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Marine Exhaust Systems Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2023-2030

Published Date: December, 2022
No of Pages: 164
Delivery Format: PDF+ Excel

$2,950.00

Ship exhaust systems are used to remove exhaust gases from internal combustion engines. Other applications for these systems include power plants and stationary engines. Marine exhaust systems are tailored to the needs of the maritime industry and must adhere to stringent international regulations. From 2016 to 2022, the global marine exhaust systems market is expected to grow at a CAGR of 4.5%. Increased maritime trade, stringent environmental regulations, and a growing preference for eco-friendly ships are driving the market. Because of the increase in maritime trade, the maritime industry has grown significantly in recent years. The expansion of trade routes and the globalisation of the world economy are responsible for the increase in maritime trade. The volume of maritime trade increased from 10.1 billion metric tonnes in 2005 to 11.3 billion metric tonnes in 2014, according to the World Trade Organization (WTO).

The maritime trade increased in value from US$4.6 trillion in 2005 to US$12.0 trillion in 2014. Increased maritime trade is expected to increase demand for maritime transportation, which in turn will increase demand for marine exhaust systems. Environmental regulations are also driving the marine exhaust system market. Several international organisations govern the maritime industry, including the International Maritime Organization (IMO), the United Nations Conference on Trade and Development (UNCTAD), and the International Labour Organization (ILO). Several environmental regulations for the maritime industry have been established by these organisations. For example, the IMO has established regulations under MARPOL Annex VI, which address the prevention of air pollution from ships. According to these regulations, the sulphur content of ship fuel oil should not exceed 0.5% by mass by 2020. The use of exhaust gas cleaning systems is also specified in the regulations (EGCS).

2. The global market for marine exhaust systems
During the forecast period of 2020–2025, the global marine exhaust systems market is expected to grow at a CAGR of around 5%. The growth of the shipping industry is primarily driving the marine exhaust systems market. Shipping is the lifeblood of global trade and is expected to expand at a healthy rate in the coming years. This is expected to increase demand for marine exhaust systems, which are an important part of the shipping industry.

Stringent emission regulations are also driving the marine exhaust systems market. For the maritime industry, the International Maritime Organization (IMO) has established stringent emission standards. These standards are expected to increase demand for marine exhaust systems by lowering emissions from the maritime industry.

The growth of the leisure boating industry is also driving the marine exhaust system market. The leisure boating industry is expanding at a healthy clip, thanks to rising disposable incomes and an increasing number of vacationers. This is expected to increase demand for marine exhaust systems, which are used in recreational boats.

The expansion of the fishing industry is also driving the marine exhaust systems market. Because of rising demand for fish and seafood, the fishing industry is expanding at a healthy clip. Because marine exhaust systems are used in fishing boats, this is expected to increase demand for them. The expansion of the construction industry is also driving the marine exhaust systems market. Because of increased infrastructure development activities, the construction industry is growing at a healthy rate. Because marine exhaust systems are used in construction vessels, this is expected to increase demand for them.

The expansion of the oil and gas industry is also driving the marine exhaust systems market. Because of rising energy demand, the oil and gas industry is expanding at a healthy clip. Because marine exhaust systems are used in oil and gas vessels, this is expected to increase demand for them. The expansion of the military industry is also driving the marine exhaust systems market. Because of rising defence budgets, the military industry is expanding at a healthy clip. As a result, demand for marine exhaust systems is expected to rise.

3. Market division
The automotive industry, as well as the products and technologies associated with it, are constantly evolving. The market for marine exhaust systems is no exception. Companies in this space are constantly looking for new and innovative ways to segment their target markets in order to stay ahead of the curve.

Vehicle type is one of the most common ways to segment a market. The marine exhaust systems market, for example, can be divided into passenger vehicles, commercial vehicles, and recreational vehicles. When it comes to exhaust systems, each of these vehicle types has different requirements, so companies must tailor their offerings accordingly.

