Global Scrubber System Market to Reach USD 1.86 bln by 2023
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, said a market research from Reportlinker.
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.
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 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.
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).
