Scrubber-based marine emission control system market to register increased traction over 2018-2024, China to emerge as a prominent regional contender
Rising emissions from marine engines & growing environment concerns owing to degrading air quality will drive marine emission control system market growth in the years to come. Reportedly, oceanic vessels contribute to a majority of the pollution in the coastal environment – around 8%-12% of the global NOx emissions and around 40% of global NOx emissions from transport of freight mean. Having taken into consideration these alarming statistics, in 2008, the International Maritime Organization (IMO) launched a directive for controlling emissions from diesel engine vessels, built or installed on and after 1st January 2016. The directive also specifies a global sulfur limit for reducing the sulfur content in fuel to 0.5%, that will go into effect from 1st January 2020. The presence of a strict regulatory landscape will thus prove to be one of the preeminent driving factors of marine emissions control system market.
Europe Marine Emission Control Systems Market Size, By Application, 2017 & 2024 (USD Million)
The growing number of trade activities along with advancements in emission control technology will also serve to boost the demand for marine emission control systems. Globally, around 85% of goods are transported using maritime routes. In almost 70% of the cases shipping is carried out within 400 km from the coastline, influencing the air quality within several hundred kilometers from the coast. The most widely adopted propulsion systems used by these ships are two or four strokes diesel engines, which apparently consume large amount of heavy fuels.
Estimates from the U.S. Energy Information Administration, 2011, cite that the merchant navigation sector alone accounted for about 1.75% of the total energy demand and about 5% of the global crude oil consumption back then. Also, ships were recorded to manufacture around 15% of the global NOx (the world’s buses, cars, and trucks combined), 2.5% – 4% of greenhouse gases, and between 3% – 7% of global SOx output and 5% of black carbon emission. Quite overly, these figures reveal the overall impact of the maritime segment on global atmospheric pollution, which has led to a spike in the demand for marine emissions control systems.
Get a Sample Copy of this Report:@ https://www.gminsights.com/request-sample/detail/2542
Reportedly, in a bid to reduce the environmental footprint of ships, the IMO has also tightened the regulations on NOx and SOx emissions from marine engines. As measures to reduce NOx emissions, emission control systems like exhaust gas recirculation (EGR) and selective catalytic reduction (SCR) have been adopted. For reducing SOx emissions however, scrubbers have been intensively deployed to lessen the sulfur content of fuel oil.
Scrubber marine emission control systems market to thrive over 2018-2024
Scrubber units are typically used for high dust configurations and are more efficient when coupled with fuel switching. By mounting an exhaust gas cleaning system like a SOx scrubber, ship-owners can efficiently operate on low-priced, heavy fuel oil and still be compliant with IMO’s SOx emission regulations. Sources suggest that, from 2020, the demand for exhaust gas cleaning systems, like SOx scrubber, will increase as to compliment stringent SOx regulations that exhibit a global 0.5% limit on SOx and 0.1% limit on ECA emission.
The ability of hybrid scrubber systems in particular, to treat high temperature and gas streams along with increasing R&D initiatives toward green shipping will also positively impact the scrubber-based marine emission control system market share.
Speaking of the geographical penetration, marine emission control system market has been touted to amass substantial returns from China. This is prominently on account of the newly imposed regulations favoring the installation of these products. Reportedly, to improve the quality of domestic shipping and endorse environment friendly development of marine transport within China, the Chinese Ministry of Transport, on 3 July 2018, published new requirements for controlling nitrogen oxides (NOx) emission. The standards will be applicable to both newbuild vessels (after July 2020) and ships in operation (after July 2021) and will further be imposed on ships particularly involved in Chinese domestic trade.
Powered by moves such as the aforementioned and the rising number of cross-border tax inversions and M&As, the demand for these systems has been considerably rising in this APAC economy, thereby augmenting China marine emission control systems industry.
A plethora of marine emission control systems including SCR, EGR and scrubber are sulfur, nitrogen & particulate matter abatement technologies, are lately being deployed across engines & boilers to restrain emissions. The implementation of scrubber systems specifically, will observe an upsurge in demand owing to reduced payback period and long-term operational flexibility. The growing demand for sustainable systems along with stringent government initiatives will thus positively impact marine emission control systems market size, slated to cross USD 14 billion by 2024.
