Marine Emission Control Systems Market Size By Technology (SCR, Scrubber Systems {Wet Technology [Open Loop Technology, Closed Loop Technology, Hybrid Technology], Dry Technology}), ESP), By Fuel (MDO, MGO, Hybrid), By Application (Commercial, Offshore, R

Marine Emission Control Systems Market Size By Technology (SCR, Scrubber Systems {Wet Technology [Open Loop Technology, Closed Loop Technology, Hybrid Technology], Dry Technology}), ESP), By Fuel (MDO, MGO, Hybrid), By Application (Commercial, Offshore, Recreational, Navy, Others), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 - 2032

Marine Emission Control Systems Market is poised to witness noticeable growth through 2032, owing to the rising seaborne trade and alarming concerns regarding emissions from marine engines. In addition, the recent technical progress, coupled with the increasing installation of tailpipe emission control systems will also add impetus to the market during the next decade. Overall, the marine emission control systems market has been segmented in terms of technology, fuel, application, and region. Based on technology, the ESP segment is expected to register more than 8% CAGR through 2032. The segmental growth can be attributed to the increasing adoption of efficient ESP systems by operators and major shipbuilders. Besides, the supportive regulatory policies aimed at developing highly engineered products and maintaining a sustainable marine environment will also boost the product demand. For instance, the UK government recently launched the Blue Planet Fund with an investment of USD 600 million. As per reports, this fund is aimed at protecting 30% of the world’s oceans by 2030 and is focused on the vital issue of plastic pollution in the oceans. In the context of fuel, the MDO segment is set to witness significant growth by 2032. This segment will be defined by the advantages of MDO fuels such as higher oxidation, reduced cost, thermal stability, and easy availability. Moreover, a high percentage of sulfur in MDOs is a major disadvantage in terms of environmental degradation, and hence, major shipping firms are increasingly adopting emission control systems. On the basis of the application, the recreational segment is expected to be valued at more than 5 billion by 2032. Product applications in recreational sector will be driven by the rising cruise travel activities along with the ongoing development projects in marine tourism. As per credible reports, the number of cruise tourists increased from 17.8 million in 2009 to a whopping 30 million in 2019. Besides, a report by the CLIA also added that in 2020, 19 new ocean crew ships were expected to begin their operation. Moreover, with increasing consciousness about environmental deterioration, there is an increasing focus on minimizing sulfur and nitrogen emission from ships, which will fuel the market growth. In the regional context, the marine emission control systems market in North America was valued at more than USD 1 billion in 2022. The regional market growth will be mainly driven by stringent norms and measures to limit marine engine pollution across American economies. Besides, increasing focus on maintaining a sustainable environment across the Caribbean Sea and other regions will also drive the industry verticals.