The global scrubber system market is estimated at USD 1.02 billion in 2018 and is projected to grow at a CAGR of 12.82% to reach USD 1.86 billion by 2023
NEW YORK, June 4, 2018 /PRNewswire/ -- The scrubber system market is projected to grow at a CAGR of 12.82%, from 2018 to 2023
Read the full report: https://www.reportlinker.com/p05404398
The global scrubber system market is estimated at USD 1.02 billion in 2018 and is projected to grow at a CAGR of 12.82% to reach USD 1.86 billion by 2023. The global market is likely to grow significantly due to growing stringent environmental regulations to reduce atmospheric emissions. Although restraints like stringent legislations against disposal of contaminated effluents from scrubber systems are being observed, International Maritime Organization's (IMO) 2020 global sulfur cap is expected to create better opportunities for the scrubber system market. Contamination from heavy metals found in scrubber washwater is expected to be a major challenge for the growth in the scrubber system market.
The wet scrubber system segment is expected to have the highest growth during the forecast period
With regards to the type segment, the wet scrubber system segment is expected to constitute the largest and fastest growing market.Wet scrubbers are quite sturdy and can tolerate a wide range of temperatures, making them ideal for operation in almost any environment.
These types of scrubbers can remove both gases and particulate matter in a single system. The soaring demand for such efficient scrubbers from the shipping industry to abide by new exhaust gas emission regulations is the factor driving the wet scrubber market.
Europe: The fastest growing market for scrubber system
Europe is expected to be the fastest growing market for scrubber systems from 2018 to 2023. The IMO has set a global sulfur limit of 0.50% for fuel oil used aboard on ships from January 2020. Considering that presently, the English Channel, the North Sea, and the Baltic Sea collectively come under the SECA regulations, all the shipping companies which operate in these waters are expected to take serious actions for the abatement of sulfur oxide emissions generated by their ships. Meanwhile, as a part of its 2020 climate and energy targets, the European region has been successfully moving ahead to achieve a 20% reduction in greenhouse gas emissions as compared with the 1990 levels. All these factors are expected to boost the scrubber system market in the European region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 60%, Tier 2- 27%, Tier 3- 13%
• By Designation: C–Level- 35%, Director Level- 25%, Others- 40%
• By Region: Europe-60%, Asia Pacific-30%, North America-8%, Middle East & Africa-2%
Notes: Others include engineers, project managers, product managers, marketing managers, and sales managers.
The tier for the company has been defined on the basis of its total revenue as of 2016: Tier I: >USD 5 billion, Tier II: from USD 1 billion to USD 5 billion, and Tier III:
Some of the prominent players in the scrubber system market include DuPont (US), Alfa Laval (Sweden), Yara Marine (Norway), Wärtsilä (Finland), and B&W (US).
Research Coverage:
The report defines, describes, and forecasts the global scrubber system market by type, end-user, and region.It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, challenges, winning imperatives, and key issues. It also covers various important aspects of the market.
Why buy this report?
1. The report identifies and addresses key markets for scrubber system, which would help suppliers review the growth in the demand for the product
2. The report helps components providers understand the pulse of the market, and provide insights into drivers, restraints, and challenges
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions
Read the full report: https://www.reportlinker.com/p05404398
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
Share this article