Press release
Shaping the Marine Vessel Energy Efficiency Market in 2025: Innovative Technologies In Marine Vessel Energy Efficiency Wind Power-Aided Ships
Marine Vessel Energy Efficiency Market Size
The marine vessel energy efficiency market has experienced rapid growth. It will rise from $1.78 billion in 2024 to $2.02 billion in 2025, at a CAGR of 13.1%. The growth is attributed to rising customer demand for sustainable shipping practices, regulatory pressure, cost savings, emission reduction targets, and increasing trade volume.
The marine vessel energy efficiency market is expected to grow rapidly, reaching $3.09 billion by 2029 at a CAGR of 11.3%. Key drivers include rising fuel costs, international shipping demand, and corporate social responsibility. Trends in this market include the development of alternative fuels, LNG transition, and advancements in energy management systems.
What Are the Primary Growth Drivers for the Marine Vessel Energy Efficiency Market?
The rising demand for international trade and shipping is expected to drive the growth of the marine vessel energy efficiency market. The global demand for freight, trade facilitation, and economic integration is fueling the need for more energy-efficient marine vessels. Improving energy efficiency in marine transportation helps reduce environmental impacts and ensures regulatory compliance. According to the World Trade Organization, global trade reached $31.0 trillion in 2022, marking a 13% increase from 2021. Consequently, the growing demand for international trade and shipping is advancing the marine vessel energy efficiency market's growth.
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Who Are the Dominant Companies Influencing Marine Vessel Energy Efficiency Market Trends?
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 Major Trends Shaping the Marine Vessel Energy Efficiency Market?
In the marine vessel energy efficiency market, companies are developing technologies such as wind power-aided ships to reduce emissions and fuel consumption. Wind power-aided ships use wind propulsion to complement traditional fossil fuel engines. For instance, in October 2023, Berge Bulk Limited, a Singapore-based company, introduced Berge Olympus, a ship equipped with WindWings-steel and composite sails that can save up to 20% of fuel consumption and cut carbon emissions by about 19.5 tons per day on average routes.
What Are the Different Segmentations in the 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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Which Region Is at the Forefront of 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.
What Is Covered In The Marine Vessel Energy Efficiency Global Market Report?
- Market Size Analysis: Analyze the Marine Vessel Energy Efficiency Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Marine Vessel Energy Efficiency Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Marine Vessel Energy Efficiency Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Marine Vessel Energy Efficiency Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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