Marine Selective Catalytic Reduction System Market Size

Marine Selective Catalytic Reduction System Market size is expected to reach USD 10 Billion by the end of 2036, growing at a CAGR of 6% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of marine selective catalytic reduction systems was USD 5 Billion. The increasing focus on environmental regulations and the need to achieve higher energy efficiency in marine transportation is driving the demand for selective catalytic reduction systems. The growing concerns regarding air pollution and greenhouse gas emissions are encouraging shipping companies to adopt selective catalytic reduction systems to reduce their carbon footprint. As observed by Research Nester analysts in studies conducted, the catalytic converter is capable of reducing more than 90 % of harmful exhaust gases, and its price is approximately twice as low as that of a catalytic converter made of noble metal, thus expanding the market share around the globe.

Moreover, the implementation of stricter emission standards by organizations such as the International Maritime Organization (IMO) and regional regulatory bodies is expected to further boost the adoption of marine selective catalytic reduction systems. These systems help vessels meet these stringent emission limits and avoid penalties or fines for non-compliance. In particular, the IMO's GHG Strategy for 2024 envisages a reduction in the carbon intensity of international shipping by an average of 40 % across international shipping by 2030, to reduce CO 2 emissions per transport work.