Offshore Marine Selective Catalytic Reduction Systems Market Size- By Application (AHTS, PSV, FSV, MPSV), Regional Outlook & Forecast, 2024 - 2032

Offshore Marine Selective Catalytic Reduction Systems Market Size- By Application (AHTS, PSV, FSV, MPSV), Regional Outlook & Forecast, 2024 - 2032

Offshore Marine Selective Catalytic Reduction Systems Market size is poised to expand at 6.6% CAGR between 2024 and 2032 driven by the rising adoption of green shipping practices.

Several organizations worldwide are embracing environmentally friendly solutions to reduce their carbon footprint, leading to increased demand for SCR (selective catalytic reduction) systems. These solutions help vessels comply with stringent emission regulations while aligning with the global shift towards sustainability in maritime operations. In February 2024, the Energy and Resources Institute (TERI) launched a green shipping platform during the World Sustainable Development Summit in New Delhi, India. This online platform tracks practices by ports nationwide and compiles all national and international information accessible about ports and shipping operations. The influx of such green shipping initiatives by governments and organizations is encouraging the installation of SCR systems to minimize nitrogen oxide (NOx) emissions from offshore vessels.

Furthermore, the surge in offshore wind projects, particularly in the U.S., Europe, and Asia Pacific is driving the need for SCR technologies to ensure environmental compliance, further accelerating the industry expansion. For instance, as the U.S. is trying to reach a government objective of adding 30 GW of offshore wind generating capacity by 2030, states along the U.S. East Coast now have around 25 GW of offshore wind projects in various stages of development.

The offshore marine SCR systems industry is segmented into application and region.

In terms of application, the market share from the multi-purpose support vessel (MPSV) segment is projected to witness high demand between 2024 and 2032. MPSVs are vital for diverse offshore operations and are increasingly adopting SCR systems to comply with stringent NOx emission regulations. These vessels perform a range of tasks, such as subsea construction, maintenance, and offshore supply services, further requiring efficient emission control solutions.

SCR systems also offer MPSV operators a means to meet environmental standards while ensuring optimal vessel performance. With the expansion of offshore activities and the rising demand for environmentally friendly marine solutions, the demand for multi-purpose support vessels is likely to grow significantly.

Regionally, the Asia Pacific offshore marine selective catalytic reduction systems industry generated substantial revenue in 2023 and is estimated to expand at a robust pace through 2032. The booming offshore oil & gas exploration activities across the region, particularly in Australia, Malaysia, and Indonesia, are fueling the demand for SCR systems to meet stringent emission regulations.

Additionally, government initiatives for sustainable practices are promoting industrial organizations in the region to deploy SCR systems, thereby boosting the regional market expansion. For instance, in March 2024, German engine maker MAN Energy Solutions delivered a huge Cluster 5 Double Layer SCR catalytic converter to the Japanese heavy industry firm Mitsui E&S.