Another way to divide the market for marine exhaust systems is by application. Engine cooling, noise reduction, and emission control are some of the most common applications for these products. Different types of exhaust systems will be required depending on the specific requirements of each application.

Finally, the marine exhaust systems market can be divided into geographical segments. This is due to the fact that different regions of the world have different regulations regarding exhaust systems. Europe, for example, has far stricter emission standards than the United States. As a result, before entering the market, companies must be aware of the regulations in each region.

All of these market segmentation strategies are critical for companies in the marine exhaust systems market. Companies can develop products that are better suited for specific applications and geographic regions by understanding the various needs of their target markets. As a result, they will have a competitive advantage in the market.

4. Market Motivators
During the forecast period of 2020–2025, the global marine exhaust systems market is expected to grow at a CAGR of around 5%. Various factors, such as increased maritime trade, stringent emission regulations, and the need for energy-efficient vessels, drive the market.

Over the last few years, the maritime trade has grown steadily. The volume of maritime trade is expected to reach around 18 billion metric tonnes by 2020, according to the World Trade Organization (WTO). This expansion is primarily driven by an increase in Asian trade demand. The Asia-Pacific region is the largest maritime trade market, accounting for roughly 60% of total maritime trade. Because of the rapid economic growth in countries such as China, India, and Japan, the region is also expected to see the highest growth in maritime trade.

Stringent emission regulations are also driving the marine exhaust systems market. The International Maritime Organization (IMO) has established strict limits for ship emissions of sulphur dioxide (SO2), nitrogen oxides (NOx), and particulate matter. These emission limits will be implemented in stages, with the first beginning in 2020. The International Maritime Organization (IMO) has also mandated the use of low-sulfur fuels in ships operating in emission control areas (ECAs). During the forecast period, these factors are expected to drive demand for marine exhaust systems.

Another major driver of the marine exhaust systems market is the demand for energy-efficient vessels. Ships use a lot of fuel, which results in a lot of greenhouse gas emissions. Shipowners are choosing energy-efficient vessels to reduce these emissions. These vessels use less fuel and emit less CO2. As a result, shipowners are increasingly interested in them. During the forecast period, this is expected to drive demand for marine exhaust systems.

5. Market Restriction
The marine exhaust systems market is expected to expand in the coming years as demand for maritime transportation rises. However, certain constraints are impeding the market’s growth. The following are some of the major market restraints:

1. Strict Emission Controls:

International organisations such as the International Maritime Organization (IMO) impose stringent emission regulations on the maritime industry. These regulations require the use of cleaner fuel and exhaust systems, which can reduce harmful pollutant emissions. This is one of the major restraints for the marine exhaust systems market, as these systems are required to comply with regulations.

2. High-priced cleaner fuel:

One of the measures mandated by the emission regulations is the use of cleaner fuels such as LNG and CNG. These fuels, however, are significantly more expensive than traditional maritime fuels like heavy fuel oil. This increased cost is passed on to consumers, which is a major impediment to market growth.

3. Infrastructure Deficit:

In the maritime industry, there is a lack of infrastructure to support the use of cleaner fuels such as LNG and CNG. Special fuel tanks and bunkering infrastructure for these fuels are required for maritime vessels. One of the major impediments to market growth is the lack of this infrastructure.

4. Crude Oil Price Volatility:

Because maritime fuel is derived from crude oil, the maritime industry is heavily reliant on crude oil prices. Crude oil price volatility is a major restraint on market growth because it affects the operating costs of maritime transportation.

5. New Technology Adoption is Slow:

The maritime industry is conservative, and new technology adoption is slow. This is a major impediment to market growth because the maritime industry is hesitant to adopt new exhaust systems that may be unproven.

6. Market Possibilities
The global market for marine exhaust systems is expanding steadily and is expected to reach USD 3.21 billion by 2025. Marine exhaust systems are used in a variety of applications, such as propulsion, power generation, and domestic and commercial shipping. Marine exhaust systems are designed to meet the specific needs of each application and must comply with stringent international emission regulations.

