Press release
Marine Vessel Energy Efficiency Market Report 2024-2033: Size, Growth, Trends & Competitive Landscape
Marine Vessel Energy Efficiency Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $2.78 Bn In 2028 At A CAGR Of 11.8% :
The marine vessel energy efficiency market size has grown rapidly in recent years. It will grow from $1.57 billion in 2023 to $1.78 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to increasing customer demand for sustainable shipping practices, regulatory pressure, cost savings, emission reduction targets, increasing trade volume.
The marine vessel energy efficiency market size is expected to see rapid growth in the next few years. It will grow to $2.78 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to international trade and shipping demand, rising fuel costs, corporate social responsibility, public perception, retrofitting opportunities. Major trends in the forecast period include development of alternative fuels, transition to LNG, technological advancements, technological innovation, energy management systems.
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Marine Vessel Energy Efficiency Market Major Segments
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
Key Driver - International Trade And Shipping Demand Driving Growth Of The Marine Vessel Energy Efficiency Market
International trade and shipping demand is expected to propel the growth of the marine vessel energy efficiency market going forward. International trade and shipping demand is increasing due to global freight demand, economic significance, trade facilitation, globalization, transport costs, and market influence. Improved energy efficiency in marine transportation helps reduce greenhouse gas emissions and other pollutants associated with fossil fuel combustion. This improves economic competitiveness, reduces environmental impact, ensures regulatory compliance, and contributes to a more reliable and efficient global supply chain. For instance, in March 2023, according to the World Trade Organization, a Switzerland-based intergovernmental organization, the value of trade in intermediate goods saw a 28% increase in 2021 compared to 2020, with an anticipated 10% growth expected in the first quarter of 2022. Therefore, international trade and shipping demand is driving the growth of the marine vessel energy efficiency market.
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Prominent Trend - Innovative Technologies In Marine Vessel Energy Efficiency Wind Power-Aided Ships
Major companies operating in the marine vessel energy efficiency market are developing innovative technologies, such as wind power-aided ships to cut emissions. A wind power-aided ship is a vessel that utilizes wind propulsion technologies to complement traditional fossil fuel engines, thereby reducing fuel consumption and carbon emissions. For instance, in October 2023, Berge Bulk Limited, a Singapore-based technology company, launched Berge Olympus, a ship fitted with steel and composite sails to reduce fuel consumption and carbon dioxide emissions. The ship is equipped with four sails known as WindWings, which are expected to save up to 20% of fuel, or six tons per day, on an average worldwide route and cut carbon emissions by about 19.5 tons per day.
Marine Vessel Energy Efficiency Market Players
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.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the marine vessel energy efficiency market in 2023. 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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Marine Vessel Energy Efficiency Market Report Structure
3. Marine Vessel Energy Efficiency Market Trends And Strategies
4. Marine Vessel Energy Efficiency Market - Macro Economic Scenario
5. Marine Vessel Energy Efficiency Market Size And Growth
…..
27. Marine Vessel Energy Efficiency Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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