Marine Vessel Energy Efficiency Market Size, Share & Industry Analysis, By Product type (Hardware Systems, Software & Sensors), By Application (Passenger Ships & Ferries, Dry Cargo Vessels, Service Vessels, Fishing Vessels, Dry Bulk Carriers, Off-Shore Vessels, Yachts, Others) And Regional Forecast, 2024-2032

Marine vessel energy efficiency solutions are used to enhanced operational efficiency through sustainable energy. International Maritime Organization (IMO) has made it compulsory to implement energy efficiency to reduce harmful gas emissions. These optimization systems are widely implemented to reduce fuel consumption and curb carbon dioxide emissions of the vessel by monitoring and maintaining the different efficient parameters.

The global marine vessel energy efficiency market is rapidly growing across the globe, owing to rising concerns over the emissions of greenhouse gases. Furthermore, a significant increase in trading activities and rising maritime tourism has led to the growing demand for cargo and passenger ships worldwide, which in turn, is driving the demand for ship deliveries, which has further boosted the demand for marine engine monitoring systems.

Based on product type segmentation, vessel energy is divided into hardware systems and software & sensors. The hardware is likely to observe substantial growth over the forecast period owing to its ability to endure the harsh conditions aboard ships. Such applications can use computer models of the ship’s hull and energy systems. They can provide real-time recommendations about how to improve operational characteristics and maintain performance integrity.

Additionally, the software & sensors division is set to hold a significant share as the use of sensors provides an excellent opportunity to improve the efficiency and safety of ships. This equipment tracks the accurate data to enhance the output performance unveiling huge potential across the commercial shipping verticals. Furthermore, real-time monitoring and analysis strategies will be key in improving the sector.

Based on application segmentation, the vessel is divided into passenger ships & ferries, dry cargo vessels, service vessels, fishing vessels, dry bulk carriers, off-shore vessels, yachts, and others. Passenger ships include ferries, which are vessels for a day or overnight short sea trips. Conversely, most bulky international trade is carried out by dry cargo vessels to carry transport goods to ports propelling the growth of the segments across the world.

Service vessel’s principal function is to provide propulsive power to other vessels. Both fishing vessels and yachts do a certain type of work, only the difference is fishing vessels is used to catch a fish in sea or lake while yachts are power vessel used for pleasure, cruising or racing. Dry bulk carriers work as a distinguisher between bulk carriers and bulk liquid carriers such as oil, chemical. The operational purpose is being served such as oil exploration by offshore vessels.

The demand for container ships is significantly high in developing regions such as the Asia Pacific and Latin America, owing to an increase in the export of goods, while same with the demand for, maritime transport services and the growth of the shipping industry contributing to the increasing demand for the marine vessel.

Environmental regulations, policies, and subsidy schemes vary country-wise based on the intensity of emissions caused by harmful gases such as SO_x, NO_x, and CO₂. The development of marine propulsions systems is being focussed by ship components manufacturers that comply with various environmental regulations formulated by governments of countries worldwide.

Key Market Driver -

Growth in international marine freight transport

Key Market Restraint -

Stringent environmental regulations worldwide

Key Players Covered:

Major companies operating in the global marine vessel energy efficiency market include ABB Group, Bureau Veritas, Siemens, Schneider Electric, GreenSteam, PowerCell Sweden, Marorka, Haldor Topsoe, Eniram, Equinor ASA, Hyundai Heavy Industries, Norsepower, and Blended Fuel Solutions.

Regional Analysis:

The global marine vessel energy efficiency market has been divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Prime factors such as the increase in shipping and the emergence of developing countries in shipbuilding will facilitate the marine vessel energy efficiency growth in the Asia Pacific. Major developments in autonomous electric vessels that use fuel cells and remotely controlled vessels are also driving the market in Europe to grow. Besides, North America industry size is also projected to hold a sizable share owing to the increasing rate of marine trade volumes coupled with the growing shipping industry across different countries.

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Segmentation

Key Developments

• In February 2019, Daewoo Shipbuilding & Marine Engineering was taken over by Hyundai Heavy Industries


• In February 2019, Man Diesel & Turbo has won the order to supply 18 TIER II-complaint main engines for lane-metre roro vessels.


• In January 2019, an order to supply Castle hill, Fraserburgh with a ship design, a Wartsila 32 main engine was received by Wartsila.