As indicated by Acumen Research and consulting, the global marine emission control systems market size is evaluated to reach around USD 15 billion by 2026 and CAGR to develop around 15% over the estimate time frame. Maritime emissions control system is designed to capture and treat the exhaust emissions from ocean the exhaust emissions from ocean going vessels going vessels. Growing maritime pollution, advancements in emission control technology, increasing environment and health concerns, installation of marine scrubber systems and stringent government regulations have boosted the growth of the global marine emission control systems market. The North America market is likely to expand at noteworthy CAGR due to the stringency in emission control regulations and growing investments and innovations in order to manufacture sustainable system. Growth in the ship building activities is anticipated to boost the growth of the regional maritime emissions control system market.
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Commercial Applications Segment to Dominate the Market
On the basis of application, the marine emission control systems market is segmented into commercial, offshore, recreational, and navy. Commercial applications accumulated large market share and expected to grow at highest rate during the forecast period. This growth is attributed to the long international voyage, growing cross border operation and mergence of standards related to system inspection, construction and operation. In addition, growing environment and health concerns along with the stringent regulations is forecasted to positively influence the growth of the global market over the forecast period. Introduction of economic penalties in case of non obedience to the norms is expected to fuel the growth of the global marine emission control systems market. Reformation of the old vessels to build efficient systems along with the healthy infrastructure and growth in the ship building industry are some of the factors that boosting the growth of the global market. Growing advancements in the emission control technology is expected to boost the installation of marine emission control systems.
North America to Continue to Grow at Maximum Growth Rate during the Forecast Period
Geographically, the global marine emission control systems market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America is expected to be the topmost revenue generating region in the global Marine emission control systems market. North America is anticipated to grow at substantial growth rate during the forecast period owing to the increasing research and development activities coupled with the emergence of standards toward construction, system operation and inspection. Furthermore, increasing demand for navy and commercial vessels along with the strict IMO protocols implementation is anticipated to spur the growth of the overall regional market. Asia Pacific is also expected to witness a considerable growth during the forecast period owing to the growing R&D activities and initiatives taken by the government in developing economies. Additionally introduction of the technologically advanced systems and increasing marine expenditure are helping the growth of the Asia Pacific marine emission control systems market. Europe is also anticipated to grow at significant rate during the forecast period owing to the growing advancements in the marine emission systems and rapid adoption of the marine emission scrubbers due to its long term operational flexibility. Growing research and development activities and collaborations and product development are some of the factors responsible for the growth of the marine emission control systems market in developing regions.
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Johnson Matthey, DCL International, Niigata Power System, Agriemach and Wärtsilä are Likely to Continue to Lead the Global Marine emission control systems Market
The marine emission control systems market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes company overview, major business strategies and revenues. The key players of the market are Yara, Mitsubishi, Agriemach, Hyundai Heavy Industries, Niigata Power System, Hug Engineering CR Ocean Engineering, Clean Marine, Hamon Research-Cottrell, Johnson Matthey, Caterpillar, Hitachi Zosen, Alfa Laval, Wärtsilä, SAACKE GmbH, Tenneco, Damen Shipyards, Kwang sung, ECOUREA, Ecospray, PANASIA, Ecospec, Danish Technology, Langh Tech,ME Production, DEC Marine, VDL AEC Maritime, DCL International, DuPont, H+H Engineering, MAN Energy Solutions, Shanghai Bluesoul, Fuji Electric, and Valmet. Prominent market players are focusing on the strategic partnerships and acquisitions in order to expand their global presence and offer advanced services.
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