Marine Vessel Energy Efficiency Global Market Report 2024

The marine vessel energy efficiency market size has grown rapidly in recent years. It will grow from $1.57 billion in 2023 to $1.78 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth observed in the historical period can be ascribed to the rising customer demand for sustainable shipping practices, regulatory pressures, the pursuit of cost savings, goals for emission reduction, and the overall increase in trade volume.

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 anticipated growth in the forecast period can be attributed to the demand for international trade and shipping, the escalation of fuel costs, the emphasis on corporate social responsibility, public perception, and opportunities for retrofitting. Noteworthy trends in the forecast period encompass the development of alternative fuels, a shift towards liquefied natural gas (LNG), advancements in technology, innovative technological solutions, and the implementation of energy management systems.

The marine vessel energy efficiency market is anticipated to experience growth, driven by the increasing demand in international trade and shipping. The rise in global freight demand, economic significance, trade facilitation, globalization, transport cost considerations, and market influence contribute to the escalating demand for international trade and shipping. Enhancements in energy efficiency within marine transportation are crucial for reducing greenhouse gas emissions and other pollutants associated with fossil fuel combustion. This not only improves economic competitiveness but also contributes to a more sustainable and efficient global supply chain, ensuring regulatory compliance. For instance, the World Trade Organization reported a 28% increase in the value of trade in intermediate goods in 2021 compared to 2020, with an anticipated 10% growth expected in the first quarter of 2022. Therefore, the growth of the marine vessel energy efficiency market is propelled by the increasing demands of international trade and shipping.

Leading companies in the marine vessel energy efficiency market are focusing on developing innovative technologies to cut emissions, such as wind power-aided ships. These vessels utilize wind propulsion technologies alongside traditional fossil fuel engines, resulting in reduced fuel consumption and carbon emissions. In October 2023, Berge Bulk Limited, a Singapore-based technology company, introduced Berge Olympus, a ship equipped with steel and composite sails known as WindWings. This innovation is expected to save up to 20% of fuel or six tons per day on an average worldwide route, reducing carbon emissions by about 19.5 tons per day.

In January 2024, ABB Group, a Switzerland-based technology company specializing in electrification and automation, successfully acquired DTN Shipping for an undisclosed amount. This strategic acquisition positions ABB to provide data-driven solutions for optimizing vessel performance and reducing fuel consumption in the marine vessel energy efficiency market. DTN Shipping, a US-based company, offers a comprehensive solution called DTN marine content services, which integrates marine weather data and analytics into systems.

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.

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. The countries covered in the marine vessel energy efficiency market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Marine vessel energy efficiency entails optimizing energy consumption and curbing emissions during the operation of ships. This involves employing diverse technologies, operational practices, and management strategies to enhance ships' energy efficiency, minimize fuel usage, and decrease greenhouse gas emissions.

The primary categories of marine vessel energy efficiency include hardware systems, sensors, and software. Hardware systems in marine vessel energy efficiency encompass the tangible components and equipment installed on ships to optimize fuel consumption and diminish emissions. These systems are utilized in various types of vessels such as passenger ships, ferries, dry cargo vessels, service vessels, fishing vessels, dry bulk carriers, offshore vessels, yachts, and others. The hardware systems are powered by parallel hybrid propulsion systems and serial hybrid propulsion systems to enhance energy efficiency.

The marine vessel energy efficiency market research report is one of a series of new reports that provides marine vessel energy efficiency market statistics, including marine vessel energy efficiency industry global market size, regional shares, competitors with a marine vessel energy efficiency market share, detailed marine vessel energy efficiency market segments, market trends and opportunities, and any further data you may need to thrive in the marine vessel energy efficiency industry. This marine vessel energy efficiency market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The marine vessel energy efficiency market includes revenues earned by entities by providing services such as design and engineering services, fuel efficiency optimization, retrofit solutions, and energy audits. The market value includes the value of related goods sold by the service provider or included within the service offering. The marine vessel energy efficiency market also includes sales of marine propulsion systems, optimization systems, autonomous electric vessels, and blended fuel solutions. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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