The marine scrubber systems market is poised to accrue considerable revenue gains on the back of burgeoning seaborne trades as the ship building industry continues to expand. Ongoing retrofitting practices across traditional vessels in order to adhere to the latest industry norms might propel product deployment over the forthcoming years.
Increasing implementation of stringent emission reduction norms along with rising number of federal incentives to promote sustainable development of ships might enhance business outlook. Citing an instance, IMO on January 2020 released a landmark initiative which was dubbed IMO 2020, under which the shipping industry is compelled to eliminate sulfur emissions and build upon numerous government measures to curb air pollution.
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Technological innovations coupled with ongoing investments centered around R&D activities could play a crucial role in broadening the industry horizon for scrubber system developers. In addition to this, factors like growing popularity of recreational activities that include cruise vacations and long voyages along with rising per capita income might further enhance product demand.
According to a study published by Global Market Insights, the marine scrubber systems market could register an annual installation of more than 3 thousand units by the year 2026.
This growth can be contributed to some of the ongoing trends mentioned below:
Immense commercial applications -
Rampant advancements in the shipping industry supported by booming trade growth could favor commercial marine scrubber systems market outlook. Estimates suggest that the commercial segment might exceed USD 2 billion within the predicted timeframe. Growing inclination towards retrofitting old and traditional ships anchored across multiple shipping yards around the world could positively impact the business outlook for commercial players.
Additional factors like ongoing demographic changes, improving living standards, shifting public focus toward deployment of sustainable units and rising disposable income might boost trade activities, consequently fueling the adoption of commercial scrubber systems.
Promising opportunities across North America -
Rising number of developmental activities to setup progressive shipping lines along with mounting government funding to build state-of-the-art navy security could accelerate the demand for marine scrubber systems across North America. The U.S. government has shifted its focus on upgrading and investing in its existing naval fleet and shipyard repair & maintenance.
Strategic developments among companies-
Established industry players including Wärtsilä, Mitsubishi Heavy Industries, Damen Shipyards Yara and Alfa Laval are looking to form strategic alliances with other companies as well as industry participants to enhance their production capabilities and geographical reach. Manufacturers are also planning to conduct backward integration by engineering the critical components with the sole objective of upholding international quality standards while guaranteeing economic viability.
Taking May 2020 for instance, Valmet inked a contract to deliver hybrid scrubber systems to Mitsubishi Shipbuilding Co., Ltd. Shimonoseki Shipyard. According to the agreement, Valmet will supply water treatment units and hybrid scrubber systems to two ferries.
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