New York, United States , Aug. 30, 2024 (GLOBE NEWSWIRE) -- The Global Marine Vessel Energy Efficiency Market Size is Expected to Grow from USD 1.68 Billion in 2023 to USD 5.28 Billion by 2033, at a CAGR of 12.13% during the forecast period 2023-2033.
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The term "energy efficiency" describes the process of utilizing less energy to accomplish a certain action or goal. The term "marine vessel energy efficiency" describes the strategies and tools used in ship construction, maintenance, and operation to lower energy usage and lessen environmental effects. Marine vessel energy efficiency aims to optimize fuel usage, reduce greenhouse gas emissions, and minimize the shipping industry's environmental impact. The U. S. Department of Energy is advancing decarbonization goals for the maritime transportation industry, partnering with Singapore and the American Bureau of Shipping to achieve net zero emissions by 2050. The market for marine vessel energy efficiency is driven by fuel cost savings, environmental regulations, and the growing demand for environmentally friendly transportation methods. The industry is compelled to adopt energy-efficient technology due to EU and IMO regulations, and ship owners and operators are encouraged to invest in fuel-efficient technologies. However, the market faces challenges such as high upfront costs, long-term maintenance costs, and concerns about the performance and reliability of new technology. Collaboration between technology providers, legislators, and industry stakeholders is necessary to overcome these limitations.
Browse key industry insights spread across 220 pages with 100 Market data tables and figures & charts from the report on the "Global Marine Vessel Energy Efficiency Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Hardware Systems, and Sensors and Software), By Application (Dry Cargo Vessel, Service Vessels, Fishing Vessels, and Yachts), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The hardware systems segment is predicted to hold the largest market share through the forecast period.
Based on the product type, the marine vessel energy efficiency market is classified into hardware systems, and software & sensors. Among these, the hardware systems segment is predicted to hold the largest market share through the forecast period. Due to the rising need for cutting-edge hardware parts that may immediately increase a ship's energy efficiency. Fuel consumption and pollutants can be significantly decreased by implementing hardware solutions like waste heat recovery, propulsion, and energy-efficient engines. Ship owners and operators are more likely to invest in these hardware-based solutions to maximize the energy performance of their vessels as laws become stricter and the emphasis on sustainability grows. In addition, hardware systems are favoured in the marine industry over software-based solutions due to their durability and dependability, which will support the segment's leading market share throughout the projection period.
The service vessels segment is anticipated to hold the highest market share during the projected timeframe.
Based on the application, the marine vessel energy efficiency market is divided into dry cargo vessel, service vessels, fishing vessels, and yachts. Among these, the service vessels segment is anticipated to hold the highest market share during the projected timeframe. This is due to the increasing need in the service vessel sector which encompasses a broad spectrum of vessels like dredgers, tugboats, and offshore supply ships for energy-efficient solutions. Because these vessels must adhere to strict laws and frequently operate in environmentally sensitive areas, there is a growing need for increased energy efficiency. Furthermore, compared to larger commercial boats, service vessels often have shorter operating cycles and higher utilization rates, which increases the economic viability of investing in energy-efficient equipment. The service vessel category is expected to hold a significant market position over the projection period because to its focus on reducing emissions and fuel costs, which is in line with the industry trend towards sustainable, shipping practices.
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Asia Pacific is estimated to hold the largest share of the marine vessel energy efficiency market over the forecast period.
Asia Pacific is estimated to hold the largest share of the marine vessel energy efficiency market over the forecast period. The substantial marine traffic in the area, the existence of important shipbuilding and ship repair centers, and the enforcement of strict environmental standards are the main drivers of this. To support their booming maritime industries, nations like China, Japan, and South Korea have been making significant investments in the development of energy-efficient technology and infrastructure. The adoption of energy-efficient solutions in Asia-Pacific has also been fuelled by the region's growing middle class's demand for greener shipping options. In addition, the rapid economic growth and expansion of seaborne trade in the region, along with government initiatives to promote sustainable maritime practices, are anticipated to sustain demand for marine vessel energy efficiency technologies in the Asia-Pacific market throughout the forecast period.
Europe is expected to grow the fastest during the forecast period. This is because of the area's strict environmental laws and dedication to lowering carbon emissions from the marine industry. Regulations like the Emissions Trading System (ETS) and the Monitoring, Reporting, and Verification (MRV) program have been put into place as a result of the European Union's aggressive climate targets, such as the 'Fit for 55' package and the European Green Deal. In order to comply with the increasingly stringent emissions regulations, these laws have forced ship owners and operators in Europe to invest in energy-efficient technologies and solutions. Moreover, the region's robust R&D capacities and the presence of significant shipping and shipbuilding hubs have fuelled the quick adoption of cutting-edge energy efficiency solutions in the European marine industry, supporting the region's rapid market expansion during forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the marine vessel energy efficiency market include 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., Wartsila Corporation, Bureau Veritas S.A., MAN Energy Solutions SE, KONGSBERG, China Classification Society (CCS), Haldor Topsoe A/S, Gaztransport & Technigaz S.A. (GTT), and Others Key Players.
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Recent Developments
- In March 2024, Houlder has created a new tool that analyzes ship performance and assesses efficiency possibilities, such as clean technologies and energy-saving gadgets.
- In February 2024, DNV has acknowledged the ABB and MAN Energy Solutions-developed New Dual Fuel, Electric+ (DFE+) idea as a more energy-efficient option for LNG carriers than the present traditional designs.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the marine vessel energy efficiency market based on the below-mentioned segments:
Global Marine Vessel Energy Efficiency Market, By Product Type
- Hardware Systems
- Software & Sensors
Global Marine Vessel Energy Efficiency Market, By Application
- Dry Cargo Vessel
- Service Vessels
- Fishing Vessels
- Yachts
Global Marine Vessel Energy Efficiency Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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