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Marine selective catalytic reduction systems market to be characterized by a stringent regulatory landscape, China to exhibit fair investment opportunities for potential shareholders

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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)
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.

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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 NameOjaswita Kutepatil

Asia water taxi market to gain momentum over 2018-2024, government initiatives toward tourism and trading activities to drive the industry growth

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The increasing requirement for quick, emission-free transport has been a major driver for water taxi market growth. Water transportation has been gaining more and more popularity lately, pertaining to its cost-effective and fuel-efficient benefits over conventional transportation. Having recognized the same, regional governments have been majorly investing in the tourism industry, generating lucrative opportunities for water taxi industry players. The deployment of water taxis in numerous public and private water bodies has indeed helped reduce vehicular traffic congestion in the city – a principal factor that has been extensively responsible for stimulating water taxi industry share.

U.S. Water Taxi Market, By Product, 2017 & 2024, (Units)
U.S. Water Taxi Market, By Product, 2017 & 2024, (Units)

Recreational activities such as boating have taken on a diverse significance in recent times, on account of which numerous private companies are deploying water buses on large scale. This in consequence, has prompted the entry of new contenders in water taxi market and a slew of unique product launches. Say for example, the French startup SEABUBBLES has been testing its new electric hydrofoil water taxi – a battery powered water bus that reduces air drag and attains greater speed, in Switzerland for quite a while now. The company now looks forward to deploying electric boats for transportation in lakes and rivers across European countries. As this type of transit system generates lesser air as well as water pollution, the governments of the various countries are encouraging private and public service providers to deploy battery-operated and hybrid water taxis. These initiatives are likely to push hybrid water taxi market size, slated to grow at a CAGR of more than 5% over 2018-2024.

The increasing deployment of these water vehicles has generated profitable growth opportunities for water taxi industry firms. In order to achieve a dominant position across this vertical, most of the prominent biggies are focusing on the development of green boating systems that are driven by renewable energy. Though this transit system is clean and emission-free, in some cases, the speed factor of some of the green taxis have put a dampener on the overall product demand. In order to combat the same, companies have been constantly working enhancing product features and its capability. The recent trend of deploying lightweight and high-performance composite materials for boat manufacturing, for instance, has helped water taxi market firms develop innovative taxi designs. 3A Composites for example, post ten years of rigorous efforts, recently launched a sustainable water taxi that integrates the benefits provided by 3A Composites’ AIREX® T92 PET foam with a special hull shape that aids waste reduction, ride quality, and fuel efficiency.

The Asian zone is expected to contribute commendably toward the growth of water taxi market, owing to the increasing involvement of private and public sectors in the deployment of water taxi services. For the record, merely a few months earlier, the Indian ride-hailing service provider OLA signed a MoU with the government of Assam to launch a water taxi service in the state. This project is most likely to strengthen the transportation network across North India. In addition, the mobile-based transportation system will help local government enhance the state’s tourism prospects.

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In 2016, the government of India signed a deal with the Massachusetts Institute of Technology for developing ferry services across six major cities including Varanasi, Allahabad, Kolkata, Mumbai, Patna, and Haldia. The development of inland waterways services will thus help escalate cost-effective trading across the country. As of now, India uses only 3.5% of the available waterways for trading purposes, out of the existing 14,500 km of the waterway stretch. The increasing investments by the Indian government toward the deployment of ferry services across the country is poised to boost the regional water taxi market share, in turn benefiting the overall Asian topography to a marginal extent.

The competitive hierarchy of water taxi market is remnant of novel product development strategies and massive R&D programs. The emergence of battery operated lightweight boats for instance, has added a new growth dimension to water taxi industry. Another pivotal factor pushing the expansion of this vertical is the crucial role that governments play in promoting trading and tourism activities, focusing on bettering the economy of their respective countries. Aided by a favorable regulatory spectrum and the rising prominence of the green movement, water taxi market size is expected to cross the coveted USD 500 billion mark by the end of 2024.

