Press release
International Trade And Shipping Demand Driving Growth Of The Marine Vessel Energy Efficiency Market: Strategic Insights Driving Marine Vessel Energy Efficiency Market Momentum in 2025
Marine Vessel Energy Efficiency
How Large Will the Marine Vessel Energy Efficiency Market Size By 2025?
In the last few years, the market size of marine vessel energy efficiency has seen swift expansion. It is poised to rise from $1.78 billion in 2024 to a projected $2.02 billion by 2025, demonstrating a Compound Annual Growth Rate (CAGR) of 13.1%. The escalation in the historic timeframe has been a result of growing customer preference towards eco-friendly shipping practices, regulatory constraints, cost-effective measures, targets for emissions reduction, and an upsurge in trade volume.
How Big Is the Marine Vessel Energy Efficiency Market Size Expected to Grow by 2029?
The market size of energy efficiency for marine vessels is predicted to witness swift expansion in the coming years, reaching a value of $3.09 billion by 2029 with a CAGR of 11.3%. This predicted surge in the forecast period is due to a variety of factors including a boost in international trade and shipping requirements, escalating fuel prices, business commitment to social responsibility, public opinion, and scope for retrofitting. Key trends during the projection period are expected to include the creation of alternative fuels, conversion to LNG, technological progress, innovation, and the implementation of energy management systems.
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Which Key Market Drivers Powering Marine Vessel Energy Efficiency Market Expansion and Growth?
The expansion of the marine vessel energy efficiency market is projected to be fuelled by the rising demand for international trade and shipping. The burgeoning demand for global freight, along with factors like economic value, trade facilitation, globalisation, transportation costs and market sway, are contributing to the spike in international trade and shipping needs. Advancements in energy efficiency within marine transportation are pivotal to lowering greenhouse gas emissions and other pollutants produced by fossil fuel burning. This enhancement not only bolsters economic competitiveness but also diminishes environmental harm, secures regulatory compliance and fortifies a more trustworthy and cogent international supply chain. For example, the World Trade Organisation, headquartered in Switzerland, reported in March 2023 that the global trade volume for goods and services touched the $31.0 trillion mark in 2022, indicating a 13% rise from $27.5 trillion in the preceding year. Hence, the escalating demand for international trade and shipping is a key driver for the growth of the marine vessel energy efficiency market.
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Which Fast-Growing Trends Are Poised to Disrupt the Marine Vessel Energy Efficiency Market?
Leading firms in the marine vessel energy efficiency market are innovating with technologies like wind power-assisted ships to lower emissions. This type of ship uses wind propulsion mechanisms in conjunction with traditional fossil fuel engines to decrease fuel usage and carbon emissions. For example, Berge Bulk Limited, a technology enterprise based in Singapore, introduced Berge Olympus in October 2023. This ship, equipped with steel and composite sails, is designed to decrease fuel consumption and carbon dioxide emissions. It features four sails called WindWings, which are projected to conserve up to 20% of fuel or six tons per day on a typical international course, reducing carbon emissions by approximately 19.5 tons per day.
What Are the Emerging Segments 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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the Marine Vessel Energy Efficiency Industry?
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.
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