Global Marine Vessel Energy Efficiency Market Size By Type (Hardware System, Sensors And Software), By Application (Cargo Vessels, Tankers), By Geographic Scope And Forecast

Marine Vessel Energy Efficiency Market Size And Forecast

Marine Vessel Energy Efficiency Market size was valued at USD 1,721.20 Million in 2023 and is projected to reach USD 3,816.48 Million by 2030, growing at a CAGR of 10.66% from 2024 to 2030.

Increase in trade activities and rising maritime tourism are the factors driving market growth. The Global Marine Vessel Energy Efficiency Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Marine Vessel Energy Efficiency Executive Summary

Energy efficiency refers to using less energy to perform a specific task or achieve a particular outcome. It is a measure of how effectively a system, device, or process converts input energy into useful output. Improving energy efficiency is essential for several reasons, including reducing energy consumption, lowering costs, and mitigating environmental impact. Improving energy efficiency in marine vessels is crucial for reducing fuel consumption, operational costs, and environmental impact. The marine vessel energy efficiency sector is essential in optimizing operational practices and mitigating the environmental impact of maritime activities. Also, boosted awareness of the environmental impact of maritime operations has intensified the focus on adopting energy-efficient solutions to reduce emissions.

The expansion of global trade has amplified the demand for cargo and passenger ships. Thus, there’s a surge in ship deliveries, leading to a higher need for efficient marine engine monitoring systems. The rise in maritime tourism has contributed significantly to the demand for passenger ships, further fueling the need for energy-efficient solutions in the maritime sector.

Developing and implementing advanced energy-efficient technologies for maritime use face technical complexities. Innovations in these technologies, including compatibility issues with existing vessel designs, can challenge their adoption. Also, the exploration and development of alternative fuels, such as LNG (liquefied natural gas), biofuels, hydrogen, and others, offer a promising avenue to reduce greenhouse gas emissions and enhance the energy efficiency of marine vessels.

Global Marine Vessel Energy Efficiency Market Attractiveness Analysis

The Global Marine Vessel Energy Efficiency Market is experiencing a scaled level of attractiveness in the Asia Pacific region. The Asia Pacific region has a prominent presence and holds the major share of the global market. Asia Pacific accounted for the largest market share of 48.89% in 2022, and is projected to grow at the highest CAGR of 11.73% during the forecast period. Europe was the second-largest market in 2022, it is projected to grow at a CAGR of 10.32%.

The Asia Pacific Marine Vessel Energy Efficiency Market is a dynamic diverse sector at the forefront of global efforts to reduce ship environmental impact, fuel consumption, and operational costs. This market is shaped by key factors such as the International Maritime Organization’s (IMO) regulatory framework, which mandates energy efficiency standards such as the Energy Efficiency Design Index (EEDI) and the Ship Energy Efficiency Management Plan (SEEMP). Moreover, , China, which leads the world in shipbuilding and shipping, is a major player in the Asia Pacific region, implementing measures such as LNG use, energy-saving devices, and the promotion of green ports. With a significant presence in both the cargo and passenger segments, India supports programs such as the National Maritime Development Programme (NMDP) and the Sagarmala Project. Japan, known for its quality and creativity, is at the forefront of ground-breaking projects such as the e5 program, which features totally electric propulsion and hydrogen fuel cell systems.

Global Marine Vessel Energy Efficiency Market Outlook

The growing demand for cargo and passenger ships worldwide, driven by increased trading activities and rising maritime tourism, substantially impacts the demand for new ship deliveries. The boosted demand for ships subsequently influences the market for various maritime technologies, including marine engine monitoring systems. The increased demand for cargo and passenger ships necessitates more vessels to be constructed and delivered. Shipbuilding companies respond to this demand by increasing their production capacity and providing new ships to meet the market requirements. According to UNCTAD’s Maritime Transport, it predicted a 2.4% growth in maritime trade volume in 2023.

