SELBYVILLE, Delaware, Jan. 16, 2020 /PRNewswire/ -- Global Marine Exhaust Gas Scrubber System Market value is projected to achieve over 36% CAGR from 2020 to 2026, according to a new research report by Global Market Insights, Inc. Growing seaborne trade, positive outlook toward shipbuilding industry and stringency in government norms to limit SOx emissions will complement the industry landscape. Increasing government incentives, investments, ongoing R&D activities accompanied by technological enhancements are a few major factors stimulating the product deployment.
Recreational application will witness growth on account of rising disposable income coupled with the booming maritime tourism. Increasing demand for luxury and comfort accompanied by increased spending toward cruise ships will stimulate the product adoption. Improving living standards, rising disposable incomes, better-informed public, greater leisure time, and demographic changes are few factors resulting in an increased growth in maritime industry. Moreover, increasing awareness pertaining marine emissions along with stringency in legislative norms will foster the product demand.
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Some major findings of marine exhaust gas scrubber system market report include:
- The demand for scrubbers is surging across commercial, offshore, recreational and navy sectors on account of rising shipbuilding activities.
- Increasing long voyage, rapid industrialization, and the rising demand for retrofitting in existing vessels across the emerging economies is anticipated to drive the business growth.
- Major players operating across the marine scrubber systems market are Wärtsilä, MAN Energy Solutions and Yara.
- Hybrid application are witnessing a significant increase in demand on account of strict environmental regulations & emission standards.
Browse key industry insights spread across 612 pages with 1,071 market data tables & 37 figures & charts from the report, "Marine Scrubber Systems Market" in detail along with the table of contents:
Low up-front cost, minimal maintenance and easy installation are some of the key factors driving the demand for MDO scrubbers. Limited availability of gas oil and its high projected annual fuel are the two prime factors positively impacting the product adoption. The fuel is facing challenges on account of strict environmental regulations introduced by IMO and respective government agencies to overcome the downside of existing emission levels. Moreover, the allowance to use MDO as fuel with the scrubber systems in a ship is strengthening the industry landscape.
Introduction of stringent government standards & directives to limit pollution by ships will positively impact the business landscape. Ongoing foreign direct investment flow on account of cross-border mergers and tax inversions will further propel the product penetration. Moreover, increasing long intercontinental voyage coupled with rapid industrialization will encourage the global marine exhaust gas scrubber system market growth.
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