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Marine Scrubber market Size
The marine scrubber systems market is driven by sulfur 2020 rule enforcement, pollution laws, rising international freight, & growing demand for cargo shipping.
WILMINGTON, DE, UNITED STATES, October 28, 2024 /EINPresswire / -- According to the report, the global marine scrubber market size was valued at $4.9 billion in 2021 and is estimated to generate $20.3 billion by 2031, witnessing a CAGR of 16.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key
investment pockets, value chain, regional landscape, and competitive scenario.
The marine scrubber market is estimated to grow at a CAGR of 16.2% from 2022 to 2031. A substantial number of ship holders had embraced the option to retrofit their ships with marine scrubber to keep on with international regulations while keeping on using sulfur fuel. However, the sales for new-build type are likely to grow fast as rising number of fleet owners are coming with new construction of ship on order with marine scrubber on their ships, which costs relatively lower than retrofits that may be required later. Such rise in demand for retrofit as well as newly build is expected to create lucrative opportunities for marine scrubber market during the forecast period.
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Ships are an essential mode of transportation, moving goods across the world's seas and oceans. The ship's engine is a critical component of a vessel, and it generates significant amounts of exhaust gases that are released into the atmosphere. However, marine scrubbers are used to reduce the emissions of harmful pollutants from ships. The marine scrubber market refers to the global industry involved in the manufacturing, installation, and maintenance of exhaust gas cleaning systems or marine scrubbers for ships.
Environmental protection mandates and laws are getting more valued across the world to reduce the impact of marine emissions. These standards emphasize supporting the use of non-toxic materials, implementing conservation techniques, and changing production processes. This supports the recycling or reuse of materials more accurately than driving them into the waste stream, which helps to eradicate pollution. Europe and North America are a few early law adopters of environmental protection across the globe.
The EPA (Environmental Protection Agency) controls pollution management regulations in the U.S. A few of the significant laws and regulations in the country include the Clean Air Act, Pollution Prevention Act, National Environmental Policy Act, and Clean Water Act. The Clean Air Act concentrates on setting air emissions from mobile and stationary sources to protect public health and control the emissions of hazardous air pollutants.
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Implementation of sulfur 2020 rule, air pollution prevention policies & laws imposed by governments to protect the environment, the rise in international marine freight transport, and an increase in the demand for cargo transportation through ships drive the marine scrubber market. However, strict regulatory policies for disposal of contaminated effluents from scrubber system and high installation & maintenance cost of marine scrubber are likely to hinder the market growth during the forecast period. On the other hand, the rise in e-commerce & online trading and the growing demand for retrofit applications as ship owners race against time to obey rules and regulations will present new growth opportunities for the global market in the coming years.
Based on application, the bulk carriers segment grabbed the highest share of one-third of the marine scrubber market in 2021 and is expected to dominate the market in 2031. This is because the bulk carrier is involved in transportation of raw materials and other bulk commodities. These vessels are primarily used to transport dry bulk cargoes such as coal, iron ore, grain, and other raw materials that are essential to various industries around the world. However, the cruises segment would witness the fastest CAGR of 21.0% from 2022 to 2031. This is because cruise ships are made to give passengers a vacation that includes lodging and entertainment while emphasizing the comfort and facilities available onboard.
Based on technology, the wet technology segment contributed to the largest share of nearly 90% of the global marine scrubber market in 2021 and is expected to maintain its dominance during the forecast period. This is due to the increased demand for clean air, stringent environmental regulations, and the need to reduce harmful emissions. However, the dry technology segment is projected to witness the fastest CAGR of 22.6% from 2022 to 2031. This is because dry technology has observed huge demand in North America, Asia-Pacific, and Europe. Asia-Pacific is projected to register significant growth in the near future due to the availability of labor and various government initiatives.
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Based on region, the market in Asia-Pacific was the largest in 2021, accounting for more than two-fifths of the global marine scrubber market and is likely to maintain its dominance during the forecast timeframe. This market is the most promising market due to countries such as China and India, whose economies are increasing as their trade with other regions is growing and the countries are becoming self-sufficient. However, the market in North America is likely to show the fastest CAGR of 20.2% during the forecast period. This is because various organizations are driving the exhaust gas cleaning or marine scrubber market by following the framework or the strict norms made by the International Maritime Organization.
Leading Market Players
Fuji Electric Co., Ltd.
Alfa Laval
Mitsubishi Heavy Industries, Ltd.
Valmet
Pacific Green Group
Wartsila
KwangSung
ANDRITZ
GEA Group Aktiengesellschaft
Yara International ASA
The report analyzes these key players of the global marine scrubber systems market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
Covid-19 Scenario
1. The outbreak of the Covid-19 pandemic slowed down the progress of exhaust gas cleaning system (EGCS) installation, which raised questions about short-term market projections. According to a report by the Federal Maritime and Hydrographic Agency, by 2050, heavy fuel oil combined with EGCS is expected to have a 10% market share for fuel, according to a long-term forecast.
2. According to ICCT (International Council on Clean Transportation), 4,047 ships were equipped with marine scrubber till 2020. Owing to the COVID-19 pandemic outbreak in Asia-Pacific, the work in the shipyards where a majority of the installation work is done was halted.
Moreover, the maritime sector was impacted by the pandemic's economic effects. The shipping corporations responded by taking actions, such as delaying, or canceling EGCS installations.
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