Sellbyville, DE -- (SBWIRE) -- 06/06/2019 -- China marine emission control system market is set to grow on account of increasing FDI flow coupled with cross-border mergers, acquisitions and tax inversions. The Chinese Ministry of Transport, on 3rd July 2018, published requirements with an aim to limit NOx emissions. The norms are applicable on engines imported and converted for domestic trade on & after 1st September 2018.

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The U.S. market is anticipated to witness growth on account of strict emission control directives along with ongoing investments and technical advancements to manufacture green systems. Implementation of government protocols coupled with rising shipbuilding activities owing to growing demand for battle forces & commercial vessels will boost the marine emission control system market growth. Further, in 2018, MEPC strategized to reduce the marine pollution and limit the emission levels by 50% by 2050.

Rising health and environment concern along with stringent government mandates inside and outside ECAs will complement the product installation. Growing shipbuilding industry, healthy orderbook and restructuring of old engines with an aim to adopt sustainable solutions are some of the major factors projected to propel the product penetration. Further, imposition of monetary penalties by PSAs in the instance of noncompliance to the mandates will drive the marine emission control system market growth.

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Marine Emission Control System Market is predicted to surpass USD 5 Billion by 2024. Stringent government norms coupled with rising emission levels from maritime industry will positively impact the industry landscape. The International Maritime Organization has amended a regulation to limit nitrogen oxide emissions by diesel vessels, built/installed on and after 1st January 2016. It has further revised the global sulfur limit in the fuel to 0.5%, applicable from 1st January 2020. In addition, on 1st July 2010, stringent norms under MARPOL 73/78 were introduced that has led to a rise in the deployment of ESPs.

Commercial applications will witness growth owing to stringent government mandates coupled with rising cross-border trade and long international voyage. Ongoing replacement and upgradation of old vessels with an aim to adopt sustainable systems is further projected to drive the marine emission control system market growth.

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