Marine Vessel Energy Efficiency Market 2020 | Size, Trends, Forecasts to 2025

According to credible estimates, the global marine vessel energy efficiency market size is presumed to accumulate US $814.7 million by the year 2025. The substantial growth of the market can be attributed to rising sea trade, along with surging spending of nations towards naval defense. Rising per capita income, coupled with surging trend of maritime tourism are other factors propelling the market growth.  

Driven by global environmental concerns, governments of various nations are focusing on lowering GHG emissions by deploying robust emission control regulations. The strict federal regulations are encouraging the shipping manufacturers to adopt energy efficient systems for their vessels, thereby driving the marine vessel energy efficiency industry.

Increasing production of marine vessels, along with maintenance & retrofitting activities in existing vessels will augment the industry outlook. Apart from this, factors like advancements in technology and rising adoption of automation to enhance fuel efficiency are driving market share. However, lack of awareness regarding the latest technology, along with high installation cost as well as uncertainty about the effectiveness of the solutions will hamper the expansion of marine vessel energy efficiency market.

Considering the product terrain, the market is classified into energy saving devices and software & system. Marine vessel energy efficiency market from software & system segment is projected to grow with substantial CAGR over the forecast period, driven by the demand for enhancing fuel efficiency while reducing emissions in a cost-effective manner.

These systems help in monitoring and assessing fuel consumption while ensuring optimum operation of pumps. Blooming trend of Blue Economy which focuses on exploiting oceans for economic prosperity while preserving the marine environment will favor the adoption of energy efficiency system and software in marine vessels.

Speaking of the application outlook, marine vessel energy efficiency market is categorized into container vessels, tanker vessels, and bulk vessels. The tanker vessels segment is projected to register momentous growth during 2020-2025, on account of rising demand for crude oil across the globe. Tanker vessels are used globally for storing and transporting fluids, mainly crude oil. Expanding oil & gas industry, coupled with surging logistics need for conveying hydrocarbons, fuel gas, petroleum, and other such fluids will stimulate the growth of tanker vessel energy efficiency market.

Elaborating on the regional landscape, marine vessel energy efficiency industry has secured notable revenues from regions like Saudi Arabia, Brazil, Australia, Southeast Asia, India, Korea, Japan, China, Italy, Russia, United Kingdom, France, Germany, Mexico, United States, and Canada. The United States market is slated to expand significantly in the upcoming years, pertaining to swift technological developments and surging adoption of emission control systems in marine vessels across the region.

High disposable income and burgeoning trend of maritime recreation are contributing towards the regional market growth. The regulatory landscape across the region favors the production of fuel-efficient vessels, which will further aid the regional market outlook.

The key contenders functioning in the marine vessel energy efficiency market are Wartsila, ABB Group, Schneider Electric, GE, Baker Marine Systems, MAN, KONGSBERG, Kawasaki, Siemens, China Classification Society, and Bureau Veritas. These market colossuses are investing heavily in R&D to offer technologically advanced solutions and expand their renumeration.

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