About Maritime Decarbonization
The maritime industry is the international network of ships and ports. Maritime decarbonization is the process of reducing greenhouse gas emissions in the maritime sector. It involves the adoption of sustainable, low-carbon power and fuel sources. There are a wide range of advantages present, including reducing air pollution in port communities, facilitating renewable energy growth, and many more. Advancements in hybrid and electric propulsion systems for ships are being explored. Research and development in wind-assisted propulsion systems, like sails and kites, were gaining attention.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The maritime decarbonization market has been witnessing increased competition as various companies and stakeholders aim to develop and offer sustainable solutions to address the environmental challenges in the maritime industry. The competition landscape involves a mix of established players, emerging startups, and collaborations between different entities. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Shell global (United Kingdom), The Aspen Institute (United States), Hapag-Lloyd AG (Germany), Wartsila (Finland), CMA CGM Group (France), Siemens Gamesa Renewable Energy (Spain), MAN Energy Solutions (Germany), A.P. Moller – Maersk (Denmark), Carnival Corporation & plc (United States), Equinor ASA (Norway), MSC Biofuel Solution (Switzerland), S&P Global (United States), Jotun (Norway), Fluechem LTD (United Kingdom), McKinsey & Company (United States), Corvus Energy (Norway), Hecla Emissions Management (United States) and DNV (Norway) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Maritime Decarbonization market by and Region.
On the basis of geography, the market of Maritime Decarbonization has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Technology, the sub-segment i.e. Alternative Propulsion Systems (Electric Propulsion, Hybrid Propulsion, Fuel Cell Propulsion, Wind-Assisted Propulsion) will boost the Maritime Decarbonization market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Alternative Fuels, the sub-segment i.e. Liquefied Natural Gas (LNG) (LNG-Powered Vessels, LNG Bunkering Infrastructure will boost the Maritime Decarbonization market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-User, the sub-segment i.e. Ship Owners and Operators will boost the Maritime Decarbonization market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Vessel Type, the sub-segment i.e. Container Ships will boost the Maritime Decarbonization market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increased attention on the development and deployment of zero-emission vessels
Market Growth Drivers:
Growing public concern about environmental sustainability and climate change and Increasing development of alternative fuels such as liquefied natural gas (LNG), biofuels, and hydrogen
Challenges:
Slow rate of adoption for new fuels and technologies in maritime industry and Lack of availability and affordability of zero-carbon fuel and vessels
Restraints:
Concern about social acceptance and cost.
Opportunities:
Growing need for skilled professionals who understand and can implement decarbonization technologies.
Market Leaders and their expansionary development strategies
In February 2023, Shell Western LNG B.V (Shell) and Hapag-Lloyd announced the partnership for the supply of liquefied natural gas to Hapag-Lloyd’s ultra large dual-fuel container vessels of 23,500+ twenty-foot equivalent units. The strategic partnership intended to accelerate the further decarbonisation of alternative marine fuels.
In May 20223, Hapag-Lloyd is launched “Ship Green”, a new solution for climate-friendly transportation based on biofuel. The solution is accessible from anywhere at any time and requires no long-term commitment from customers. With Ship Green, customers can choose among three different options, representing different levels of avoidance in carbon dioxide equivalent (CO2e) emissions: 100%, 50% or 25% of their shipment’s ocean-leg CO2e emissions
Key Target Audience
Research Organization, Government Regulatory, End users’ industry, New Entrants and Investors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.