Ship Funnel Market Outlook
According to the report by Expert Market Research (EMR), the global ship funnel market share is projected to grow at a CAGR of 3.30% between 2023 and 2028. Aided by the growing demand for efficient exhaust systems in maritime transportation and the increasing application of various types of vessels across industrial and commercial sectors, the market is expected to grow significantly by 2028.
Ship funnels, also known as smokestacks, are an essential part of maritime vessels, designed to vent off exhaust gases from the ship’s engines into the atmosphere. They play a crucial role in maintaining the operational efficiency and safety of ships, thereby contributing to the overall integrity of maritime transportation.
Apart from their primary function of gas venting, ship funnels also serve as an essential platform for integrating exhaust gas cleaning systems (scrubbers) to comply with the International Maritime Organisation (IMO) sulphur cap regulations. This environmental regulation and the subsequent adoption of scrubbers are significant drivers propelling the global ship funnel market growth.
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With the increasing awareness of environmental concerns and the harmful impacts of maritime pollution, there has been a considerable shift towards environmentally friendly shipping practices. This shift has resulted in a surge in demand for ship funnels equipped with advanced scrubber systems, as they play a vital role in reducing sulphur oxide emissions.
The rising trend of efficient fuel usage in shipping operations also contributes to the increasing popularity of ship funnels, increasing the ship funnel market demand. As they can help optimise fuel combustion processes and reduce soot deposits, ship funnels have become an integral part of maritime vessels aiming for fuel efficiency and compliance with emission standards.
The expanding applications of ship funnels across various types of vessels, including cargo ships, passenger ships, tankers, and naval vessels, play a significant role in advancing the ship funnel market development. These funnels are customised according to the vessel type, size, and engine specifications, offering an array of opportunities for market players.
Moreover, the growing demand for eco-friendly alternatives in the maritime industry has led to an increased focus on ship funnels as a viable tool for reducing environmental impact. With the rise of green shipping and the increasing popularity of sustainable maritime operations, ship funnels have emerged as a critical component in the efforts towards cleaner oceans, thereby boosting the ship funnel market expansion.
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Ship Funnel Market Segmentation
The market can be divided based on vessel type and region.
Market Breakup by Vessel Type
- Service Vessels
- Industrial Ships
- Passenger Carriers
- Cruise Ships
- Ferries
- Cargo Carriers
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global ship funnel companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Mitsubishi Heavy Industries, Ltd.
- Alfa Laval
- DSV A/S
- Clean Marie AS
- FPS Famous Pacific Shipping B.V.
- Others
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