Dublin, Oct. 21, 2024 (GLOBE NEWSWIRE) -- The "Green Methanol Ships Market by Ship Type (Cruise Ships, Container Vessels, Bulk Carriers, Tankers, Dry Cargo Ships, Tugs & Workboats), Type (Single Fuel, Dual Fuel), Sales Channel (Newly Built & Linefit, Retrofit) and Region - Global Forecast to 2035" report has been added to ResearchAndMarkets.com's offering.
The green methanol newly built vessels delivery is expected to be 30 units in 2025, rising to 274 units in 2035, while the green methanol vessels that are retrofitted are expected to grow from 4 units in 2025 to 213 in 2035. The green methanol ships market is estimated to be USD 4.29 billion in 2025 and is projected to reach USD 15.25 billion by 2030 at a CAGR of 28.9% from 2025 to 2030 and USD 30.98 billion in 2035 at a CAGR of 12.2% from 2031 to 2035 with a CAGR of 21.9% from 2025-2035.
Key drivers in the green methanol ships market are related to stringent environmental regulations, mainly, the IO-M deadline to cut back on greenhouse gas emissions and an impetus on low-emission fuels by shipping companies such as the pursuit of corporate sustainability goals in global shipping industry operators, including Maersk and Stena Bulk. Besides, research breakthroughs in double-fuel engine technology, as well as in methanol-compatible propulsion, are smoothing the transition of companies into methanol with minimum disturbance to their operations. The development of methanol bunkering infrastructure is also being expanded to major ports worldwide. Further, investments in the production and supply chains of methanol from renewable sources such as green hydrogen and biomass are supplementing fuel supply and lowering the cost and so make methanol an attractive alternative to conventional marine fuels.
Cargo Vessels segment is set to dominate the green methanol ships market
This means that the cargo vessels segment would be the largest contributor in the market in 2025. In fact, this is the largest portion of the green methanol market because the world is now demanding cleaner long-haul shipping solutions, and such vessels consume a lot of fuel, so there is an underlying necessity to reduce their emissions. Additionally, adoption of methanol as a low-emitting fuel is concurrent with stringent environmental regulations and global corporate sustainability expectations. In addition, developed dual-fuel engines provide greater flexibility when switching to cleaner fuels. Cargo vessels are a crucial cog in global commerce, well-supported both in efficiency and compliance with its decarbonization mandates via the fast-developing methanol bunkering infrastructure at key ports.
Dual Fuel by type is estimated to grow at highest CAGR in forecast period
Based on the type, the dual fuel segment is expected to grow the most during the forecast period. Green methanol ships market will likely be dominated by companies operating on dual fuel vessels because of its operational flexibility, allowing vessels to run on both traditional and methanol fuels. This flexibility allows shipowners to continue transitioning gradually toward cleaner fuels while complying with changing environmental regulations. The focus on decarbonization and emission reduction in the maritime sector has meant investment in dual-fuel engines, and operators find such technology highly attractive.
Asia Pacific is expected to hold the highest market share in 2025
Having the region lead the pace in innovation for the rest of the world in new concepts in sustainable fuel required for these innovations, Asia Pacific maintains the largest share in the green methanol market. This is due to its rapid industrialization, increasing trade volumes, and strong government support for decarbonization initiatives. China, South Korea, and Japan are the largest methanol-based vessel adopters, basically due to the large shipping industries in these countries as well as their commitment efforts to reduce greenhouse gases. Growth is also supported by increasing methanol production capacity in the region and investments in bunkering infrastructure.
Some of the key players in the green methanol ships market include HD Hyundai Heavy Industries, Samsung Heavy Industries, COSCO Shipping Industries, Huangpu Wenchong Shipbuilding Company, Shanghai Waigaoqiao Shipbuilding Co., Damen Shipyards Group, VARD, Sanlorenzo Yachts and Archipelago Expedition Yachts (England).
The study includes an in-depth competitive analysis of these key players in the green methanol ships market, with their company profiles, recent developments, and key market strategies.
