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Global Marine Selective Catalytic Reduction Systems Market Detailed Analysis of Current Industry Figures with Forecasts Growth By 2024

Author : Ronak Bora | Published Date : 2020-09-21 

Growing environmental concerns have gradually led to the expansion of marine selective catalytic reduction systems market, fostered by the mandates issued by international agencies and the willingness of shipowners to adopt emission control systems. Stricter adherence to emission norms in the Emission Control Areas (ECAs) and increasing awareness of the need for protecting marine as well as human life has encouraged efforts to curb maritime pollution. Amassing revenues of over USD 3 billion in 2017, the marine selective catalytic reduction system industry has seen accelerated growth in the last few years owing to International Maritime Organization's (IMO) Tier 3 regulations introduced in 2016. Tier 3 is a more stringent regulation which requires 80% NOx reductions relative to Tier 1, leading shipping companies to turn towards the marine selective catalytic reduction systems market.

Essentially, selective catalytic reduction (SCR) is able to operate as a standalone system for reducing NOx by 80% or above and was already being widely used on land for its high durability and reliability. Commercial marine industry is known as the backbone of international trade but is also responsible for a major chunk of emissions, becoming a key target base for the global marine selective catalytic reduction systems market.

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Marine Selective Catalytic Reduction Systems Market will exceed USD 5 Billion by 2024. Stringent government regulations owing to rising Nox emissions coupled with growing demand for sustainable systems will encourage the product demand. Rising concerns toward adverse environment and human health on account of increasing marine pollution will further complement the business landscape. The IMO under Annex VI introduced a norm that aims to limit nitrogen emission from diesel engines specifically with power output >130 kW. The directive is applicable on the vessels installed or built on & after 1st January 2016.

Further speaking on the competitive scenario, it wouldn’t be wrong to say that the sustainability and go-green trends are also vividly characterizing the marine industry vertical and impelling the prominent companies to adopt necessary market growth strategies for business proliferation. An apt instance standing as a substantiation to the aforesaid is that of Cummins Inc., that has recently introduced its new IMO3 certified QSK60 engine package that offers cleaner emissions. If reports are to be believed, the company has added selective catalytic reduction systems to meet the new emissions standards without impacting the fuel economy.

Asia Pacific marine selective catalytic reduction systems market will witness growth on account of increasing shipbuilding activities specifically across Japan, China and South Korea. Improvement in living standards owing to rising disposable income coupled with establishment of new ECA zones to limit maritime pollution will further strengthen the product installation.

The Chinese Ministry of Transport, recently in July 2018, has published new requirements with a target to limit NOx emission for the second-hand imported & Chinese-flagged diesel engine vessels. According to the regulations these engines are required to comply with the IMO3 norms and will be applicable to vessels that are converted or imported for domestic trade after September 1 2018. These new NOx emission control requirements have paved the way for robust commercialization of SCR systems in China. Moreover, the rapid growth in the long-distance and international voyage and the rising inter-border trade activities has further fortified the regional product demand. In response to these mandatory protocols, China marine selective catalytic reduction systems market size is anticipated to register a CAGR of 3% over 2018-2024.

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Eminent players across the marine selective catalytic reduction systems market comprises of: YARA International, Hyundai, Wartsila, Kwang sung, Mitsubishi, PANASIA, Agriemach, Caterpillar, H+H Engineering, Johnson Matthey, MAN Energy, DCL International, Haldor Topsoe, Danish Technology, DEC Marine, ECOUREA, CORMETECH, Hitachi Zosen, Ecospray, Tenneco, ME Production, Niigata and Hug Engineering amongst others.

Table of Contents (ToC) of the report:

Chapter 1. Methodology and Scope

1.1. Methodology

1.2. Market definitions

1.3. Market estimates and forecast parameters

1.4. Data Sources

1.4.1.   Primary

1.4.2.   Secondary

1.4.2.1.      Paid Sources

1.4.2.2.      Public Sources

1.5. Abbreviations

Chapter 2. Executive Summary

2.1. Marine selective catalytic reduction systems market 3600 synopsis, 2013 - 2024

2.1.1.   Business trends

2.1.2.   Application trends

2.1.3.   Regional trends

Chapter 3. Marine Selective Catalytic Reduction Systems Market Insights

3.1. Industry segmentation

3.2. Industry landscape, 2013 – 2024 (USD Million)

3.3. Industry ecosystem analysis

3.3.1.   Vendor Matrix

3.4. Innovation & sustainability

3.4.1.   Tenneco

3.4.2.   Wärtsilä

3.4.3.   Hyundai Heavy Industries

3.4.4.   MAN Energy Solutions

3.5. Regulatory landscape

3.5.1.   IMO

3.5.1.1.      MARPOL

3.5.1.1.1.         NOx Emission Standards

3.5.2.   U.S.

3.5.2.1.1.         1999 Marine Engine Rule

3.5.2.1.2.         2002 Recreational Engine Rule

3.5.2.1.3.         2003 Category 3 Engine Rule

3.5.2.1.4.         Environment Control Areas

3.5.3.   China

3.5.3.1.      China, I/II Standards

3.5.4.   Japan

3.5.5.   Europe

3.5.5.1.      Directive 2004/26/EC

3.6. Shipbuilding industry trends & outlook (2013- 2024)

3.7. Global operated fleet, by operators, 2016

3.8. Global ownership of fleet, by countries, 2017

3.9. Cost benefit analysis

3.10.          Global NOx emissions (thousand tonnes), by leading countries, 2015

3.11.          Industry impact forces

3.11.1. Growth drivers

3.11.1.1.    Growing seaborne trade activities

3.11.1.2.    Stringent government regulations toward NOx

3.11.2. Industry pitfalls & challenges

3.11.2.1.    High installation cost

3.11.2.2.    Availability of alternate fuel

3.12.      Porter's Analysis

3.13.     Key customer requirements

3.14.          Entry barriers

3.15.          Porter’s analysis

3.16.          Growth potential analysis

3.17.          Competitive landscape, 2017

3.17.1. Strategy dashboard

3.17.1.1.    Wärtsilä

3.17.1.1.1.       Acquisitions

3.17.1.1.2.       Partnership

3.17.1.1.3.       Agreement

3.17.1.1.4.       Joint Venture

3.17.1.1.5.       Product Launch

3.17.1.1.6.       Product Development

3.17.1.2.    Mitsubishi

3.17.1.2.1.       Agreement

3.17.1.3.    Yara

3.17.1.3.1.       Partnership

3.17.1.4.    MAN Energy Solutions

3.17.1.4.1.       Product Development

3.17.1.5.    Hug Engineering

3.17.1.5.1.       Agreement

3.17.1.6.    Hyundai Heavy Industries

3.17.1.6.1.       Product Development

3.18.     PESTEL Analysis

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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