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Marine Emission Control System Market to cross USD 14 billion by 2024

Marine Emission Control System Market to cross USD 14 billion by 2024

Global Marine Emission Control System Market is set to grow from its current market value of more than $5 billion to over $14 billion by 2024; according to a new research report by Global Market Insights, Inc.

Stringency in the government mandates pertaining maritime pollution coupled with rising environment & health concerns will drive the marine emission control system market growth. The IMO has launched a directive with an aim to reduce nitrogen oxide emissions by diesel engine vessels, built or installed on and after 1st January 2016.

In addition, the IMO further declared global sulfur limit in 2016, reducing the sulfur content in fuel to 0.5%, that will go into effect from 1st January 2020.

Growing trade activities along with advancements in emission control technology will propel the product installation. Restructuring of the old vessels to build sustainable systems coupled with healthy orderbook & growing ship building industry will positively impact the business landscape. Imposition of monetary penalties in the instance of non-compliance to directives will further complement the marine emission control system market outlook.

Marine Emission Control System Market

China marine emission control system market is set to grow on account of increasing FDI flow coupled with cross-border mergers, acquisitions and tax inversions. The Chinese Ministry of Transport, on 3rd July 2018, published requirements with an aim to limit NOx emissions. The norms are applicable on engines imported and converted for domestic trade on & after 1st September 2018.

Installation of scrubber systems will witness an upsurge in demand owing to long term operational flexibility and less payback period. Hybrid scrubber system’ ability to treat high temperature and gas streams will positively impact the marine emission control system market share. In addition, increasing IMO directives to combat SOx emissions from marine industry along with R&D initiatives toward green shipping will complement the business outlook.

Recreational applications are anticipated to grow on account of rising disposable income and improvement in living standards. Ongoing investments in the development of tourism sector along with increasing demand for comfort and luxury will positively impact the marine emission control system market size.

Commercial applications will witness growth owing to stringent government mandates coupled with rising cross-border trade and long international voyage. Ongoing replacement and upgradation of old vessels with an aim to adopt sustainable systems is further projected to drive the marine emission control system market growth.

Europe Marine Emission Control Systems Market Size, By Application, 2017 & 2024 (USD Million)

The U.S. marine emission control system market will grow on account of ongoing R&D activities coupled with introduction of standards toward system operation, construction and inspection. Growing demand for commercial and navy vessels along with implementation of strict IMO protocols will foster the industry growth. MEPC strategy to limit the marine emissions and reduce the pollution by 50% by 2050 will further accelerate the product demand.

Some of the major marine emission control system market participants include Wärtsilä, Yara, Alfa Laval, DEC Maritime, Clean Marine, DuPont, Shanghai Bluesoul, Niigata Power System, Mitsubishi, Fuji Electric, Johnson Matthey, Kwangsung, Tenneco, Damen Shipyards, Ecospray Technologies and H+H Engineering.

Source:  https://www.gminsights.com/pressrelease/marine-emissions-control-system-market

 

Inland waterways to transit more shipments of export cargo and import cargo in international trade.

Inland Waterways Vessels Market to Hit $2.25 Billion by 2024

According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc., the Inland Waterways Vessels Market to grow at over 4.5 percent compound annual growth rate (CAGR) from 2017 to 2024.

Increasing trade activities via inland waterways is primarily driving the industry growth over the forecast timeframe. These vessels are highly preferred owing to their benefits including congestion free transportation, reliability, and cost effectiveness as compared to other modes, further escalating the revenue generation. Various governments across the globe are launching initiatives to modernize their marine ports, positively impacting the inland waterways vessels market till 2024.

Non-passenger vessels are likely to showcase dominance in the global inland waterways vessels market with more than 80 percent revenue share by 2024. High prominence of work boats such as general cargo ships and fishing vessels for carrying out specific tasks will primarily contribute to the revenue generation. Passenger ships will exhibit over three percent CAGR from 2017 to 2024 owing to rising government support across the globe for their enhancement. For instance, in October 2017, the Chinese government made an announcement for facilitation of cruise industry in the country.

Marine ports across the globe are witnessing increasing goods and passenger traffic, resulting in heavy investments. For instance, in March 2018, India’s port sector was rewarded $10 billion for the benefit of the industry participants for efficiently accomplishing their tasks including maintenance, operations, harboring, etc. This will instigate immense growth potential to the global inland waterways vessels market over the next eight years. However, restricted participation of private sector may hamper the industry growth.

Globally stringent requirements are witnessed which are associated with fixtures and fittings during the construction of vessels. For instance, investigation of Rhine ships (ROSR) and an EU Directive comprises several requirements to be adhered to. Moreover, an overall technical inspection of the ships is conducted for providing them with a certificate to transport commodities or passengers. These mandatory standards will enhance the quality of vessels, further improving the product sales, fostering the inland waterways vessels market growth over the coming years.

Global inland waterways vessels market from diesel oil will exhibit maximum volume share of over 90 percent till 2024 owing to strong prevalence of fuel in the industry. High usage of the fuel in majority of the vessels will augment to the revenue generation. LSFO will grow rapidly, witnessing more than 6.5 percent CAGR over the next eight years. The substantial growth is attributed to its rising deployment owing to increasing marine pollution and adverse environmental impacts. Moreover, this fuel fulfils the stringent regulatory standards, further contributing the industry growth.

Asia Pacific will capture highest revenue share in inland waterways vessels market, accounting for more than $1.75 trillion by 2024. Rising initiatives from countries including Japan, South Korea, and China for enhancement of marine transportation will essentially drive the industry growth. These countries have carried out extensive construction activities for bulk-carriers, new tankers, and liquefied natural gas (LNG) carriers over the past few years, further supporting the regional dominance. North America is likely to grow substantially, exhibiting more than 6 percent CAGR owing to regular modernizations in the terminals and continuous focus of industry participants to expand their fleet.

Sanmar, Rhenus Group, Sneed Shipbuilding, Bayliner, Viking, European Cruise Service, and CMA CGM Group are among the prominent global inland waterways vessels market participants. Other noticeable participants include Seacontractors, Windcat Work Boats, CIWTC, DFDS, and Norfolk Tug Company. Fleet expansion is among the key strategy implemented by the industry players to gain competitive edge. For instance, in March 2018, Viking planned to construct six vessels to be delivered within next few years.