What Is The Highest Revenue Generating Factor In Marine Scrubber Market?

 

Marine Scrubber Market Overview:

Marine Scrubber Market size is projected to reach USD 9.01 Billion by 2027 at 10.13% CAGR between 2020 and 2027.   

Regional Analysis 

Europe to Spearhead Marine Scrubber Market 

Europe will spearhead the marine scrubber market over the forecast period. Rising environmental concerns supported by strict government regulations, growing focus on reducing sulfur emissions from marine vessels, environmental norms and subsidies on installation of scrubbers, rising awareness about Sox and its impact on health, strict norms to curb pollution, and the presence of some of the world’s largest commercial shipping line owners in Greece, Nordic countries and other parts of the region are adding to the global marine scrubber market share in the region.

APAC to Have Favorable Growth in Marine Scrubber Market 

The APAC region will have favorable growth in the market over the forecast period. Rapid industrialization, growing commercial activities chiefly across South Korea, Japan, and China, growing initiatives to curb regional pollution, the growing preference for green shipping, adoption of sustainable marine systems, shifting inclination of end users towards commercial application, growing ship building activities in South Korea, China, and Japan, and growing adoption of sustainable systems are adding to the global marine scrubber market growth in the region. Besides, the ongoing FDI flow for mergers and acquisitions, tax inversions, and cross-border mergers, and growing demand from large merchants and commercial fleet owners are also adding market growth.

Drivers 

Introduction of Stringent Government Directives and Norms to Boost Market Growth 

The introduction of stringent government directives and norms focused to curb marine pollution by fuel or other toxic constituents and the increasing implementation of such norms across the shipping industry is likely to boost the deployment of EGC (exhaust gas cleaning) systems or scrubber technology. As per the IMO (International Maritime Organization) directive, every ship is needed to reduce SOx emissions both outside and inside Sulfur Emission Control Areas (SECAs). This will boost the global marine scrubber market value over the forecast period.

Opportunities 

Growing Preference for Passenger Vessels to Offer Robust Opportunities 

Growing trading activities in different industries that is increasing the size of passenger vessels may offer robust opportunities for the marine scrubber market over the forecast period. The growing preference for passenger vessels is owing to the different benefits that it offers such as dependable transportation and congestion-free transportation.

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Restraints 

High Installation Cost to act as Market Restraint 

The high cost of installation may act as a market restraint over the forecast period.

Challenges 

Surging Need for Clean Fuel to act as Market Challenge 

The growing need for clean fuel may act as a market challenge over the forecast period.

COVID-19 Analysis 

The unforeseen COVID-19 outbreak led to a halt in industry operations across every region. The developed economies are laying emphasis on over-compensating the recent impacts of the outbreak by fast tracking the operations as the opportunity goes up, in turn resulting in the anticipation of gradual marine scrubber market growth. Besides, the rising urgency to cater to the growing logistics demand especially from the commercial sector is all set in enhancing the business outlook. Unfortunately, the crisis has ground the major industrial operations & maritime trade and commerce to halt thus impeding market growth.

Market Segmentation 

The global marine scrubber market has been bifurcated based on application, fuel, and technology.

By technology, the dry technology will lead the market over the forecast period at a highest CAGR owing to its various perks such as no production of liquid effluent, emissions substantially, and a reduction in NOx emissions.

By fuel, the MGO segment will dominate the market over the forecast period owing to the ability for generating comparatively less quantity of sulfur concentrations in the atmosphere.

By application, the recreational segment will spearhead the market over the forecast period. Increasing participation in leisure activities including international voyage and cruise variations driven by rising per capita income is adding to the growth of the segment.

Key Players 

Eminent players profiled in the global marine scrubber industry report include Kwangsung Co., Ltd. (Mexico), Alfa Laval (Sweden), Hamon Research-Cottrell, Inc. (Belgium), CR Ocean Engineering (US), Damen Shipyards Group N.V. (Netherlands), VDL AEC Maritime B.V. (Netherlands), Langh Tech Oy Ab (Finland), Ecospray Technologies S.r.l. (Italy), DuPont (US), Yara International ASA (Norway), Clean Marine AS (Norway), Shanghai Bluesoul Environmental Technology Co., Ltd. (China), Fuji Electric Co., Ltd. (Japan), Mitsubishi Heavy Industries, Ltd. (Japan), and Wartsila (Finland).

Key players have incorporated several strategies such as partnerships, mergers and acquisitions, new product launches, and others to stay ahead in the competition.