Global Marine Vessel Energy Efficiency Market 2017-2021
About Marine Vessel Energy Efficiency
Marine vessel energy efficiency refers to the solutions that enhance operational efficiency through sustainable energy usage. The growing consumption of fossil gases and emission of greenhouse gases (GHG) has created serious tensions in the marine industry. Thus, to reduce harmful gas emissions from marine vessels, International Maritime Organization (IMO) has made it compulsory to implement Energy Efficiency Design Index onboard for the monitoring of the amount of CO₂ and other GHG from ships.Technavio’s analysts forecast the global marine vessel energy efficiency market to grow at a CAGR of 4.23% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global marine vessel energy efficiency market for 2017-2021. To calculate the market size, the report considers new installations, sales, volume, retrofit, and replacement market.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Marine Vessel Energy Efficiency Market 2017-2021
Technavio recognizes the following companies as the key players in the global marine vessel energy efficiency market: GreenSteam, Marorka, Norsepower, Eniram, Haldor Topsoe, and PowerCell Sweden.
Other Prominent Vendors in the market are: Hyundai Heavy Industries (HHI), and Blended Fuel Solutions NZ.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is evolution of hybrid designs. Dual fuel engines are those that use both liquid and gaseous fuels to run. These dual fuel engines mix absorbed air with natural gas, which is ignited by the diesel. The natural gas gradually replaces the diesel at a substitution rate of 50%-70%, where the substitution rate refers to the portion of the total fuel energy that is provided by natural gas.”
According to the report, one driver in the market is alternative fuel and fuel engine innovations. The increase in globalization is one of the major factors driving the shipping industry, globally. It features world trade, connecting emerging markets with the developed markets, and the development of wider Blue Economy. The technological developments in the marine vessel propulsion systems have led to a decline in the fossil fuel consumption by the shipping industry. This is mainly owing to the development of hybrid engines that operate on alternate fuels and offer higher energy efficiency with minimal emissions.
Further, the report states that one challenge in the market is stringent regulatory mandates. Many communities worldwide depend on fishing for a livelihood as fish is a staple part of the diet in many countries. According to the Food and Agriculture Organization, in 2011, the global fishery production in marine waters was 82.6 million tons, followed by a volume of 87.85 million tons in 2012. Of this, the Northwest Pacific Ocean region accounted for the largest share with 26% (23.59 million tons) of the global marine catch in 2011. The other ocean regions that contributed in a major way to marine fishery production in 2011 were the Southeast Pacific Ocean region with 13.56 million tons (15%) and the Western Central Pacific Ocean region with 12.68 million tons (14%).
GreenSteam, Marorka, Norsepower, Eniram, Haldor Topsoe, PowerCell Sweden, Hyundai Heavy Industries (HHI), and Blended Fuel Solutions NZ.