Author Name : Mateen Dalal
Marine selective catalytic reduction systems market to be characterized by a stringent regulatory landscape, China to exhibit fair investment opportunities for potential shareholders
The global marine selective catalytic reduction systems market, in the recent years, has been witnessing strong investment trends by the major stakeholders, given the stringent environmental regulations in protecting human and aquatic life. Large amount of emissions pertaining to marine polluting substances and amendment of strict regulations regarding the same have in fact raised the bar for marine selective catalytic reduction systems industry players to bring in more advanced diesel engine designs that are capable of minimizing marine pollution. These SCR systems, designed to curtail nitrogen emissions, are thus gaining traction in the recent years and have significantly taken the marine industry by storm.
Europe Marine Selective Catalytic Reduction Systems Market Size, By Application, 2017 & 2024 (USD Million)
Introduction of IMO Tier III legislation to act as a major catalyst for rapid marine SCR systems market growth
An important factor which stood as a major growth promoter for the overall marine SCR systems industry is the enforcement of The Tier III NOx emissions regulations (IMO3) of the International Maritime Organization that came into power in 2016. According to reports, the recent IMO3 legislation has been forcing the engine manufactures to achieve a NOx reduction of more than 70% from Tier II for all the ships sailing in the NECA (NOx Emission Control Areas). The selective catalytic reduction technology in this regard has been gaining immense momentum as it was being able to operate as the standalone technology that reduced as much as 80% of NoX. The SCR system’s compliance with the IMO3 has thus elevated the business landscape of global marine selective catalytic reduction systems market, and is further expected to proliferate across the coastal waters of U.S., Canada, and China – where the legislations are enacted more severely.
China to emerge as a lucrative investment hub
The Chinese Ministry of Transport, recently in July 2018, has published new requirements with a target to limit NOx emission for the second-hand imported & Chinese-flagged diesel engine vessels. According to the regulations these engines are required to comply with the IMO3 norms and will be applicable to vessels that are converted or imported for domestic trade after September 1 2018. These new NOx emission control requirements have paved the way for robust commercialization of SCR systems in China. Moreover, the rapid growth in the long-distance and international voyage and the rising inter-border trade activities has further fortified the regional product demand. In response to these mandatory protocols, China marine selective catalytic reduction systems market size is anticipated to register a CAGR of 3% over 2018-2024.
Get a Sample Copy of this Report:@ https://www.gminsights.com/request-sample/detail/2942
Further considering the geographical expanse, it is imperative to mention that, thriving on the cusp of fierce stringency in regulatory framework, the U.S. marine SCR systems industry is also expected to be one of the lucrative regions for business expansion. In addition, ongoing technological advancements in the commercial & recreational marine vessels and the presence of core industry manufactures in the country are foreseen to further complement the regional growth in the ensuing years.
Further speaking on the competitive scenario, it wouldn’t be wrong to say that the sustainability and go-green trends are also vividly characterizing the marine industry vertical and impelling the prominent companies to adopt necessary market growth strategies for business proliferation. An apt instance standing as a substantiation to the aforesaid is that of Cummins Inc., that has recently introduced its new IMO3 certified QSK60 engine package that offers cleaner emissions. If reports are to be believed, the company has added selective catalytic reduction systems to meet the new emissions standards without impacting the fuel economy. Endorsed with similar product innovation and business expansion trends, several other industry players including Wärtsilä, Tenneco, DEC Marine, Mitsubishi, Hyundai, and ME Production are also seen ramping up their positions in the global marine selective catalytic reduction systems market.
All in all, it would be apt to quote that stringent regulatory protocols and highly innovative product development with technological advancements are to remain the two prominent drivers majorly shaping the business trends in the years ahead. In terms of remuneration, the global marine selective catalytic reduction systems market size is forecast to exceed a valuation of over USD 5 billion with annual installations surpassing 3,000 units by 2024.
Author Name : Ojaswita Kutepatil
What are some of the essential driving forces for TIC services market outlook?
Growing emphasis on consumer satisfaction and safety has proliferated testing, inspection, and certification (TIC) services market size as governments worldwide have implemented stringent quality regulations on almost every industry vertical. Whether it is construction, automobile, energy, healthcare or other segments, continuous advancement in products and components have necessitated upgraded testing and certification requirements.
What are the factors that will drive TIC services market trends over the forecast period?
Improvements in management, product quality, manufacturing processes, supply chains and service value have become imperative for the growth of any business, imposing the need for TIC services, which would eventually augment the industry outlook. Existence of recognized certifications such as ISO:9001 or ISO/TS 16949 make it easier for customers to search for companies that provide excellent product quality, better customer service and new, innovative solutions.