Increased investment in the tourism sector, particularly in coastal regions and maritime destinations, facilitates the development of better amenities, accommodations, and attractions. It enhances the overall appeal of these areas, attracting more leisure travellers seeking seaside experiences. Also, infrastructure improvements, including better transportation networks, upgraded ports, marinas, and waterfront developments, make coastal and maritime destinations more accessible and appealing to tourists. The desire for cultural immersion and understanding of different cultures remains a significant motivation for travellers when choosing destinations. Coastal and maritime regions often offer a rich cultural tapestry, historical sites, and unique traditions that attract tourists seeking diverse experiences.According to the NOAA Office for Coastal Management, Ocean-based tourism and recreation contributes approximately USD 143 billion in gross domestic product to the national economy each year.

The lack of adequate infrastructure, especially concerning refueling or charging stations for alternative fuels or technologies, can significantly impede the widespread adoption of more energy-efficient options in the maritime industry. The availability of alternative fuels, such as liquefied natural gas (LNG), hydrogen, or ammonia, remains limited in many ports worldwide. With sufficient infrastructure for storing, handling, and delivering these alternative fuels, vessel operators might be willing to transition from traditional fossil fuels. Building infrastructure for alternative fuels or charging stations requires substantial investment. It might deter stakeholders due to uncertainties regarding the demand for these energy sources and the return on investment. Many ports need more infrastructure to accommodate vessels using alternative fuels or requiring specific energy-efficient technologies. Port authorities need to upgrade their facilities to handle these vessels and comply with safety and environmental regulations associated with new technologies.

Adopting alternative fuels in the maritime industry improves marine vessel energy efficiency and reduces environmental impact. Several alternative fuels are being explored and implemented in various vessels. LNG is gaining prominence as a cleaner alternative to traditional marine fuels like heavy fuel oil (HFO) or diesel. LNG significantly reduces sulfur oxide (SOx) and particulate matter emissions and contributes to lower nitrogen oxide (NOx) and carbon dioxide (CO2) emissions compared to conventional fuels. Moreover, Hydrogen is considered a promising zero-emission fuel for shipping. When used in fuel cells, it produces electricity to power vessels, emitting only water vapour and heat. However, challenges related to hydrogen production, storage, and infrastructure must be addressed for wider adoption.

Energy-saving technologies help reduce ships’ fuel consumption, leading to cost savings and environmental benefits. Advanced coatings and hull designs minimize water resistance, enhancing hydrodynamics and reducing drag as the ship moves through the water. Smoother hull surfaces and optimized shapes contribute to fuel savings. Air Lubrication Systems create a carpet of air bubbles beneath the ship’s hull, reducing friction between the hull and the water. This air lubrication diminishes drag, thereby cutting down fuel consumption.

Global Marine Vessel Energy Efficiency MarketSegmentation Analysis

The Global Marine Vessel Energy Efficiency Market is segmented on the basis of Type, Application, and Geography.

Marine Vessel Energy Efficiency Market, By Type

• Hardware System
• Sensors And Software

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Based on Type, the market is segmented into Hardware System and Sensors And Software. Hardware Systems accounted for the largest market share of 55.42% in 2022 and is projected to grow at a CAGR of 10.12%during the forecast period. The Marine Vessel Energy Efficiency Market is witnessing a surge in demand for advanced Hardware Systems, such as high-efficiency engines, energy storage, and azipod propulsion, as ship operators prioritize fuel efficiency and compliance with severe regulations. Simultaneously, the Sensors and Software segment is witnessing a paradigm shift with the integration of AI and machine learning, enabling real-time monitoring, predictive maintenance, and actionable insights, influencing the future of energy-efficient maritime operations.

Marine Vessel Energy Efficiency Market, By Application

• Cargo Vessels
• Tankers
• Dry Bulk Carriers
• Passenger Ships And Ferries
• Service Vessels
• Special Purpose Vessels
• Others

Based on Application, the market is segmented into Cargo Vessels, Tankers, Dry Bulk Carriers, Passenger Ships And Ferries, Service Vessels, Special Purpose Vessels, and Others. Cargo Vessels accounted for the largest market share of 34.00% in 2022 and is projected to grow at a CAGR of 12.01% during the forecast period. The growing awareness of the need for energy efficiency and sustainability highlights the importance of the dry cargo vessel category. Ship owners, operators, and customers are becoming more aware of the potential benefits of deploying energy-efficient dry cargo vessels, such as lower operational costs, increased profitability, and improved safety and reliability. Furthermore, in a broader sense, the dry cargo vessels segment of the Marine Vessel Energy Efficiency Market is poised for significant growth. Energy-efficient dry cargo vessels are poised to play a vital role in determining the future of maritime trade, driven by regulatory imperatives, technical advancements, and a growing demand for sustainable shipping.

