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ASEAN Marine Scrubber System Market to Rear Excessive Growth by 2026
Published Date: 2021-01-27
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According to the Graphical Research new growth forecast report titled “ASEAN Marine Scrubber System Market Size By Technology (Wet Technology, Dry Technology), By Fuel (MDO, MGO, Hybrid), By Application (Commercial, Offshore, Recreational, Navy), Industry Analysis Report, Country Outlook (Singapore, Indonesia, Vietnam)”, to Flourish during 2020-2026.
ASEAN Marine Scrubber System Market is estimated to grow on account of rising climate related imbalances followed by stringent regulatory norms related to ssulfur emission. In addition, eenvironmental sustainability led by implementation of IMO directives to limit Sox emissions will drive the business scenario. Growing emission of highly toxic gases and shifting interest of vessel owners toward advance technologies will further complement the industry landscape.
Marine Gas Oil (MGO) segment is foreseen to inferable from the capacity to produce relatively less amount of sulfur oxide (Sox) in the air. Further, expanding appropriation of fuel by marine organizations, fundamentally across Sox ECAs alongside independency from warming the oil during capacity is set to upgrade the business. In addition, growing applicability specifically across South east Asia as a spotless fuel alternative will enlarge the product adoption.
Rising concerns toward adverse effects of SOx and NOx emissions on environment sustainability, human health, and increasing R&D initiatives with increasing focus toward green shipping will fuel the ASEAN marine scrubber system market landscape. IMO MARPOL, in 2015, introduced a directive which limits the SOx release across ECAs to 0.10%. Moreover, in 2016 MEPC announced a universal fuel limit of 0.5% on hard fuel content which was introduced on 1st January 2020.
Singapore market is anticipated to witness substantial growth owing to rising consumer awareness toward marine scrubber systems and environmental sustainability. Expanding venture funding allocation and flourishing sea transportation routes combined with growing interest toward commercial vessels will boost the product demand. Implementation of stringent IMO directives focused toward environmental protection to comply with new ECA regulations will positively stimulate the business statistics.
The unanticipated outbreak of COVID-19 pandemic resulted in slowdown of industrial operations across the ASEAN region. The regional government are focused toward over-compensating recent impact of pandemic by fast tracking imports and exports as the opportunity arises, which will result in gradual industry growth. Moreover, rising urgency to overcome heightened logistics demand particularly from commercial sector will enhance the business outlook.
Eminent industry players operational across ASEAN marine scrubber system market are focused at forming strategic alliance comprising joint venture and M&A for sustaining their market share. Major manufacturers executing across the industry aiming for product varieties and development in the market include, Clean Marine, Valmet, DuPont, Wartsila, Yara International, Damen Shipyards, Mitsubishi, Fuji Electric and amongst others.