TMR Research has recently come up with a new research report that provides a detailed information about the overall working dynamics of the global marine selective catalytic reduction systems market. The research report tries to shed light on the key segments of the global market, the competitive landscape, and the general geographical outlook of the marine selective catalytic reduction systems market for the given course of the forecast period ranging from 2019 to 2029.
Increase in nitrogen level of emissions of from the shipping industry and rising concerns over the adverse impacts of such emissions on environment and human body is the key factor driving growth of the global marine selective catalytic reduction system market.
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Nitrogen Oxides (NOx) impact the environment and human being in following ways-
- High concentration of NOx can have impact the vegetation negatively. It will result in leaf damage and retarded growth of plants.
- NOx, primarily, impacts respiratory system in human being. This, further, results in inflammation of the airways.
To mitigate the emission rate of NOx, government bodies are enforcing stringent regulations in various parts of the world. This, in turn, is anticipated to boost the adoption rate of the product. Moreover, ship manufacturers are impelled to comply with the norms or else there is hefty monetary penalties being imposed for breaking rules.
These factors are anticipated to escalate the growth of global marine selective catalytic reduction systems market during the forecast period.
High Installment Cost May Limit Market Growth
Moreover, increment in long global voyage coupled with growing overseas exchanges, expense reversals, and cross-fringe mergers are projected to boosting growth of the global marine selective catalytic reduction market. In recent years, China Ministry of Transport distributed new NOx control conditions. These conditions are specifically formulated for household diesel and second-hand imported motor vessels.
On the other hand, inclination towards clean fuel and high initial installment cost is likely to pose threat to expansion of the marine selective catalytic reduction systems market across several regions in the world.
Asia Pacific Emerges as Prominent Regional Segment
According to the research report, the global marine selective catalytic reduction systems market is segmented into six main geographical regions. These regions are North America, Latin America, Middle East and Africa, Europe, and South Asia & Oceania, and East Asia. Among these, the global market for marine selective catalytic reduction systems is being dominated by the regional segment of North America. To be precise, the U.S. marine selective catalytic reduction systems market is estimated to witness significant growth rate owing to high clean fuel cost incorporating LNG coupled with consistent technological innovations in order to fabricate feasible units.
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Meanwhile, increasing disposable incomes and changing lifestyle are triggering growth in tourism industry. This, in turn, is anticipated to boost Asia Pacific marine selective catalytic reduction systems market. In addition, growing shipbuilding activity in Japan, South Korea, and China is anticipated to escalate the local business development.
Moreover, on-going planning to mitigate contamination by marine industry by building new ECA zones would aid to item appropriation.
Europe selective catalytic reduction systems market is witnessing steady growth rate on back of enhanced legislative pressure to limit NOx emissions in the region.
Some of the key companies operating in the global marine selective catalytic reduction systems market are Wärtsil, Hitachi Zosen, Agriemach, Hyundai, Hug Engineering, Mitsubishi, and PANASIA.