What Is The Current and Historic Market Size Analysis Of The Marine Vessel Energy Efficiency Market?
The marine vessel energy efficiency market has seen considerable growth due to a variety of factors.
• In recent years, the market size for energy efficiency in marine vessels has experienced a swift expansion. It is projected to surge from $1.78 billion in 2024 to $2.02 billion in 2025, boasting a compound annual growth rate (CAGR) of 13.1%.
The burgeoning growth witnessed in the historic period has been a consequence of escalating customer preference for environmentally friendly shipping methods, regulatory influences, cost reductions, lowering emission goalposts, and the growth of trade volume.
What are the Market Size and Expected Growth Rates for the Marine Vessel Energy Efficiency Market?
The marine vessel energy efficiency market is expected to maintain its strong growth trajectory in upcoming years.
• Over the coming years, the market size for marine vessel energy efficiency is projected to experience accelerated growth. It's anticipated to reach a size of $3.09 billion by 2029, with a compound annual growth rate (CAGR) of 11.3%.
Factors contributing to this expansion in the forecasted timeframe include international trade and shipping demand, escalating fuel expenses, corporate social responsibility, public perception, and opportunities for retrofitting. Key trends expected throughout this period include the emergence of alternative fuels, a shift towards LNG, advancements in technology, innovation, and improvements in energy management systems.
Which Key Drivers Are Propelling The Marine Vessel Energy Efficiency Market's Growth?
The augmentation of international commerce and shipping requirements are anticipated to steer the upward trajectory of the marine vessel energy efficiency market. This amplification stems from a surge in global freight demand, economic relevance, trade facilitation, globalization, transport expenses, and market sway. Amplifying energy efficiency in marine transit aids in curtailing greenhouse gas emanations and other pollutants linked with fossil fuel burning. This propagation enhances economic competitiveness, minimizes environmental harm, assures regulatory accordance, and lends to a more trustworthy and efficient global supply line. For instance, the Switzerland-based intergovernmental organization, the World Trade Organization, proclaimed in March 2023, that the global trade of merchandise and services attained the $31.0 trillion mark in 2022, indicating a 13% enhancement from the preceding year's $27.5 trillion. Hence, soaring international trade coupled with shipping demand is escalating the expansion of the marine vessel energy efficiency market.
What Are The Key Segments Within The Global Marine Vessel Energy Efficiency Market?
The marine vessel energy efficiency market covered in this report is segmented –
1) By Type: Hardware System, Sensors And Software
2) By Operation Type: Parallel Hybrid Propulsion System, Serial Hybrid Propulsion System
3) By Application: Passenger Ships And Ferries, Dry Cargo Vessels, Service Vessels, Fishing Vessels, Dry Bulk Carriers, Off-Shore Vessels, Yachts, Other Applications
Subsegments:
1) By Hardware System: Propulsion Systems, Hull Modifications, Air Lubrication Systems, Energy Saving Devices (ESDs), Waste Heat Recovery Systems
2) By Sensors And Software: Monitoring and Control Systems, Fuel Management Systems, Emissions Monitoring Systems, Energy Efficiency Software Solutions, Data Analytics And Optimization Tools
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How Are Emerging Trends Reshaping The Dynamics Of The Marine Vessel Energy Efficiency Market?
Leading corporations in the marine vessel energy efficiency market are spearheading the development of cutting-edge technologies like wind power-assisted ships, aimed at reducing emissions. Essentially, these ships employ wind propulsion systems to supplement conventional fossil fuel engines, thereby mitigating fuel usage and consequently, carbon emissions. For instance, Berge Bulk Limited - a tech company rooted in Singapore - introduced a ship named Berge Olympus in October 2023. This vessel is outfitted with steel and composite sails to lower fuel and carbon dioxide emission levels. The ship comes with four sails, identified as WindWings, which could potentially result in a 20% reduction in fuel usage, equating to about six tons daily on an average global route. This would also decrease carbon emissions by approximately 19.5 tons daily.
Who Are the Key Players In The Marine Vessel Energy Efficiency Market?
Major companies operating in the marine vessel energy efficiency market are:
• Equinor ASA
• Siemens AG
• General Electric Company (GE)
• Schneider Electric SE
• Mitsubishi Heavy Industries Ltd. (MHI)
• ABB Group
• Emerson Electric Co.
• Kawasaki Heavy Industries Ltd.
• Wärtsilä Corporation
• Bureau Veritas S.A.
• MAN Energy Solutions SE
• KONGSBERG
• China Classification Society (CCS)
• Haldor Topsoe A/S
• Gaztransport & Technigaz S.A. (GTT)
• PowerCell Sweden AB
• Yara Marine Technologies AS
• Becker Marine Systems GmbH
• PowerX
• Mustang Technologies
• Foreship Ltd.
• Norsepower Oy Ltd.
• Marorka ehf
• Bound4blue
• X Shore
• GreenSteam Ltd.
What Are The Regional Insights Into The Marine Vessel Energy Efficiency Market?
Asia-Pacific was the largest region in the marine vessel energy efficiency market in 2024. The regions covered in the marine vessel energy efficiency market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
