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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry 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.
The marine vessel energy efficiency market report table of contents includes:
1. Executive Summary
2. Marine Vessel Energy Efficiency Market Characteristics
3. Marine Vessel Energy Efficiency Market Trends And Strategies
4. Marine Vessel Energy Efficiency Market – Macro Economic Scenario
5. Global Marine Vessel Energy Efficiency Market Size and Growth
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31. Marine Vessel Energy Efficiency Market Other Major And Innovative Companies
32. Global Marine Vessel Energy Efficiency Market Competitive Benchmarking
33. Global Marine Vessel Energy Efficiency Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Marine Vessel Energy Efficiency Market
35. Marine Vessel Energy Efficiency Market Future Outlook and Potential Analysis
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