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Saturday, June 29, 2019 

The global market for marine exhaust gas cleaning systems (EGCS) is expected show a growth rate of 20.4% CAGR up to 2028, more than six times the size of the market in 2018, according to a study carried out by Persistence Market Research (PMR).

PMR, a third-platform research firm based in New York City, said: “The wide price gap between the low cost heavy sulphur fuel oil and the high cost fuel oils with low sulphur content makes a good business case for the installation of marine scrubber systems for shipowners and operators.”

It furthered that, “wet-type” scrubber systems are expected to dominate the market in terms of global share, expecting to account for more than “90% of the total absolute dollar opportunity” by the end of 2028.

“Among the wet marine scrubber systems segment, the open loop segment is expected to remain dominant throughout the forecast period, although the market for the hybrid segment is also projected to witness robust growth.”

Based on application, the retrofit market is set to account for US$ 6.8 Billion by the end of 2028. This is largely a result of the tight timeframe ahead of the 2020 deadline, which PMR said has provided a boost to the retrofit market. However, since retrofit solutions are more costly, this market is expected to wane after 2020, with newbuild applications expected to grow at a faster pace during the period.

In its geographical breakdown of the scrubber market, PMR analysts indicated that Western Europe and Asia Pacific are likely to account for a 58% share. The North America market is also projected to grow at a healthy rate, owing to the ECA rules already in force for North America/Caribbean waters along with the impending 2020 regulation to stimulate market demand. South Korea and China continue to be strong markets and robust growth is being witnessed in the South East Asia Pacific region, stated PMR.

In terms of value, the global EGCS market is expected to be worth US$ 11.1bn during the forecast period, with Western Europe, Asia Pacific and North America likely to witness high adoption of marine scrubber systems during the forecast period, stated the analyst.

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