Marine Vessel Energy Efficiency Market, By Geography

• North America
• Europe
• Asia Pacific
• Middle East And Africa
• Latin America

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Based on Geography, the Global Marine Vessel Energy Efficiency Market is segmented into North America, Europe, Asia Pacific, Middle East And Africa, and Latin America. Asia Pacific accounted for the largest market share of 48.89% in 2022 and is projected to grow at the highest CAGR of 11.73% during the forecast period. The Asia-Pacific market is expected to expand as demand for environmentally friendly and efficient transport increases. The region’s commitment to sustainability is exemplified by advancements in hull design, propulsion systems, waste heat recovery, and the incorporation of renewable energy sources. Notably, the sector is seeing the rise of new ship types, such as electric, hybrid, and hydrogen-powered vessels, indicating a big step toward zero or low emissions in maritime operations. The region’s market dynamics respond dynamically to shifting demands from ship operators and owners seeking to improve fleet performance while meeting environmental and social objectives.

Europe was the second-largest market in 2022 and it is projected to grow at a CAGR of 10.32%. The European Marine Vessel Energy Efficiency Market is growing as a result of a concerted effort to reduce greenhouse gas emissions, fuel consumption, and operational costs in the maritime industry. Germany, known for its shipbuilding ability, presents new solutions such as the Ship Energy Efficiency Management System (SEEMS) to monitor and optimize real-time energy consumption. France, one of the world leaders in cruise ship design and engineering, shows energy-efficient vessels such as the MSC Euribia, which features hybrid propulsion and innovative technology. With its large maritime fleet, the United Kingdom leads projects such as the Clean Maritime Plan, which aims to achieve zero-emission shipping by 2050. Spain is investing in cleaner fuel options and digital tools, whilst Italy is concentrating on alternative fuels, hull optimization, and energy management systems.

Key Players

The “Global Marine Vessel Energy Efficiency Market” is highly fragmented with the presence of a large number of players in the Market. Some of the major companies include Ascenz Marorka, Norsepower, PowerCell Sweden, Hyundai Heavy Industries, Becker Marine Systems GmbH, MAN Energy Solutions SE, Schneider Electric SE, Siemens AG, Wartsila Corp., RLT Marine, General Electric Company, Mitsubishi Heavy Industries, Ltd., Emerson Electric Co., Yara Marine Technologies. This section provides company overview, ranking analysis, company regional and industry footprint, and ACE Matrix.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Company Market Ranking Analysis

The company ranking analysis provides a deeper understanding of the top 3 players operating Marine Vessel Energy Efficiency Market. takes into consideration several factors before providing a company ranking.

The top three players for the Marine Vessel Energy Efficiency Market are General Electric Company, Schneider Electric SE, Mitsubishi Heavy Industries, Ltd. The factors considered for evaluating these players include company’s brand value, product portfolio (including product variations, specifications, features and price), company presence across major regions, product related sales obtained by the company in recent years and its share in the total revenue. further study the company’s product portfolio based on the technologies adopted or new strategies undertaken by the company to enhance their market presence globally or regionally. We also consider the distribution network (online as well as offline) of the company that helps us to understand the company’s presence and foothold in various Marine Vessel Energy Efficiency Markets.

Company Regional Footprint

The company’s regional section provides geographical presence, regional level reach, or the respective company’s sales network presence. For instance, General Electric Company has its presence globally i.e. in North America, Europe, Asia Pacific and RoW. All the companies considered for profiling are reviewed similarly under this section. These sections help us to understand the overall Marine Vessel Energy Efficiency Market presence on a global and country level.

Ace Matrix

This section of the report provides an overview of the company evaluation scenario in the Marine Vessel Energy Efficiency Market. The company evaluation has been carried out based on the outcomes of the qualitative and quantitative analyses of various factors such as the product portfolios, technological innovations, market presence, revenues of companies, and the opinions of primary respondents.