According to new research study on “Scrubber Systems Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology, Industry Verticals, and Geography,” the market is projected to reach US$ 2,989.2 million by 2028 from US$ 1,316.0 million in 2021; it is expected to grow at a CAGR of 12.4% during the forecast period of 2021 to 2028, reports Industrial IT.
Scrubber Systems Market Forecast
Rising international trades through sea routes and increasing leisure activities are propelling the growth of the scrubber system market. The rise in global seaborne business can be attributed to its economical transportation cost and continually rising global demand for goods and petroleum products.
For instance, as per the United Nations Conference on Trade and Development (UNCTAD), in 2019, 11,076 million tons of goods were transported through seaborne routes. To transport this mass volume of goods globally, large cargo ships are required. These ships are among the significant users of scrubber systems.
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Furthermore, the rising participation in leisure activities such as cruise vacations and the international voyage is increasing the use of marine ships and subsequently fueling the growth of the scrubber system market. The rise in leisure activities can be attributed to the increasing per capita income of consumers. Hence, the increase in sulfur emission from ships—owing to flourishing global trade—and escalated maritime transportation across the developing and developed economies are boosting the scrubber system installations.
European lockdowns
In Europe, several countries have suffered an economic hit due to COVID-19 in the first quarter of 2020, resulting in the decline in business activities across marine, oil & gas, and manufacturing sectors.
Many of these member states have implemented drastic measures on imports & exports and shipment of goods, including partially closing their borders. This, in turn, has negatively impacted the demand for scrubber systems in the European region. Russia is one of the leading natural gas producing countries worldwide. It was severely affected by the pandemic, which forced the country to impose a nationwide lockdown.
The lockdowns heavily disrupted the country’s oil & gas supply chain and reduced the demand for oil & gas-related products. imilar trend has been observed with other oil & gas producing European countries.
The year 2020 was supposed to be an excellent year for the marine scrubber market as the International Maritime Organization (IMO) introduced new regulations to control the pollution of the aquatic environment. This was expected to increase the demand for advanced scrubbers significantly. However, the COVID-19 pandemic delayed the implementation and demand as the marine industry was already facing a decline in revenues.
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Source: Industrial IT
