Marine Selective Catalytic Reduction Systems Market Size

Marine Selective Catalytic Reduction Systems Market Size

Marine Selective Catalytic Reduction Systems Market size exceeded USD 4.5 billion in 2022 and is projected to expand at more than 6% CAGR from 2023 to 2032, as a result of the implementation of stringent regulations for maritime emission reduction.

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Global efforts toward reducing the adverse impact of climate change are encouraging ports to accelerate zero-emission targets. Citing an instance, in November 2022, the Ports for People campaign for Pacific Environment launched the P4P RePORT Cards initiative to assess the progress of the ports toward zero-emission shipping. Such initiatives to mitigate emissions will bolster the demand for port equipment and fuel the need for advanced active emission control technology, including selective catalytic reduction (SCR) systems, to curb tailpipe emissions.

The high cost of installation and upfront investment may limit the use of selective catalytic reduction in ships. The retrofitting of marine SCR systems also requires the inactiveness of ships, thereby asserting an adverse impact on the shipping marine selective catalytic reduction systems market progress to some extent. Moreover, the introduction of favorable policies to increase the adoption of sustainable systems and the rising investment to advance shipping fleets is likely to create lucrative opportunities for industry growth.