The rising demand for energy-efficient and environmentally friendly marine propulsion systems is propelling the marine exhaust systems market forward. Another important factor driving market growth is the International Maritime Organization’s (IMO) implementation of stringent emission regulations for maritime vessels. Other factors driving market growth include rising demand for large vessels and increased maritime trade.

The high cost of marine exhaust systems, on the other hand, is limiting market growth. Another challenge that market participants face is a lack of awareness about the benefits of marine exhaust systems.

The marine exhaust systems market is divided into three sections: type, application, and region. The market is divided into three types: wet, dry, and hybrid. During the forecast period, wet marine exhaust systems are expected to grow at the fastest CAGR. Wet marine exhaust systems have several advantages, including lower installation and maintenance costs as well as lower fuel consumption.

The marine exhaust systems market is divided into four applications: propulsion, power generation, domestic shipping, and commercial shipping. During the forecast period, the propulsion application segment is expected to grow at the fastest CAGR. The growing demand for energy-efficient and environmentally friendly propulsion systems is a major driver of this segment’s growth.

North America, Europe, Asia Pacific, the Middle East and Africa, and South America are the regions that make up the marine exhaust systems market. During the forecast period, North America is expected to dominate the market. The region’s growing maritime trade and the presence of major shipbuilding companies are the main factors driving market growth in North America.

During the forecast period, Europe is expected to be the second-largest market for marine exhaust systems. The increasing maritime trade and the presence of key players in the region are the primary drivers of market growth in Europe.

7. Market Developments
The market for marine exhaust systems is rapidly evolving, with new technologies and regulations being introduced on a regular basis. Here are seven key market trends that are currently influencing the market:

1. Increased Strictness of Emissions Regulations

The maritime industry is increasingly under pressure to reduce its environmental impact. New regulations are being implemented that will place stricter limits on ship emissions, particularly in sensitive areas such as the Arctic. As a result, marine exhaust systems must be designed to meet these newer requirements.

2. Increase in hybrid and electric vessels

As the maritime industry seeks to reduce emissions, hybrid and electric vessels are becoming more popular. These vessels are either powered entirely by electric batteries or use a combination of diesel and electric propulsion. This is a critical growth area for the marine exhaust systems market.

Scrubbers are being used more frequently.

Scrubbers are devices that clean exhaust gases before they are released into the environment. They are becoming increasingly popular as a means of reducing emissions in the maritime industry.

4. Transition to LNG Fuel

LNG, a cleaner-burning fuel than oil or diesel, is gaining popularity in the maritime industry. Many new vessels are being designed to run on LNG, which is an important trend to keep an eye on in the marine exhaust systems market.

5. Expansion of the Cruise Ship Industry

One of the fastest-growing sectors of the maritime industry is the cruise ship industry. This is helping the marine exhaust systems market because new cruise ships require exhaust systems that meet the most recent environmental standards.

6. Technological Advances

In recent years, there have been significant advancements in marine exhaust system technology. As a result, more efficient and cleaner burning systems have been developed.

7. Rising Prices

The costs of complying with new emission regulations, as well as the trend toward more environmentally friendly vessels, are influencing the marine exhaust systems market. Prices for marine exhaust systems are expected to rise further in the future.

8. Competitive Environment
The global marine exhaust systems market is extremely competitive. Akasaka Diesels Ltd., Caterpillar Inc., Cummins Inc., Wärtsilä Corporation, and YANMAR Co., Ltd. are some of the market’s key players. To gain a competitive advantage over their competitors, these companies are increasingly focusing on expanding their geographical reach.

9. Business profiles
The global marine exhaust systems market is expected to be worth USD 7.39 billion by 2023, growing at a CAGR of 4.72% over the forecast period. The growth of the maritime industry, stringent environmental regulations, and the need for energy-efficient operations are driving the market.

Explain the following nine companies:

The first is AkzoNobel N.V. (Netherlands).

