Marine Scrubber Systems Market 2022
According to Persistence Market Research, the global marine scrubber systems market is expected to register a CAGR of over 20% between 2020 and 2030.
The global Marine Scrubber Systems market is expected to provide absolute $ opportunity of USD 11.1 billion during the forecast period while registering a CAGR of 20.4%, by value, for the period between 2018 and 2028. International regulations capping sulfur content in marine fuels and long-term cost savings and short payback on investments are some of the factors expected to lay a strong foundation for the robust growth of the global Marine Scrubber Systems market.
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The global Marine Scrubber Systems market is expected to provide absolute $ opportunity of USD 11.1 billion during the forecast period while registering a CAGR of 20.4%, by value, for the period between 2018 and 2028. These systems offer an environmentally friendly and efficient way to remove pollutants from emissions, which is why their demand is increasing exponentially as maritime transportation undergoes a shift towards more stringent environmental regulations. Additionally, scrubber systems offer significant long-term cost savings potential over the life of a vessel, making them an attractive investment option for many shipping companies. The short payback period on these systems is also contributing to their increasing popularity, with many companies able to recoup their investment costs within 2-3 years.
The marine scrubber systems are reported to eliminate SO2 by 90% and particulate matters by 70%. The business outlook is expected to be complemented further by awareness regarding health hazards caused by SO2 emission. In 2016, the Marine Environment Protection Committee (MEPC) did pass an order limiting sulphur fuel content to 0.5%. It came into effect from Jan 1, 2020.
Something More about Marine Scrubber Systems Market to Look into
The marine scrubber systems market is witnessing growth in demand for MGO (Marine Gas Oil) due to the ability of emitting sulphur in lower concentrations. This fuel is penetrating across various locations like the Caribbean Sea, the North Sea, the North American Waters, and the Baltic Sea. This has expanded the industry landscape further. The SECAs are increasingly adopting the oil.
Moreover, the commercial applications hold a significant market share. They are inclusive of bulk carriers, tankers, roll off/roll on ships, and container vessels. Plus, retrofit existing vessels are creating ripples. However, they being costlier than their counterparts could limit their usage, still, retrofit vessels will find their way as 2020 regulations need to be adhered to.
Coming to technology, wet technology is expected to rule the marine scrubber systems market. Furthermore, closed loop, open loop, hybrid technologies, out of which open loop technology is the most preferred one.
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Region-wise Analysis
Till the year 2019, it was the Asia-Pacific and Western Europe hold the largest share (more than 50%) of marine scrubber systems market. North America will also catch up, with ECA rules being put into practice for the Caribbean seas and North America Waters. The South East Asia will also experience an upswing with China and South Korea poised to be strong markets.
Competitive Landscape
The key players in the marine scrubber systems market include Mitsubishi Heavy Industries, Ltd., CR Ocean Engineering, LLC, Feen Marine Scrubbers Inc., VDL AEC Maritime, Valmet Corporation, Fuji Electric Co. Ltd., Yara International, Clean Marine, SAACKE, Damen Shipyards Group N.V., Alfa Laval, and Kwangsung Co.
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Key Questions Answered in Marine Scrubber Systems Market Report –
Who are the Major Manufacturers and Suppliers of Marine Scrubber Systems?
What will the Marine Scrubber Systems Market growth rate in Future?
What are the key factors driving the global Marine Scrubber Systems Market?
Who are the key manufacturers in Marine Scrubber Systems Market space?
What are the opportunities and threats faced by the vendors in the global Marine Scrubber Systems industry?
What are sales, revenue, and price analysis by regions of Marine Scrubber Systems industry?
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