The global TIC services market share is anticipated to exceed USD 260 billion by 2025, driven by the obligation of companies towards meeting specific product requirements and to comply with international quality standards.
How will transportation application segment help propel the TIC services industry share?
Besides helping to control the quality, effective testing and inspection processes aid in minimizing rejections, reduce manufacturing costs and identify reasons for a defective output. The transportation segment, in general, constitutes a major part of the global manufacturing industry where thousands of components or auto parts go through daily quality checks.
Get a Sample Copy of this Report:@ https://www.gminsights.com/request-sample/detail/2318
As governments and international agencies are constantly raising the weight, material and other standards of automobile components to enhance the safety and efficiency of vehicles, the TIC services industry is subsequently gaining massive popularity. OEMs as well as small auto component vendors are striving to achieve high level of quality and get certified, to get documented and provide validity to their proficiencies and expertise.
Frequent inspection and evaluation of manufacturing processes by in-house or third party services to maintain a grip on the quality level will continually boost the TIC services market.
Will the life sciences segment help drive TIC services market outlook?
The TIC services market is rapidly witnessing demand from the healthcare and life sciences segment, with test and inspection reports of pharmaceutical equipment being critical in assessing whether the international standards are met. TIC companies are trying their best to evolve with technological developments and remain up-to-date with new regulations pertaining to safety and quality.
Products, apparatus and supply chains are subject to quality testing activities regularly, as pharmaceutical companies are responsible for providing vital therapeutic solutions. Even other parties involved in the supply chain must go through intense inspection by assigned representatives to be eligible to acquire critical certifications.
Author Name : Pankaj Singh
China Marine diesel engines market to witness massive growth over 2016-2024, significant increase in sea borne trade across the globe to influence the industry dynamics
The world is witnessing a proliferation in seaborne trade, which is likely to stimulate marine diesel engines market over the years ahead. The cost of the fuel is a major factor that is influencing the trade profitability. Recent fluctuations in the fuel price which is currently on a higher end, is turning out to be favorable for the industry players. According to a report by UNCTAD (United Nations Conference on Trade and Development) in 2015, sea borne trade expanded over 4% from 2012 to 2014, subject to the significant increase in dry bulk trade. Alongside, easy availability of spare parts, trained repairing personal, and repair networks have also catalyzed the adoption of these diesel engines. As per a report by Global Market Insights, Inc., “Marine Diesel Engines Market is slated to exceed a revenue of USD 7 billion by the end of 2024, with a CAGR projection of 5% over 2016-2024.”
Europe Marine Diesel Engines Market Size, By Application, 2016 & 2024 ($Mn)
Increasing demand for economically viable engines that are best fit to fulfill reliability, durability, and fuel optimization is further complementing marine diesel engines market penetration. Over the past few years, the shipping industry has been largely emphasizing on developing advanced engines that improve the fuel efficiency and reduce carbon dioxide emission. Marine diesel engines operate at an average efficiency of 40% to 50% depending upon the age of the engine, deadweight tonnage, and vessel size. Phasing out of traditional steam engines from various utility sectors is further providing a significant push to marine diesel engines market.
Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/158
Regionally, China has established strong grounds enhancing the market dynamics. The country, counted as one of the most developing nations across the world, is significantly increasing its investment in strengthening the naval force. In 2014, Chinese Government had issued a financial stimulus package that facilitated the money stock. The escalating growth of the regional market can be majorly credited to the rigorous number of business activities that have significantly uplifted the marine diesel engines market outlook. In 2015, for instance, MAN Diesel & Turbo had signed a 10-year agreement with CISC and CSSC to manufacture low speed diesel engines in China. Statistics depict that China accounted for one-fourth of the APAC marine diesel engines market in 2016. Such examples of promising initiatives by the government along with growing import of marine diesel engines in the country which almost accounted for USD 1.05 billion in 2015, is projecting a lucrative growth prospect for China marine diesel engines market in the years ahead. Germany, on the other hand, represented 20% of the Europe market in 2016. With increasing government spending on military and specialized ships, Germany is aiming to amplify its revenue share toward the regional marine diesel engines market in the coming years.