BASF SE (Germany) (Germany)

Sherwin-Williams & Co. (US)

The fourth company is PPG Industries, Inc. (US).

Kansai Paints Co., Ltd. is number five (Japan).

Nippon Paint Holdings Co., Ltd. is a Japanese paint company (Japan).

The Valspar Corporation is number seven (US).

Hempel A/S is a Danish company (Denmark).

Jotun A/S is a Danish company (Norway).

AkzoNobel N.V. is one of the market leaders in marine exhaust systems. The company provides a wide range of marine industry products, such as marine coatings, marine adhesives, and marine sealants. AkzoNobel has significant operations in Europe, North America, Asia Pacific, South America, the Middle East, and Africa. The company has a well-established distribution network that allows it to meet the needs of its customers all over the world.

BASF SE is another market leader in marine exhaust systems. The company provides a wide range of maritime industry products, such as marine coatings, marine adhesives, and marine sealants. BASF has significant operations in Europe, North America, Asia Pacific, South America, the Middle East, and Africa. The company has a well-established distribution network that allows it to meet the needs of its customers all over the world.

The Sherwin-Williams Company is one of the market leaders in marine exhaust systems. The company provides a wide range of maritime industry products, such as marine coatings, marine adhesives, and marine sealants. Sherwin-Williams is well-known in North America.

10. Finally,
From 2018 to 2023, the marine exhaust systems market is expected to grow at a CAGR of 5.48%, reaching a market size of USD 1.85 billion. The growing demand for new ships as well as the retrofitting of old ships are driving the growth of the marine exhaust systems market.

The marine exhaust systems market has been divided into three sections: type, application, and region. The market has been divided into two types: wet exhaust systems and dry exhaust systems. During the forecast period, the wet exhaust systems segment is expected to grow at the fastest CAGR. The increasing demand for new ships and the retrofitting of old ships can be attributed to the growth of this segment.

The marine exhaust systems market is divided into three applications: passenger ships, cargo ships, and others. Navy ships, fishing vessels, and pleasure boats are included in the Others category. During the forecast period, the cargo ship segment is expected to grow at the fastest CAGR. The increasing demand for new ships and the retrofitting of old ships can be attributed to the growth of this segment.

The marine exhaust systems market is divided into five regions: North America, Europe, Asia Pacific, the Middle East and Africa, and South America. During the forecast period, North America is expected to be the largest market for marine exhaust systems. The presence of a large number of shipyards and marine engine manufacturers in the United States and Canada has contributed to the growth of the market in this region.

Key Players Covered:

Some of the globally acclaimed companies for marine exhaust systems are SeaStar Solutions, Barr Marine by EDM, Centek Industries, Vetus, Marine Exhaust Systems, Inc., Trident Marine Systems, DeAngelo Marine Exhaust, Halyard (M&I) Limited, and Foreshore Marine Exhaust Pty Ltd.

Segmentation

ATTRIBUTES   DETAILS
 

By Product Type

 

 

    • Exhaust Component
    • Silencer Parts
    • Purification Parts
    • Others
 

By Application

 

 

    • Diesel Powered Ship
    • Gasoline Powered Ship
    • Others
 

By Geography

 

 

    • North America (US and Canada)
    • Europe (UK, Germany, France, Italy, Spain, Russia, and Rest of Europe)
    • Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
    • Latin America (Brazil, Mexico, and Rest of Latin America)
    • The Middle East and Africa (South Africa, GCC, and Rest of The Middle East and Africa)

 

By Product Type

 

 

    • Exhaust Component
    • Silencer Parts
    • Purification Parts
    • Others
 

By Application

 

 

    • Diesel Powered Ship
    • Gasoline Powered Ship
    • Others

SeaStar Solutions, Barr Marine by EDM, Centek Industries, Vetus, Marine Exhaust Systems, Inc., Trident Marine Systems, DeAngelo Marine Exhaust, Halyard (M&I) Limited, and Foreshore Marine Exhaust Pty Ltd.

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