existing vessels and minimize emission levels. The report claims that the rising costs of clean fuel and the shifting preference toward sustainable systems across the marine industry will therefore proliferate the need for SCR exhaust purification technology.
 

Rise in cruise tourism & recreational travel will hasten the development of marine SCR systems

Marine selective catalytic reduction systems market value from recreational applications is expected to exhibit over 7% CAGR between 2023 and 2032. This growth is attributed to the increasing disposable income and cruise travel. Due to the travel sector’s steady recovery from COVID-19 disruptions, cruising is witnessing a comeback. As per a 2022 InsureMyTrip survey, many U.S. travelers are planning for a cruise trip within the next two years. The report further claims that the increase in international travel and tourism will augment marine SCR system usage in cruise ships.
 

Browse key industry insights spread across 580 pages with 978 market data tables & 38 figures & charts from the report, “Marine Selective Catalytic Reduction Systems Market Size By Application (Commercial {Containers, Tankers, Bulk Carriers, Roll On/Roll Off}, Offshore {AHTS, PSV, FSV, MPSV}, Recreational {Cruise Ships, Ferries, Yachts}, Navy), COVID- 19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/marine-selective-catalytic-reduction-systems-market
 

Emphasis on greenhouse gas neutrality spurs marine SCR system installation in Europe

Europe marine selective catalytic reduction systems market value crossed USD 800 million in 2022, owing to the high environmental concerns. For example, Germany has committed to reaching greenhouse gas neutrality by 2045, in keeping with the targets set out in the Paris Agreement. Government bodies worldwide are therefore implementing low-emission initiatives. These factors, along with the installation of sustainable marine systems to comply with IMO standards, will boost the demand for marine catalytic converters across the region.
 

Innovative product range expansions by industry players to remain a key growth strategy

Key participants operating in the marine selective catalytic reduction systems market are Nett Technologies, Inc., Ceco Environmental, Mitsubishi Heavy Industries, Ltd., Lindenberg-Anlagen GmbH, DEC Marine AB, H+H Engineering & Service GmbH, Caterpillar, DCL International Inc., Hug Engineering, Hitachi Zosen Corporation, Johnson Matthey, and Yara, among others. These companies are incorporating strategies such as business expansions and innovative product deployments to expand their customer base in the global market.