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Marine Air Conditioning Systems Market - Top 3 Trends by Technavio
[September 04, 2017]

Marine Air Conditioning Systems Market - Top 3 Trends by Technavio

Technavio's latest market research report on the global marine air conditioning systems market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.

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Technavio has published a new report on the global marine air conditioning systems market from 2017- ...

Technavio has published a new report on the global marine air conditioning systems market from 2017-2021. (Graphic: Business Wire)

Shipping industry forms the backbone of global trade. The global economy would not function the way it has been doing, without ships or shipping industry. Apart from the merchant fleet, another strategically important marine fleet is the navy. Navy is an important tool of maritime policy, critical to maintaining peace and defending the nation from foreign invasion.

According to Gaurav Mohindru, a lead analyst at Technavio for tools and components research, "The robust growth of the commercial shipping industry augurs well for the growth of the global marine air conditioning systems market, which is predicted to grow at a CAGR of close to 7% during the forecast period."

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The top three emerging market trends driving the global marine air conditioning systems market according to Technavio research analysts are:

  • M&As and alliances
  • MARPOL regulations
  • Growing scrapping of ships across the globe

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M&As and alliances

The increasing competitiveness in the shipping industry is subject to unpredictable ups and downs. Ports and shipping companies in such a volatile scenario are struggling to stay competitive in terms of costs and services. Ports across the globe are fighting to attract shipping lines and offering efficient services and better facilities.

Shipping companies are adding fuel-efficient ships to their fleets to cut down operating costs and trimming down port assets and third-party logistics. Another key trend that has been observed in the maritime industry is the formation of new alliances by shipping companies to cover certain trade routes, and sharing ship and port operations. For instance, Maersk, Mediterranean Shipping company (MSC (News - Alert)), and HYUNDAI Merchant Marine (HMM) entered a strategic partnership in 2016, which is a combination of slot purchases and slot exchanges between the three companies.

MARPOL regulations

Apart from causing air pollution, ships and other ocean-going vessels cause pollution that endangers the marine life as well as the lives of people living near ports and coastlines. The international focus has intensified on environmental pollution in seas and oceans.

"The International Convention for the Prevention of Pollution from Ships is a major international regulation that deals with issues of marine pollution especially from ships and other seaborne vessels. The MARPOL convention, in total consists of six annexes, each of them dealing with pollutants that are a result of either routine operations or accidents," says Gaurav.

These requirements mandate that the diesel engines in the US-flagged ships must have an Engine International Air Pollution Prevention (EIAPP) certificate issued by the EPA (Environment Protection Agency) documenting the proof of Annex VI NOx emission compliance. Besides these regulations, certain vessels must also have an International Air Pollution Prevention (IAPP) Certificate issued by the US Coast Guard (USCG). All ships must have records on board that documents their compliance with these fuel requirements, emission standards, and other provisions of Annex VI.

Growing scrapping of ships across the globe

The ship breaking industry ended 2016 on a positive note. The year witnessed a record high volume of box ship scrapping, primarily driven by the recovery in steel prices. Recovery in steel prices has resulted in significant improvement in demolition rates across South Asia. It is expected that with the aging of global fleet and new ship orders combined with the growing metal prices will lead to increased ship scrapping during the forecast period. Recycling of retired vessels for scrap material is very profitable for both the owners of ship breaking yards and ship owners.

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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