Press release
Marine Vessel Energy Efficiency Market to Grow at 11.1% CAGR, Reaching $3.06 Billion by 2029
Marine Vessel Energy Efficiency
Marine Vessel Energy Efficiency Market Outlook: How is the Market Expected to Grow by 2025?
The market size for energy efficiency in marine vessels has seen swift expansion in the past few years. Its projected expansion is evident as it's set to rise from $1.78 billion in 2024 to $2 billion in 2025, resulting in a compound annual growth rate (CAGR) of 12.4%. Factors attributing to this growth during the historic period include a rise in customer demand for eco-friendly shipping methods, regulatory constraints, potential cost savings, lowered emission goals, and an upsurge in trade volume.
Marine Vessel Energy Efficiency Market Forecast: What Size Will It Reach By 2029?
The market size for energy efficiency in marine vessels is predicted to experience a swift expansion in the forthcoming years. The value is projected to reach $3.06 billion in 2029, growing at a compound annual growth rate (CAGR) of 11.1%. The growth during the forecast period can be linked to aspects such as overseas trade and shipping demand, escalating fuel expenses, corporate social responsibility, public opinion, and retrofitting possibilities. The forecast period is also expected to see significant trends like the development of alternative fuels, a shift towards LNG, technological progress, innovation in technology, and energy management systems.
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Which Key Market Drivers Will Shape Marine Vessel Energy Efficiency Industry Trends in 2025-2029?
The marine vessel energy efficiency market is projected to expand due to an increase in international trade and shipping demand on a global scale. The driving factors for this enhanced demand are the growth in worldwide freight needs, the economic importance of shipping, globalization, trade facilitation, transportation costs, and market effect. Raising energy efficiency in marine shipping aids in cutting down on greenhouse gases and other pollutants produced by burning fossil fuels. The advantages include heightened economic competitiveness, reduced environmental damage, ensured regulatory observance, and a more dependable and efficient worldwide supply chain. For example, in March 2023, it was reported by the World Trade Organization, an intergovernmental organization based in Switzerland, that the global trade of goods and services attained $31.0 trillion in 2022. This signifies a 13% rise from the $27.5 trillion reported in the previous year. Thus, the rise in international trade and shipping requirements is boosting the marine vessel energy efficiency market's growth.
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What Are the High-Growth 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
Which Global Trends Are Driving Marine Vessel Energy Efficiency Market Expansion?
Leading businesses in the marine vessel energy efficiency market are focusing on the development of groundbreaking technologies such as wind power-assisted vessels in an effort to slash emissions. In essence, a wind power-assisted ship employs the use of wind propulsion mechanisms in addition to traditional fossil fuel-powered engines, which serves to decrease both fuel usage and carbon emissions. For example, in October 2023, the renowned Singaporean tech firm Berge Bulk Limited unveiled Berge Olympus, a vessel equipped with steel and composite sails designed to curtail fuel use and CO2 emissions. Outfitted with four sails, aptly named WindWings, the ship is projected to conserve up to 20% of fuel, equivalent to six tons per day, on a typical global route, while concurrently reducing carbon emissions by approximately 19.5 tons daily.
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Who Are the Fastest-Growing Companies in the Marine Vessel Energy Efficiency Industry?
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 Is the Regional Outlook for the Marine Vessel Energy Efficiency Market by 2029?
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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