Author Name : Sunil Hebbalkar

 

Non-passenger-based inland waterways vessels market to garner substantial returns over 2017-2024, environmental concerns to bring about sustainable product development in the industry

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The revenue graph of inland waterways vessels market has witnessed considerable escalation in the recent years, subject to reliability and energy efficiency provided in this mode of transportation. Indeed, both passenger and non-passenger vessels have found increasing relevance in inland waterways lately. Observing the environmental advantages of adopting superior inland waterways transportation, regional governments have taken efforts to make major investments in developing inland waterways.

U.S. Inland Waterways Vessels Market, By Fuel, 2016 & 2024, (Units)
U.S. Inland Waterways Vessels Market, By Fuel, 2016 & 2024, (Units)

A recent instance validating the authenticity of the aforementioned statement is the Jal Marg Vikas Project undertaken by the Indian government that may be a potential game changer for transportation through the Ganges. The $809 million project is being designed to be economically and environmentally potent and may effectively enhance trade and commerce through the Gangetic route. The rejuvenation of the Ganges may emerge as one of many driving forces inevitably stimulating the regional inland waterways vessels market share.

It is rather overt that the development and maintenance of internal water inlets are imperative for the growth of inland waterways vessels industry. The St Lawrence Seaway in Canada is an example of a successful waterway which has added a commendable boost to the regional inland waterways vessels market for the last 60 years and has proved to be quite a competitive means of moving cargo like iron ore, coal, stone, cement and salt. Indeed, St. Lawrence Seaway seems to have trumped surveys when it comes to competitive options for tonnage movement, as reported by logistic professionals who study movement routes to be adopted for the most profitable means of transportation. Thus, more vessels came to be deployed to operate on this route – close to 2,270 vessels alone had been used in 2017.

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It will be prudent to mention that cargo movement makes up for a bulk of inland waterways transportation requirement. On these grounds, non-passenger inland waterways vessels market is expected to attain the dominant position in this industry. As per estimates, non-passenger vessels are forecast to account for a mammoth 80% of the inland waterways vessels industry share by 2024.

Similar to non-passenger vessels, passenger inland waterways vessels market has also gained commendable traction on account of the increasing popularity of river cruises, ferries and yachts. With the expanding tourism industry, river cruises have witnessed a great surge in demand over the last couple of decades. In Europe in fact, river cruises on rivers such as Danube, Main and Rhine have been conducted with great success with luxury long boats like the Viking River Cruise. The adoption of similar boats has been rapidly occurring in the U.S. where tourism interest in rivers like Mississippi and Ohio, has added a significant boost to the regional inland waterways vessels industry. It is thereby rather undeniable that the rise in water-based tourism will augment passenger inland waterways vessels market size, slated to register a CAGR of 3% over 2017-2024.

Regulatory authorities have been trying to promote inland waterways transport on a large scale, as using waterways to transport cargo has certain environmental advantages such as reduction of pressure on highways and railways, lower noise pollution, less land-based congestion and reduced emission. Additionally, water-based transportation also has minimal effect on human livelihood and ecological diversity.

Since most of the inland waterways vessels naturally use diesel as fuel, diesel oil has been forecast to account for 90% of inland waterways vessels market share by 2024. However, since diesel is not quite the most ecofriendly fuel, companies have been developing vessels that would be run by electricity and will be virtually free of any kind of emission. In fact, such barges have already been designed and are being released to operate from Amsterdam, Rotterdam and Antwerp, for moving goods in the inland waterways of Netherlands and Belgium. In 2018 alone, five such barges, which can accommodate up to twenty-four 20 ft containers, are being released and if they succeed in their operation, they will be potentially taking 23,000 trucks off the roads.

The rising preference for energy efficient and technologically advanced solutions for the transportation of goods is certain to add stimulus to inland waterways vessels market. Another factor augmenting the commercialization scale of this vertical is the expanding tourism industry that is becoming more and more ecologically tolerant by the day. With a base valuation of $1,500 billion in 2016, inland waterways vessels market size is projected to be pegged at $2,250 billion by 2024 driven by a plethora of trading activities, favorable government support, and the growing demand for congestion-free transportation.

Author Name : Paroma Bhattacharya

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

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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)

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.

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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