Considering the technical designing, the overall marine diesel engines industry is predominantly segmented into low speed, medium speed, and high-speed systems. High speed systems accounted for more than 20% of the global share in 2016. With the significant improvement in the living standards of the consumers, the demand for cruise and ferries is accelerating, which in turn is driving this high-speed marine diesel engines market. Medium speed diesel engines which are mainly deployed in cargo ships, passenger ships, fast ferries are also witnessing a heavy adoption. This category based diesel engines market is expected to hit a revenue of more than USD 3 billion by the end of 2024. Low speed marine diesel engines market will also grow substantially at an annual rate of 4% over the coming seven years.
Merchant vessels are one of the prominent application domains that is prominently contributing toward the global industry size. Growing inclination toward LNG along with a significant rise in the sea borne trade have resulted in an increasing deployment of marine diesel engines in merchant vessels, thereby contributing to the industry share. As per estimates, marine diesel engines market from merchant vessels application is expected to chart a profitable road map at a CAGR of 5% over 2016-2024.
Despite the fact that the marine diesel engines are environmentally not so viable owing to the harmful carbon emissions from these, increasing research investments by the market players in the development of fuel efficient engines is likely to leave a positive impact on the marine diesel engines industry expansion in the years ahead. Some of the prominent companies engaged in marine diesel engines market include Rolls Royce, Caterpillar Inc., Cummins Engines, GM Powertrain and Wartsila Corporation.
Author Name : Satarupa De
Legal process outsourcing market to register a phenomenal CAGR of 35% over 2016-2024, on-shore LPO services to witness high demand
Legal Process Outsourcing (LPO) Market is set to undergo a rapid evolution in the next seven years. The industry which was valued USD 3 billion in 2016, is slated to record a massive revenue of USD 40 billion by 2024. Studies show that LPO market has created a paradigm shift in the business model of the firms by changing their way of conducting ongoing legal work. Legal process outsourcing is a core strategy that is widely adopted by both government and private entities. Rapid increase in the legal proceeding costs has led the companies to outsource these services via LPO services. Cost cutting is one of the prime factors driving the LPO industry trends.
U.S. LPO market size, by location, 2016 & 2024 (USD Million)
The swift expansion of Legal process outsourcing market can be majorly attributed to its wide end service spectrum which includes E-discovery, patent support, contract drafting, review & management, compliance assistance, and litigation support. E- discovery service market is set to record a shooting CAGR of 40% over 2017-2024. Increasing deployment of digital systems in the businesses is the major factor that is influencing the market trend. Outsourcing the electronic documents that are produced by these digital systems and fetching the meaningful information out of it is actually a troublesome job for the in-house legal department. These firms instead integrate their business model with LPO which considerably reduce their time and cost. Growing inclination toward legal research and IP monitoring for cost effectivity is providing significant growth opportunity to patent support services of LPO market.
Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/179
Onshore based legal process outsourcing industry is gaining a popularity over offshore based. The credit to this fact can be given to the shared regulatory framework on which onshore LPO works. Onshore LPO industry is anticipated to generate commendable revenue, driven by the adoption rate by organizations where there is an inter-connected business model. i.e. the firms which work conjointly with companies that belong to the same country.
Europe is one region which holds a prominent position in the global legal process outsourcing market particularly from onshore services. Increasing European Corporations’ preference for onshore services along with strict protective laws imposed by EU is catering the onshore LPO market in Europe. On the other hand, this region has comparatively lesser contribution toward the offshore legal process outsourcing market. With the growing concerns related to the legal expenses, corporate firms of European countries are proactively outsourcing their legal proceeding through professionals via LPO.
Countries like India, Philippines, and South Africa are witnessing an expanding offshore legal process outsourcing market. India market will prominently grow in the coming seven years. Favorable government initiatives such as FDI (foreign direct investment) is encouraging huge investments in these regions. Philippines legal process outsourcing industry share will witness considerable gains over the coming years. The growth can be attributed to this region being regarded as one of the most favorable offshore LPO destinations, owing to the low legal costs and strong infrastructure in this region.
With key players of the market focusing on acquiring renowned certifications like ISO 9001, and ISO 27001, the legal process outsourcing industry value in the next few years is anticipated to be commendable. As per an estimation given by Global Market Insights, Inc, Legal process outsourcing industry is projected to register a phenomenal CAGR of 35% over 2016-2024. Some of the prominent LPO industry participants include Integreon, Pangea3, QuisLex, Mindcrest, and United Lex.
Author Name :Satarupa De