04 October 2024
Scrubber market size to reach $16.4 Billion by 2030
The Global Marine Scrubber Market Size accounted for USD 3,558 Million in 2021 and is estimated to achieve a market size of USD 16,382 Million by 2030; growing at a CAGR of 18.8% from 2022 to 2030.
Concept
Marine scrubbers are critical systems for removing hazardous components from exhaust fumes. Marine scrubbers, also known as exhaust gas cleaning systems (EGCS) or SOx scrubbers. They are primarily concerned with lowering sulfur emissions into the environment.
The introduction of stringent environmental laws in the maritime industry to reduce sulphur oxide emissions is driving the global marine scrubber market revenue. The International Maritime Organization (IMO) and European Commission are the two major regulatory bodies. Both are focusing on reducing sulphur emissions from the marine industry.
The installation of a marine scrubber or EGCS almost certainly lowers the sulphur level from 3.5% to 0.5%. Hence, the discharge of sulphur oxides (SOx) and nitrogen oxides (NOx) from exhaust gases produced by the combustion process in maritime equipment is rapidly expanding the marine scrubber market growth.
Additionally, increasing environmental concerns are expected to boost the market further throughout the predicted period of 2022 to 2030. This is according to the subject marine scrubber industry analysis.
Marine Scrubber Market Insights
The increased environmental concern is one of the primary factors driving the need for marine scrubbers. Maritime transportation has a direct impact on air quality in many coastal communities worldwide. Ship exhaust gases contribute significantly to air pollution, particularly sulphur oxide emissions from fuel oil combustion. Sulphur oxide emissions can be reduced to prevent acid rain and ocean acidification.
Ships have typically used fuel oils with a sulphur concentration of up to 3.50% for propulsion. This level of sulphur oxide emission is damaging people’s health and the environment. Hence the demand for marine scrubbers is skyrocketing across the maritime sector.
Growing health concerns among those exposed to sulphur oxide or nitrogen oxide are also prompting maritime players to quickly integrate marine scrubbers into their existing systems. Sulfur oxides are toxic to the human respiratory system and make breathing difficult, leading to pulmonary and cardiovascular illness. In addition, the rising application of hybrid marine scrubber technologies due to their advantages is one of the important trends in the marine scrubber market.
However, the high installation and maintenance cost of marine scrubbers would restrict the market from growing. Furthermore, the growing strict regulatory guidelines to reduce sulphur oxide emissions will expectedly generate numerous growth opportunities for the market in the coming years.
Regional Contributions
According to our geographical analysis of the marine scrubber business, Europe occupied a substantial market share in 2021 and will continue to do so in the future. The region’s rapid expansion relates to the presence of tight EU laws as well as the presence of some of the world’s major commercial shipping line owners in the region. Through the Sulphur Directive, the EU has taken significant action to limit the sulphur content of marine fuels since 2012.
In terms of growth, the Asia-Pacific area will expectedly experience the fastest growth between 2022 and 2030. The growing industrialization in this region accounts for the shifting propensity of end consumers toward commercial applications. Aside from that, increasing shipbuilding activities will continue to incorporate product deployment. Primarily in China, Japan, and South Korea, as well as the introduction of regional pollution reduction programmes.
Source: Acumen
See Also
Greek dry bulk shipping firm Star Bulk Carriers has earned back its $250 million exhaust gas cleaning scrubber investment, within a span of 2.5 years.