Selbyville, Delaware, Sept. 22, 2022 (GLOBE NEWSWIRE) —
The marine scrubber systems market is expected to record a valuation of USD 14 billion by 2030, according to the latest research study by Global Market Insights Inc.
Advancements in scrubber technology, with top industry players involved in the development of novel products, are emerging as a major driver of market growth. For instance, in September 2022, Denmark-based ship operator AP Moller – Maersk collaborated with Wärtsilä to develop a solution designed to prevent corrosion in open-loop scrubber discharge systems. This system uses seawater to scrub SOx from the exhaust gas and discharges the used water back to the sea once the cleaning is complete. Product advancements such as these are anticipated to ultimately bolster the marine scrubber systems market demand.
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Product proficiency in the removal of SO2 to favor the use of dry marine scrubbers
The dry marine scrubber systems market registered commendable revenue in 2021. Dry scrubbers use hydrated lime pellets instead of water or fluid to remove sulfur which reduces the possibility of corrosion caused by freshwater or seawater. Furthermore, these devices can effectively eliminate sulfur dioxide, which is crucial considering the regulations implemented by the International Maritime Organization (IMO) that mandate the sulfur content in merchant vessel fuels to be limited to 0.5% worldwide and 0.1% m/m in Emission Control Areas (ECAs). Favorable attributes such as these will enhance the popularity of dry scrubbers in marine applications, and in turn spur the industry expansion.
Economical price points to drive market growth from the MDO fuel segment
The MDO fuel segment in the marine scrubber systems market is valued at more than USD 3 billion in 2021. This fuel is more cost-effective in comparison to other fuel types, which enables ship owners to procure it in large volumes. Government measures are also pushing manufacturers to develop products that comply with the latest IMO regulations regarding sulfur concentration, further stimulating segmental progress.
Growing demand for green shipping to increase product adoption
The marine scrubber systems market from navy applications segment is estimated to attain significant gains through 2030. The adoption of green shipping is emerging as a key trend in the navy sector. Cross-border plans to expedite the use of green corridors are also contributing to industry progress. In April 2022, the United States and Chile announced plans to launch green corridors for the shipping industry. The intention behind this was to provide the incentives and structure necessary to support decarbonization initiatives in shipping and offer a framework for adoption throughout the industry. Additionally, the increasing focus on retrofitting of conventional navy vessels will support a rise in product demand.
Rising trade activities to define business landscape across North America
The North American marine scrubber systems market is projected to observe a robust growth rate by 2030. The surge in trade activities across the United States is one of the primary factors driving regional growth. According to the US Department of Commerce, July 2022 reported exports of USD 259.3 billion, indicating a rise of over USD 0.5 billion over export numbers recorded in June. This favorable trade outlook, alongside escalating demand for low-sulfur fuels, is estimated to boost regional revenues.
New product development contracts to become a key strategy for industry participants
Top companies operating in the marine scrubber systems market include Yara International ASA, Clean Marine AS, Kwangsung Co., Ltd, ALFA LAVAL, Damen Shipyards Group NV, CR Ocean Engineering, Ecospray Technologies Srl, VDL AEC Maritime BV, Langh Tech Oy Ab, DuPont, Wartsila, and Fuji Electric Co., Ltd.
Some of these leaders are receiving orders from shipping companies to deliver new products from their portfolios and increase their market share. For instance, in March 2022, Seatrade Groningen BV placed an order with VDL AEC Maritime to install two SOx scrubber systems by the end of 2022. This order will enable VDL AEC Maritime to offer well-designed, advanced scrubber systems, and reinforce its regional market footprint. A surge in similar initiatives among the organizations defining marine industry trends is set to positively impact industry growth.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Marine Scrubber Systems Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & sustainability landscape
3.2.2 ALFA LAVAL
3.2.3 Ecospray Technologies Srl
3.2.4 Clean Marine AS
3.2.5 Mitsubishi Heavy Industries, Ltd.
3.2.6 Value Maritime
3.3 Regulatory landscape
3.4 Scrubber systems cost, by vessels
3.5 COVID-19 impact on the industry outlook
3.6 Industry impact forces
3.6.1 Growth drivers
220.127.116.11 Expansion in global seaborne trade
18.104.22.168 Stringent regulatory framework related to emissions
22.214.171.124 Technological advancements
3.6.2 Industry pitfalls & challenges
126.96.36.199 High installation cost
188.8.131.52 Growing demand for clean fuel
3.7 Growth potential analysis
3.8 Porter’s Analysis
3.9 Competitive landscape, 2022
3.10 PESTEL Analysis
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, US, is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrating insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.