MARINE VESSEL ENERGY EFFICIENCY MARKET ANALYSIS

Marine Vessel Energy Efficiency Market, by Product Type (Hardware systems, and Software & Sensors), by Application (Passenger Ships & Ferries, Dry Cargo Vessels, Service Vessels, Fishing Vessels, Dry Bulk Carriers, Off-Shore Vessels, Yachts, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022-2028

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.