Marine vessel energy efficiency refers to the overall operational efficiency of the ship or marine vessel. Companies involved in marine transportation face a major challenge in maintaining the energy efficiency parameters of the vessel. Vessel energy efficiency systems are implemented to reduce fuel consumption and CO2 emissions of the vessel by monitoring and maintaining the different efficiency parameters.

Market Outlook

The global marine vessel energy efficiency market has witnessed a surge in growth in the recent past owing to rising concerns over the emissions of greenhouse gases.

According to the International Maritime Organization’s (IMO) report, in 2012, the total CO2 emissions from the shipping sector were estimated to be around 938 million tons which was 2.6% of the total CO2 emission across the world.

Market Dynamics

The increasing growth of maritime trade across the globe has augmented the consumption of fossil fuels in the marine industry, which has led to a rise in greenhouse gas (GHG) emissions. According to the Indian Brand Equity Foundation (IBEF), in 2019, the major ports in India handled around 700 million tons of cargo traffic. These factors are expected to drive demand for vessel energy efficiency systems in the marine industry over the forecast period.
Fuel consumption plays a major role in the energy efficiency of the marine vessel, on account of which ship engine manufactures are driven towards designing hybrid engines. These dual fuel engines use both liquid and gaseous fuels to run the vessel. Moreover, companies are encouraging the use of highly accurate measuring equipment that can give precise data for fuel characteristics such as density and viscosity, which helps in accurate monitoring of fuel consumption.

Key Players

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
Rising number of partnerships among companies to reduce overall carbon emissions during the supply chain process are expected to facilitate the market growth over the forecast period. For instance, in January 2020, Equinor, a Norway-based multinational energy company, announced its partnership with Eidesvik Offshore, a supply and shipping company. The aim of this partnership is to modify the supply vessel, Viking Energy, and make it the world’s first fully carbon-free, ammonia fuelled supply vessel.

Market Taxonomy

On the basis of product type, the global marine vessel energy efficiency market is segmented into: