Marine scrubbers market: Marine scrubber systems market has generated a substantial momentum over the recent years, amidst the backdrop of increasing concerns toward maritime pollution. The concern has been realized at global level and has led to continuous improvisations in international standards for marine fuels. As per the latest legislation by IMO, effective from 1st January 2020, the maximum limit of Sulphur in fuel oil used on board ships will be 0.50% m/m. For the record, the current global limit for Sulphur content in fuel oil for ships is 3.50% m/m. The organization has also established a maximum Sulphur limit of 0.10% m/m in SOx Emission Control Areas, since 1stJanuary 2015. Not to mention, driven by this stringency in the overall regulatory terrain circumventing the shipping industry, marine scrubber systems industry is poised to witness a slew of opportunities in the coming years.
In the year 2017, the worldwide marine scrubber systems market generated a revenue more than USD 800 million. The scrubber devices are regarded as Sulphur abatement technologies that reportedly removes SO2 by 90% and particulate matters by over 70%. The business is expected to generate huge returns from the commercial as well as the recreational sectors. As per World Travel & Tourism Council, the marine tourism industry, in 2016 generated a revenue of $7.6 TN, and accounted for approximately 10.2% of the global GDP. Backed by the increasing investments in tourism sector and the upliftment in economic portfolio, the marine scrubber systems market from recreational applications will witness strong prospects in the short to medium run.
Commercial sector, owing to the rapid industrialization activities, particularly in emerging economies, will also contribute massively to the overall marine scrubber systems market. As per a report by Global Market Insights, Inc. this segment is anticipated to procure 20% of the overall share by 2024. Speaking of the emerging economies, APAC reportedly holds 60% of the global shipbuilding industry, with China, South Korea, and Japan at the forefront. This has made the region a prominent avenue for marine trade activities, in turn providing substantial push to the marine scrubber systems market.
Not to mention, the region also stands as a prominent participant of the Sulphur and marine pollution abatement notion. In 2015, the Chinese Ministry of Transport, launched an implementation plan to curb the air pollution levels from ships, establishing new ECAs in China, including Bohai Bay, Yangtze River Delta, and Pearl River Delta.
Speaking of regional trends, U.S. is deemed to be another pivotal growth avenue for marine scrubber systems market, courtesy – the incessant efforts taken by the regional governments to limit the Sulphur emissions from ships coupled with the extensive R&D initiatives to bring on board sustainable solutions. In this year’s MEPC conference, the nation outlined its future strategies to curtail marine pollution and declared its aim to reduce ocean emission by 50% by 2050. Moreover, seawaters along the U.S. and the Canadian shorelines have been touted as North American ECAs (emission control areas), in a bid to significantly cut down on the Sulphur emissions. In terms of commercialization potential, U.S. marine scrubber systems industry is forecast to surpass 300 units by 2024.
Product innovations in compliance with the government regulations and research collaborations would continue to be the major growth strategies underlining the marine scrubber systems market in the coming years. Some of the renowned marine scrubber systems industry share contenders include Wärtsilä, Yara Marine, CR Ocean Engineering, VDL AEC Maritime B.V., DuPont, Mitsubishi, etc, with a rather dynamic competitive portfolio and a stringent regulatory landscape, the global marine scrubber systems market share is slated to surpass USD 8 billion by 2024.
Information received from Global Market Insights