-- China marine scrubber systems market is set to grow on account of flourishing shipbuilding industry along with increasing maritime trade. In addition, the ongoing investments and plans for reduction of marine pollution through defining new ECAs (Emission Control Areas) will positively influence the product penetration. The Ministry of Transport in China in 2015, established new ECAs in the nation comprising the Bohai Bay, Yangtze River Delta and Pearl River Delta.
World Marine Scrubber Systems Market is poised to cross USD 8 billion by 2024, as reported in the latest study by Global Market Insights, Inc. Increasing sulphur emissions from shipping industry along with growing concern toward its adverse effects on health and environment will foster the marine scrubber systems market size. In January 2016, the IMO introduced global sulphur limit of 0.5% on fuel content in seaborne traffic that will be applicable from January 1, 2020. Growing legislative pressure on shipping vendors to meet environmental norms along with rise in clean fuel cost will positively influence the product adoption.
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Regulatory compliance toward the 0.5% of sulphur cap coupled with high sulphur levels in marine diesel oil will positively impact the product demand. Moreover, rising awareness toward growing marine emissions coupled with the development of advanced hybrid scrubber systems will complement the industry landscape.
The U.S. market will surpass 300 units by 2024. Ongoing research and innovations to manufacture technology in compliance with the new environmental norms will stimulate the industry growth. In addition, rising demand for retrofitting of existing vessels on account of stringent regulatory framework will encourage the product penetration.
Upsurge in investments toward tourism industry on account of increasing disposable income, improvement in standard of living and demographic shifts will boost the demand for recreational marine scrubber systems market. According to World Travel & Tourism Council, in 2016 the marine tourism industry generated a revenue of USD 7.6 trillion contributing over 10.2% to the global GDP.
Rising investments across tourism sector on account of growing disposable income, demographic shifts and improvement in living standards will accelerate the recreational marine scrubber systems market. In 2016, as per statistics of World Travel and Tourism Council, maritime tourism sector contributed over 10.2% to global GDP with a revenue generation of USD 7.6 trillion.
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Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/marine-scrubber-systems-market
Release ID: 453945
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