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Marine Selective Catalytic Reduction Systems Market Size By Application (Commercial {Containers, Tankers, Bulk Carriers, Roll On/Roll Off}, Offshore {AHTS, PSV, FSV, MPSV}, Recreational {Cruise Ships, Ferries, Yachts}, Navy) & Forecast, 2023 - 2032

  • Report ID: GMI2942
  • Published Date: Feb 2023
  • Report Format: PDF

Marine Selective Catalytic Reduction Systems Market Size

Marine Selective Catalytic Reduction Systems Market size exceeded USD 4.5 billion in 2022 and is projected to expand at more than 6% CAGR from 2023 to 2032, as a result of the implementation of stringent regulations for maritime emission reduction.
 

Marine Selective Catalytic Reduction Systems Market

Global efforts toward reducing the adverse impact of climate change are encouraging ports to accelerate zero-emission targets. Citing an instance, in November 2022, the Ports for People campaign for Pacific Environment launched the P4P RePORT Cards initiative to assess the progress of the ports toward zero-emission shipping. Such initiatives to mitigate emissions will bolster the demand for port equipment and fuel the need for advanced active emission control technology, including selective catalytic reduction (SCR) systems, to curb tailpipe emissions.
 

The high cost of installation and upfront investment may limit the use of selective catalytic reduction in ships. The retrofitting of marine SCR systems also requires the inactiveness of ships, thereby asserting an adverse impact on the shipping marine selective catalytic reduction systems market progress to some extent. Moreover, the introduction of favorable policies to increase the adoption of sustainable systems and the rising investment to advance shipping fleets is likely to create lucrative opportunities for industry growth.
 

Marine Selective Catalytic Reduction Systems Market Analysis

Offshore marine selective catalytic reduction systems market is anticipated to surpass over USD 4.5 billion by 2032, on account of the rapid expansion of sea route networks. For instance, researchers have identified that the safe navigation season for open-water vessels across the Arctic is gradually becoming longer than estimates from climate models. In addition, the emphasis on boosting the procurement of essential vessel supplies has also increased worldwide.
 

Marine Selective Catalytic Reduction Systems Market Size By Application

To cite an instance, in March 2022, a Singapore-based e-commerce solution, Shipskart, secured USD 2.7 million in a Series A funding round to bring essential vessel procurement, one of the maritime and offshore sector’s most analog process, to the online platform. These factors will foster the construction of marine engines and in turn, proliferate the deployment of selective catalytic reduction systems. Likewise, R&D initiatives to ensure robust and reliable operations of marine catalytic converters have also surged for offshore applications, further strengthening the industry outlook.
 

Marine selective catalytic reduction systems market size from the commercial applications is poised to register nearly 6% growth rate through 2032. This growth is credited to the mounting production of container vessels, bulk carriers, tankers, and other commercial vessels. The sea route has emerged as a preferred option for global transport networks. These factors, alongside the launch of favorable government incentive programs to upgrade marine transportation, will escalate the adoption of marine SCR systems to limit emissions from commercial vessel engines.
 

Authors: Ankit Gupta, Sristhi Agrawal

Frequently Asked Questions (FAQ) :

The market size of marine selective catalytic reduction systems crossed USD 4.5 billion in 2022 and is slated to depict over 6% gains through 2032, due to the implementation of stringent maritime emission-reduction regulations.

The offshore segment is expected to reach USD 4.5 billion by 2032, considering the rapid expansion of global sea route networks.

The North America market value poised to surpass over USD 1 billion by 2032, owing to the rising focus on the upgradation of traditional vessels and the implementation of stringent emission reduction norms.

Key players in the global marine selective catalytic reduction systems industry include Industrial & Marine Silencers Ltd., Environmental Energy Services Corporation, Mitsubishi Heavy Industries, Ltd., Caterpillar, Hitachi Zosen Corporation, and Wartsila, among others.

Marine Selective Catalytic Reduction Systems Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 22
  • Tables & Figures: 1016
  • Countries covered: 25
  • Pages: 580
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