Marine Scrubber Systems Market – Notable Highlights
- Frontline, a leading oil tanker fleet operator, confirmed signing of a MoA (memorandum of agreement) in 2018. This MoA was signed for acquiring nearly 20% of stake in a Singapore-based OEM, Feen Marine Scrubbers. This MoA was aimed at enhancing the production capacities of both the companies via combined expertise.
- Mitsubishi Hitachi Power Systems and Mitsubishi Heavy Industries, in 2017, made an official announcement of their joint effort in developing a rectangular marine scrubber of larger dimensions that separates sulfur oxide from the gases discharged by marine diesel engines
The marine scrubber systems market remains a highly competitive landscape, with international players holding a significant pie of the global market share. The top 5 manufacturing companies in the marine scrubber systems market collectively account for nearly 50-60% of the revenue share, driven by robust product portfolios and operational effectiveness. Over the past few years, the marine scrubber systems market has witnessed continual and significant developments by the leading players, which were specifically aimed at amplifying their market sustenance.
Marine Scrubber Systems Market- Demand for Wet Technology Proliferates, Favourable Usage Characteristics Remain the Key Attraction
Wet technology remains the highly favored technology in the Marine Scrubber Systems market space over the forecast period. The buoyancy of wet marine scrubber systems can be accredited to their high-scale efficiency and provision of using available seawater during maritime journey, which helps in curbing noxious emissions and removing SOx. These characteristics, in turn, foster the popularity of wet technology as a viable proposition for use. Moreover, wet technology is a low cost and an effective technology, which is a key factor enhancing its visibility over other technologies.
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Marine Scrubber Systems Market- Demand for Marine Scrubber Systems for Retrofit Applications to Surge
The marine scrubber systems is foreseen to demand from both greenfield (installing marine scrubber systems on new ships) and brownfield (installing marine scrubber systems on pre-existing ships lacking efficient exhaust cleaning systems). However, the demand for marine scrubber systems in retrofit applications is likely to witness exponential growth, owing to federal interventions and amendments. For instance, the IMO Fuel Sulphur Regulation, which is impeding and is scheduled for January 2020, will ask the existing marine vessels to switch to either low sulphur-concentrated fuels or employ marine scrubber systems for cleaning the exhaust frameworks of SOx.
A substantial cohort of the ship owners have already favored the idea of marine vessels having marine scrubber systems in a bid to comply with the regulations post 2020 deadline. Strong initiatives like the aforementioned are likely to put marine vessels under the pressure to opt for effective exhaust cleansing systems, such as marine scrubber systems.
Marine Scrubber Systems Market- APEJ & Western Europe to Spearhead Demand for Marine Scrubber Systems
APEJ continues to be highly lucrative with prime opportunities for manufacturers of marine scrubber systems, with Western Europe & North America following the suit. Key ASEAN countries such as South Korea, China, India, and others are foreseen to stay the forefront of demand for effective marine scrubber systems, notably from renowned merchants as well as commercial fleets across APEJ region.
Western Europe demonstrates wide-spread presence of leading commercial shipping lines, primarily across the Nordic nations, Greece & other parts, making it a remunerative region for manufacturing companies in the marine scrubber systems market to take into account. APEJ and Western Europe, collectively, are estimated to create an absolute $ opportunity exceeding US$ 6.4 Bn over the forecast timeline.
Marine Scrubber Systems Market- Additional Questions Answered
- How has growth of marine scrubber systems market taken off over the past few years?
- Which product type in the marine scrubber systems market continues to outperform other types over the forecast timespan?
- What are the few significant macroeconomic factors having profound influences on growth of marine scrubber systems market?
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Fact.MR recently released a report titled “Marine Scrubber Systems Market: Forecast, Trend Analysis & Competition Tracking – Global Market Insights 2018-2028” which includes key insights into the marine scrubber systems market. The report on marine scrubber systems market includes a thorough analysis of the key factors that influence the growth of the market. Additionally, an extensive assessment of all the micro and macroeconomic facets such as drivers, threats, restraints, threats, and challenges have been included in the report. A thorough opportunity analysis has also been included in the report. In addition to a historical analysis of the marine scrubber systems market, the report also includes an authentic and accurate forecast.
Marine Scrubber Systems Market – Executive Summary
The report on marine scrubber systems market commences with an executive summary which provides brief yet affluent information of the market highlighting all the key facts and figures. In addition to this information, the section also provides an overview of the marine scrubber systems market and includes exclusive recommendations from Fact.MR analysts that can help companies adjust their strategies to gain maximum profitability from the market.
Marine Scrubber Systems Market – Introduction, Background, Analysis, and Forecast
The report on marine scrubber systems market provides a concrete definition of the market along with a comprehensive market taxonomy. The report segments the marine scrubber systems market on the basis of technology, application, vessel type, fuel type, and region. Based on technology, the marine scrubber systems market has been segmented into open loop system, closed loop system, and hybrid systems. On the basis of application, the marine scrubber systems market has been segmented into new-build, and retrofit. On the basis of vessel type, the marine scrubber systems market has been segmented into commercial vessels and offshore vessels. Based on the fuel type, the marine scrubber systems market has been segmented into marine gas oil (MGO), marine diesel oil (MDO), residual fuel oil (RFO), and intermediate fuel oil (IFO). A market attractiveness analysis for each of the identified segments has been provided in the report.
The report on the marine scrubber systems market provides a historical analysis of the world as well as particular regions. In addition to this, an authentic forecast of the marine scrubber systems market has also been provided in the report. Both the forecast and analysis evaluate the market performance on the basis of value, as well as volume. The report also identifies key drivers and restraints that impact the marine scrubber systems market growth on the basis of region. Also, the report on marine scrubber systems includes a list of key findings for each of the segments propounded in the report.
Marine Scrubber Systems Market – Competitive Landscape Assessment
A competitive landscape assessment is provided towards the end of the report. The report on marine scrubber systems market identifies the leading players operating in the market. A detailed profile of each of the key market players identified has been provided under this section which sheds light on the company’s strengths, weaknesses, product portfolio, notable business developments, market presence, global footing, and revenue share. The information provided under this section helps new and upcoming players in gauging the level of competitiveness prevalent in the market along with the entry barriers to the market. Business professionals and stakeholders can use the information provided in this section to streamline their strategies in order to gain maximum profitability by tapping into the extensive consumer base of the leading market players.
Marine Scrubber Systems Market – Research Methodology
The robust and exhaustive research methodology employed during the compilation of the report has been thoroughly explained in the report. A two-step research process was used to unravel all the insights presented in the report. The two research phases used for the compilation of the report were primary and secondary. Interviewing seasoned industry experts and comprehensive company case studies formed the basis of the primary research while a comprehensive study of paid sources, trade journals, company press releases, and other industry-related publications provided the information required for conducting secondary research.
Results from both the steps of research were triangulated to filter out any erroneous information that may have passed through to create an authentic and accurate forecast of the marine scrubber systems market.
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Marine Scrubber Systems Market Forecast, Trend Analysis & Competition Tracking - Global Review 2018 - 2028