New York, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Marine Scrubber Systems Global Market Report 2023" - https://www.reportlinker.com/p06486637/?utm_source=GNW
Ltd., KwangSung Co. Ltd., Andritz AG, Langh Tech Oy Ab, VDL AEC Maritime B.V., Hamon Research Cottrell Inc., GEA Group, and Belco Technologies Corporation (BTC).
The global marine scrubber systems market is expected to grow from $4.71 billion in 2022 to $5.43 billion in 2023 at a compound annual growth rate (CAGR) of 15.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The marine scrubber systems market is expected to reach $9.22 billion in 2027 at a CAGR of 14.2%.
The marine scrubber systems market consists of sales of open-loop scrubbers, closed-loop scrubbers, and hybrid scrubbers.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Marine scrubber systems refer to exhaust gas cleaning systems, or scrubbers, used in ships and other marine vessels to reduce air pollution emissions generated by the combustion of fuels such as heavy fuel oil. These systems are primarily designed to remove harmful pollutants, especially sulfur dioxide (SO2), from the exhaust gases before they are released into the atmosphere.
North America was the largest region in the marine scrubber systems market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in marine scrubber systems report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of marine scrubber systems are wet technology and dry technology.Wet technology is a type of technology used in marine scrubber systems that involve the use of a liquid, such as seawater or a chemical solution, to remove pollutants from the exhaust gases of marine vessels.
They are powered by various fuels such as marine diesel oil (MDO), marine gasoil (MGO), hybrid, and others that are used in commercial, offshore, recreational, navy, and others.
Increased demand for maritime vessels is expected to propel the growth of the marine scrubber systems market going forward.Maritime vessels refer to ships or watercraft designed for use in maritime or oceanic environments.
The increasing demand for maritime vessels fuels the need for scrubber systems that are used to reduce air pollution emissions, particularly sulfur dioxide (SO2), resulting from the combustion of fuels such as heavy fuel oil.For instance, in January 2021, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, the number of merchant fleet or vessel registrations increased from 94 thousand in 2017 to 103 thousand in January 2022.
In addition, developing economies accounted for the largest share, with 67.6% of merchant fleet or vessel registrations in 2022. Therefore, increased demand for maritime vessels is driving the growth of the marine scrubber systems market.
Product innovation is the key trend gaining popularity in the marine scrubber systems market.Companies operating in the marine scrubber systems market are focused on creating innovative products to sustain their position in the market.
For instance, in November 2021, Wärtsilä Oyj Abp, a Finland-based power generation and marine propulsion solutions developer launched a new lighter, smaller IQ Series scrubber.The IQ Series is the most recent advancement in maritime exhaust gas treatment technologies that cater specifically to container vessels, meeting the growing demand for scrubbers as a compliance option in the container market.
The IQ Series scrubber boasts a compact design, occupying 25% less space, weighing 30% less, and occupying 35% less volume. These enhancements optimize vessel profitability by minimizing the impact on cargo-carrying capacity while delivering the same high-quality exhaust gas cleaning results.
In August 2022, TORM, a Denmark-based shipping company specializing in manufacturing product tankers, acquired ME Production for an undisclosed amount.Through this acquisition, TORM will enable the corporation to supplement its decarbonization efforts by incorporating ME Production as an environmental development hub.
MEP would assist TORM in meeting its goals to reduce greenhouse gas emissions (GHG). ME Production is a Denmark-based manufacturer of marine exhaust gas scrubbers and offers customized SOx scrubber solutions for marine.
The countries covered in the marine scrubber systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The marine scrubber systems research report is one of a series of new reports that provides marine scrubber systems market statistics, including the marine scrubber systems industry’s global market size, regional shares, competitors with a marine scrubber systems market share, detailed marine scrubber systems market segments, market trends and opportunities, and any further data you may need to thrive in the marine scrubber systems industry. This marine scrubber systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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