Marine Vessel Energy Efficiency Market Trends and Forecast
The future of the global marine vessel energy efficiency market looks promising with opportunities in the passenger ship & ferry, dry cargo vessel, service vessel, fishing vessel, dry bulk carrier, off-shore vessel, and yacht markets. The global marine vessel energy efficiency market is expected to reach an estimated $3 billion by 2030 with a CAGR of 10.3% from 2024 to 2030. The major drivers for this market are rising demand for sustainable shipping, increase of international trade, and growing demand for retrofitting of existing vessels.
• Lucintel forecasts that hardware system is expected to witness the higher growth over the forecast period.
• Within this market, passenger ship & ferry is expected to witness the highest growth.
• APAC is expected to witness highest growth over the forecast period.
United States: Companies like General Electric and Wärtsilä are investing in energy-efficient marine propulsion systems. The U.S. government has set targets for emissions reduction in the maritime sector, encouraging companies to adopt eco-friendly technologies.
Norway: Norwegian firms like Kongsberg and DNV are leading initiatives for fuel-efficient vessel designs. NorwayÄX%$%Xs government aims for carbon neutrality in shipping by 2050, incentivizing companies to develop and adopt energy-efficient solutions.
China: Chinese companies such as Shanghai Waigaoqiao Shipbuilding and CSSC are developing energy-efficient marine engines and hybrid propulsion systems. The Chinese government has mandated emission reduction targets for the shipping industry, driving investments in energy-efficient technologies.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Marine Vessel Energy Efficiency by Segment
The study includes a forecast for the global marine vessel energy efficiency by type, operation, application, and region.
Marine Vessel Energy Efficiency Market by Type [Shipment Analysis by Value from 2018 to 2030]:
• Hardware System
• Sensors & Software
Marine Vessel Energy Efficiency Market by Operation [Shipment Analysis by Value from 2018 to 2030]:
• Parallel Hybrid Propulsion System
• Serial Hybrid Propulsion System
Marine Vessel Energy Efficiency Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• Passenger Ships & Ferries
• Dry Cargo Vessels
• Service Vessels
• Fishing Vessels
• Dry Bulk Carriers
• Off-Shore Vessels
• Yachts
• Others
Marine Vessel Energy Efficiency Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Marine Vessel Energy Efficiency Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies marine vessel energy efficiency companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the marine vessel energy efficiency companies profiled in this report include-
• Equinor
• Siemens
• General Electric Company
• Schneider Electric
• Mitsubishi Heavy Industries
• ABB Group
• Emerson Electric
• Kawasaki Heavy Industries
• Wartsila Corporation
• Bureau Veritas
Recent Development in the Marine Vessel Energy Efficiency Market
Wärtsilä: Wärtsilä has introduced the "Smart Marine Ecosystem," integrating digital technologies with energy-efficient solutions for marine vessels. This initiative aims to optimize fuel consumption, reduce emissions, and enhance overall energy efficiency in maritime operations.
ABB Group: ABB Group has launched the "Azipod® Electric Propulsion System," offering energy savings of up to 20% compared to traditional propulsion systems. This innovation supports the industryÄX%$%Xs shift towards sustainable shipping practices and increased fuel efficiency.
MAN Energy Solutions: MAN Energy Solutions has developed the "ME-GI Dual-Fuel Engine," enabling marine vessels to operate on both natural gas and conventional fuels, reducing emissions and improving energy efficiency in maritime transport.
Rolls-Royce: Rolls-Royce has unveiled the "EcoSpeed Propulsion System," combining hybrid power and energy storage solutions to optimize fuel consumption and reduce environmental impact for marine vessels, aligning with global efforts towards sustainable shipping practices.
Kongsberg Maritime: Kongsberg Maritime is collaborating on the development of "Green Solutions" for marine vessels, including advanced automation systems and energy-efficient propulsion technologies, to enhance overall operational efficiency and environmental performance in maritime transportation.
Features of the Global Marine Vessel Energy Efficiency Market
Market Size Estimates: Marine vessel energy efficiency market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Marine vessel energy efficiency market size by type, operation, application, and region in terms of value ($B).
Regional Analysis: Marine vessel energy efficiency market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, operations, applications, and regions for the marine vessel energy efficiency market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the marine vessel energy efficiency market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the marine vessel energy efficiency market size?
Answer: The global marine vessel energy efficiency market is expected to reach an estimated $3 billion by 2030.
Q2. What is the growth forecast for marine vessel energy efficiency market?
Answer: The global marine vessel energy efficiency market is expected to grow with a CAGR of 10.3% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the marine vessel energy efficiency market?
Answer: The major drivers for this market are rising demand for sustainable shipping, increase of international trade, and growing demand for retrofitting of existing vessels.
Q4. What are the major segments for marine vessel energy efficiency market?
Answer: The future of the marine vessel energy efficiency market looks promising with opportunities in the passenger ship & ferry, dry cargo vessel, service vessel, fishing vessel, dry bulk carrier, off-shore vessel, and yacht markets.
Q5. Who are the key marine vessel energy efficiency market companies?
Answer: Some of the key marine vessel energy efficiency companies are as follows:
• Equinor
• Siemens
• General Electric Company
• Schneider Electric
• Mitsubishi Heavy Industries
• ABB Group
• Emerson Electric
• Kawasaki Heavy Industries
• Wartsila Corporation
• Bureau Veritas
Q6. Which marine vessel energy efficiency market segment will be the largest in future?
Answer: Lucintel forecasts that hardware system is expected to witness the higher growth over the forecast period.
Q7. In marine vessel energy efficiency market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness highest growth over the forecast period.
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the marine vessel energy efficiency market by type (hardware system and sensors & software), operation (parallel hybrid propulsion system and serial hybrid propulsion system), application (passenger ships & ferries, dry cargo vessels, service vessels, fishing vessels, dry bulk carriers, off-shore vessels, yachts, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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