Brooklyn, New York, March 12, 2024 (GLOBE NEWSWIRE) -- According to a new market research report published by Global Market Estimates, global sustainability in the maritime market is projected to grow at a CAGR of 45.4% from 2024 to 2029.
The growing need to reduce greenhouse gas (GHG) emissions, the increasingly stringent regulations, and the rising emphasis on diversifying energy sources for maritime operations are expected to support the market growth.
Browse 147 Market Data Tables and 115 Figures spread through 163 Pages and in-depth TOC on “Global Sustainability in the Maritime Market - Forecast to 2029’’
Key Market Trends
- Increasing Investment in Renewable Energy: The maritime industry is increasingly exploring renewable energy sources such as wind and solar power to supplement traditional propulsion systems. Wind-assist technologies like sails and rotor sails are retrofitted onto vessels to harness wind energy and reduce fuel consumption. Similarly, solar panels are being installed on ships to generate onboard electricity and reduce reliance on fossil fuels
- Development of Green Technologies: Innovation in green technologies is driving sustainable practices in the maritime industry. This includes advancements in propulsion systems, hull designs, and energy-saving technologies such as air lubrication systems and waste heat recovery systems. These technologies help improve fuel efficiency and reduce emissions
- Adoption of Alternative Fuels: There is a growing trend towards the adoption of alternative fuels to reduce greenhouse gas emissions and comply with regulatory requirements. Liquefied natural gas (LNG), biofuels, and hydrogen are explored as viable alternatives to traditional marine fuels like heavy fuel oil. LNG, in particular, has seen increased uptake due to its lower emissions profile compared to conventional fuels
Key Market Insights
- As per the fuel type outlook, the bio methanol segment is expected to be the largest segment in the global sustainability in the maritime market from 2024 to 2029
- As per the application outlook, the tankers/carriers segment is expected to be the largest segment in the global sustainability in the maritime market from 2024 to 2029
- Asia Pacific region is analyzed to be the fastest-growing region in the market
- North America region is expected to hold the largest share of the market during the forecast period from 2024 to 2029
- Shell, Wartsila, CMA CGM Group, Maersk, Neste Oyj, Targray, ExxonMobil Corporation, GoodNRG B.V., Chevron Corporation, Nordic Marine Oil A/S, TotalEnergies, GAC, and Methanex Corporation, among others, are some of the key players operating in the global sustainability in the maritime market
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Fuel Type Outlook (Revenue, USD Billion, 2024-2029)
- Green Ammonia
- Hydrogen
- Biomethanol
Application Outlook (Revenue, USD Billion, 2024-2029)
- Tankers/Carriers
- Barges/Cargo Vessels
- Tugboats
- Defense Vessels
- Ferries
- Yachts
- Cruise Ship
By Regional Outlook (Revenue, USD Billion, 2024-2029)
North America
- The U.S.
- Canada
- Mexico
Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Netherlands
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Thailand
- Indonesia
- Malaysia
- Singapore
- Vietnam
- Rest of APAC
Central and South America
- Brazil
- Argentina
- Chile
- Rest of CSA
Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of MEA
Contact: Yash Jain
Director - Global Accounts & Strategic Advisory
Email address: yash.jain@globalmarketestimates.com
Phone Number: +1 6026667238 / +91 9769352498
Website: www.globalmarketestimates.com
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