The marine scrubber market size to grow by USD 12 billion from 2022 to 2027; The growth in global seaborne trade is notably driving the market growth- Technavio

NEW YORK, Nov. 21, 2023 /PRNewswire/ — The marine scrubber market size is expected to grow by USD 12 billion from 2022 to 2027. However, the growth momentum of the market will be progressing at a CAGR of 29.32% during the forecast period. The market is segmented by product (Hybrid, Open loop, and Others), application (Commercial, Navy, Recreational, and Offshore), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The growth in global seaborne trade is notably driving the market growth. Global shipping transport has grown over the past decades and has become a stable and important part of shipping. The growth of the global economy and the continued growth in trade between countries have influenced the overall demand for maritime transport and maritime transport services. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View PDF Sample 

Key Highlights:

The report recognizes the following as some of the key players in the marine scrubber market: Alfa Laval Corporate AB, Andritz AG, Bilfinger SE, Clean Marine AS, CR Ocean Engineering LLC, Damen Shipyards Group, DuPont de Nemours Inc., Ecospray Technologies Srl, Feen Marine, Fuji Electric Co. Ltd., Kwangsung Co. Ltd, Langh Ship Oy Ab, LiqTech International Inc., Mitsubishi Heavy Industries Ltd., Pacific Green Technologies Inc., PureteQ AS, SAACKE GmbH, Valmet Corp., VDL Groep BV, and Yara International ASA.Marine Scrubber Market is fragmented in nature.Market to observe 27.84% YOY growth in 2023.

Market Dynamics:

Trend-

Growing demand for end-to-end services is an emerging trend in the market. End-users who fund a lot in the installation of tools and need maintenance, because they do not have the required skills to do so themselves, choose players that offer complete solutions of products and services.Thus, many suppliers in the market have started to offer comprehensive solutions that increase customer satisfaction.

Challenge- 

The long payback period is a major challenge impeding market growth.The payback period is described as the time needed for an investment to cover its initial cost, either via payback or savings.Nowadays, owing to the lower price distinction between LSFO and HSFO, the payback period for the marine scrubber is increased. 

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

The market share growth by the hybrid segment will be significant during the forecast period. Hybrid marine scrubbers are a combination of both open-loop and closed-loop marine scrubbers, as well as operating in two modes according to water alkalinity. A hybrid marine scrubber will also be suitable for ships operating regularly in ECA and nonECA regions, resulting in significant cost savings for shipping companies.

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The Marine Power Systems Market is estimated to grow at a CAGR of 4.25% between 2022 and 2027, and the size of the market is forecasted to increase by USD 4,094.83 million.

The marine outboard engines market size is estimated to grow at a CAGR of 5.36% between 2022 and 2027. The size of the market is forecast to increase by USD 3.02 billion. 

ToC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by Application

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

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SOURCE Technavio