The marine selective catalytic reduction systems market to grow rapidly due to ongoing R&D activities with technological advancements. In addition, increasing ocean acidification along with the approval of low cost oil use with SCR systems in compliance with Nox norms will drive the business growth.
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Marine Selective Catalytic Reduction Systems Market will exceed USD 5 Billion by 2024.
Stringent government regulations owing to rising Nox emissions coupled with growing demand for sustainable systems will encourage the product demand. Rising concerns toward adverse environment and human health on account of increasing marine pollution will further complement the business landscape. The IMO under Annex VI introduced a norm that aims to limit nitrogen emission from diesel engines specifically with power output >130 kW. The directive is applicable on the vessels installed or built on & after 1st January 2016.
Commercial marine selective catalytic reduction systems market is predicted to exceed 2% by 2024. Rising awareness toward marine pollution coupled with the development of existing emission control technologies will stimulate the product penetration. Increasing regulatory standards pertaining system operation, construction and equipment inspection to maintain marine safety will further encourage the product demand.
China marine selective catalytic reduction systems market is set to grow over 3% by 2024. Increasing cross border trade, mergers and tax inversions along with introduction of rigorous legislative requirements toward emission control will stimulate the industry growth. In July 2018, the Ministry of Transport in China published Nox control requirements particularly for second hand imported and Chinese diesel engine vessels.
Eminent players across the marine selective catalytic reduction systems market comprises of: YARA International, Hyundai, Wartsila, Kwang sung, Mitsubishi, PANASIA, Agriemach, Caterpillar, H+H Engineering, Johnson Matthey, MAN Energy, DCL International, Haldor Topsoe, Danish Technology, DEC Marine, ECOUREA, CORMETECH, Hitachi Zosen, Ecospray, Tenneco, ME Production, Niigata and Hug Engineering amongst others.
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Asia Pacific marine selective catalytic reduction systems market will witness growth on account of increasing shipbuilding activities specifically across Japan, China and South Korea. Improvement in living standards owing to rising disposable income coupled with establishment of new ECA zones to limit maritime pollution will further strengthen the product installation.
Expansion of ECA zones on account of rising environmental concerns complemented by imposition of monetary penalties for regulation violating parties will positively influence the marine selective catalytic reduction systems market share. On the other hand, the surging adoption of clean fuel along with high installation cost of SCR systems may act as a restraint for the product demand.
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