The report provides insights on the following:
- Analysis of the key driver (Stringent Environmental Regulations, Increasing Focus on Decarbonization, Technological Advancements in Methanol Engines), restraint (High Production Costs of Green Methanol, Competition from Alternative Fuels, Higher Upfront Costs for Methanol-Fueled Vessels), opportunities (Government incentives and subsidies for decarbonization, Emerging Demand from Long-Haul Shipping, Shift of Trading and Logistics Companies from Traditional Shipping to Sustainable Shipping), and challenges (Scalability of Green Methanol Production, Technological Development for Retrofitting Existing Vessels, Limited Global Methanol Bunkering Infrastructure), several factors could contribute to an increase in the Green Methanol Ships market.
- Market Penetration: Comprehensive information on Green Methanol Ships solutions offered by the top players in the market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the Green Methanol Ships market
- Market Development: Comprehensive information about lucrative markets - the report analyses the Green Methanol Ships market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the Green Methanol Ships market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players in the Green Methanol Ships market
Key Topics Covered:
Premium Insights
- Attractive Opportunities for Players in Green Methanol Ships Market
- Green Methanol Ships Market, by Cargo Vessel
- Green Methanol Ships Market, by Sales Channel
- Green Methanol Ships Market, by Country
Market Dynamics
Drivers
- Stringent Environmental Regulations
- Increasing Focus on Decarbonization
- Technological Advancements in Methanol Engines
Restraints
- High Production Cost of Green Methanol
- Competition from Alternative Fuel Types
- High Upfront Cost of Methanol-Fueled Vessels
Opportunities
- Government Incentives and Subsidies for Decarbonization
- Emerging Demand from Long-Haul Shipping
- Shift in Preferences of Trading and Logistics Companies from Traditional Shipping to Sustainable Shipping
Challenges
- Scalability of Green Methanol Production
- Technological Developments for Retrofitting Existing Vessels
- Limited Global Methanol Bunkering Infrastructure
Case Studies
- Maersk Partnered with HHI and European Energy to Address Fuel Unavailability
- North Star Partnered with Vard to Develop Methanol-Ready Vessels Tailored for Offshore Wind Farm Operations
- Proman Invests in Renewable Energy and Carbon Capture Technologies to Produce Green Methanol
Impact of Generative AI on Green Methanol Ships Market
- Adoption of AI in Marine by Top Countries
- Impact of AI on Marine Sector: Use Case
- Impact of AI on Green Methanol Ships Market
Industry Trends
- Technology Trends
- Dual-Fuel Engines
- Onboard Energy Storage Integration
- Automation and Digitalization in Methanol-Powered Ships
- Key Technologies
- Methanol-Fueled Cells for Propulsion
- Methanol-Specific Fuel Handling Systems
- Complementary Technologies
- Fuel Cell Integration for Auxiliary Power in Conventional Vessels
- Advanced Data Analytics and Monitoring Systems
- Adjacent Technologies
- Carbon-Neutral Certification and Carbon Credit Trading Systems
- Methanol Bunkering Infrastructure Development
- Impact of Megatrends
- Global Decarbonization Regulations and Policies
- Rise of Corporate Sustainability Goals and ESG Commitments
- Strategic Shift Toward Green Shipping Finance
- Innovation and Patent Analysis
- Supply Chain Analysis
Company Profiles
- HD Hyundai Heavy Industries (HHI)
- Samsung Heavy Industries
- Cosco Shipping Heavy Industry
- Huangpu Wenchong Shipbuilding Company
- Shanghai Waigaoqiao Shipbuilding Co.
- Mitsubishi Shipbuilding Co.
- Vard
- Damen Shipyards Group
- Archipelago Expedition Yachts
- Sanlorenzo Yachts
- Kawasaki Heavy Industries
- Wartsila
- Man Energy Solutions
- Hanwha Engine
- Carbon Recycling International
- Sungas Renewables
- Abel Energy
- OCI
- Methanex
- Enerkem
- Proman
- Liquid Wind
- European Energy
- Equinor
- Scatec
- HIF Global
For more information about this report visit https://www.researchandmarkets.com/r/em66zy
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