Wednesday, July, 17, 2019 01:21:29

China Marine Selective Catalytic Reduction System Market to grow at 3% CAGR to 2024

China marine selective catalytic reduction system market is predicted to expand high growth by 2024. Increase in long international voyage coupled with rising inter-border trade, cross-border mergers, and tax inversions will encourage the product adoption. The China Ministry of Transport published new NOx control requirements on 3rd July 2018, that specifically imply to second hand imported & domestic diesel engine vessels.

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Subsequent policies developed and enforced by governments worldwide has boosted the marine selective catalytic reduction system market earnings, which is expected to show a continuous rise with the rising demand for commercial freight. Increased disposable incomes have not only thrusted the demand for international goods, but also developed a penchant for luxury and tourism services among the world’s population. As such, cruise shipping companies have ordered record number of ships to be built over the coming years and prominent cruise lines would have more than 50 new ships entering into service by 2027.

Growing fleet size of cruise lines, in conjunction with the imposed emission targets, will significantly propel the marine selective catalytic reduction system industry from commercial applications. Indeed, marine selective catalytic reduction system market from commercial applications is expected to depict a CAGR of 2% over 2018-2024.

Growing environmental concerns have gradually led to the expansion of marine selective catalytic reduction system 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 system market.

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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 system market.

Rapid urbanization across the world has augmented the demand for building materials and stimulated the production and export of cement. Signifying a major leap for the marine selective catalytic reduction system industry, the cement carrier NACC Alicudi became the first of its kind in 2017 to be equipped with IMO Tier 3 compliant diesel engine. Boasting of the world’s fist Scania Tier III diesel engines, developed jointly by Van Aalst from Netherlands and Scania from Sweden, the carrier has Scania SCR system to lower its emissions. NACC Alicudi has entered into a three-year contract on the east coast of Canada and U.S., which has been declared as NOx ECA for newly built vessels, since it is now compliant with IMO regulations.

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As more commercial shipping companies transition to engines with SCR systems for being IMO compliant and operate in ECA zones, the global marine selective catalytic reduction system market is anticipated to register gains of more than USD 5 billion by 2024.  Caterpillar, Wärtsilä, MAN Energy Solutions, Johnson Matthey, PANASIA, Danish Technology, Agriemach and Mitsubishi are some prominent names constituting the competitive hierarchy of marine selective catalytic reduction system industry.