Marine Emission Control System Market to register increased traction over 2019-2024, growing number of trade activities along with technology advancements

Marine Emission Control System Market will grow on account of stringent government norms and increasing maritime pollution. The IMO has introduced a norm with an aim to limit NOx emissions by diesel engines installed or built on & after 1st January 2016. The directive is applicable on all the vessels with a power output of > 130 kW. In addition, IMO in 2016, revised global limit on sulfur fuel content to 0.5% on the vessels built or installed on & after 1st January 2020. Strict norms under the MARPOL 73/78 Annex VI were introduced on the 1st of July 2010, leading to an increase in the adoption of Electrostatic Precipitators (ESPs). Growing trade activities along with advancements in emission control technology will propel the product installation. Restructuring of the old vessels to build sustainable systems coupled with healthy orderbook & growing ship building industry will positively impact the business landscape. Imposition of monetary penalties in the instance of non-compliance to directives will further complement the marine emission control system market outlook. The increasing GHG emissions and a rise in the level of air pollution from ships have been lending a push to marine emission control system market share. Over the last few years, owing to the fact that they are a speedy and cost-effective mode of communication, the preference for waterways and inland transportation has increased remarkably. That said, the surging use of fossil fuel based ships has been emitting a large amount of NOx, SOx, and many other particulate matters, leading to the necessity for emission control systems. The emissions have indeed been contributing to the depletion of the ozone layer which has generated awareness among regulatory bodies, resulting in them mandating strict norms, in order to control the emissions from ships. The on-going deployment of strict regulatory policies to curb the GHG emissions is likely to have a significant impact on the marine emission control system industry size. To access a sample copy or view the marine emission control system market report in detail along with the table of contents, please click the link The shifting focus of the shipbuilding companies toward the use of electric energy alternatives over the fossil fuel-based engines will also have a notable impact on the industry growth. On July 2018, Liebherr has launched low-voltage frequency converter system for vessels that can be used for reducing emission and energy consumption. In maritime applications, electrification has been playing a crucial role in decreasing energy consumption. The design of electric drive provides the benefits of high flexibility and offers a wide range of possibilities for layout and integration within a distribution station. The U.S. marine emission control system market will grow on account of ongoing R&D activities coupled with introduction of standards toward system operation, construction and inspection. Growing demand for commercial and navy vessels along with implementation of strict IMO protocols will foster the industry growth. MEPC strategy to limit the marine emissions and reduce the pollution by 50% by 2050 will further accelerate the product demand. China market will grow over 10% by 2024. Increasing PMs, NOx and SOx emissions from marine industry & its effect on the environment coupled with stringency in legislations to combat the pollution will boost the product demand. Ongoing FDI flow owing to cross-border mergers, tax inversions and acquisitions will further encourage the product penetration. Speaking of the geographical penetration, marine emission control system market has been touted to amass substantial returns from China. This is prominently on account of the newly imposed regulations favoring the installation of these products. Reportedly, to improve the quality of domestic shipping and endorse environment friendly development of marine transport within China, the Chinese Ministry of Transport, on 3 July 2018, published new requirements for controlling nitrogen oxides (NOx) emission. The standards will be applicable to both newbuild vessels (after July 2020) and ships in operation (after July 2021) and will further be imposed on ships particularly involved in Chinese domestic trade.