Green Ship Recycling: Introduction

  • Green ship recycling can be considered a sustainable and environment-friendly shipbreaking method of ship disposal
  • Green ship recycling can be considered an alternative to other conventional methods of shipbreaking that eventually result in negative effects on the environment across the globe
  • Green ship recycling reduces the amount of waste generated and also keeps the waste materials from shipbreaking out of the beaches. This helps lower the adverse impact on the environment.
  • Green ship recycling was initially carried out by just by developed countries around the world with advanced technologies. However, nowadays, developing countries have been incorporating processes that promote green shipbreaking.

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Key Drivers of Global Green Ship Recycling Market

  • Developing countries across the world are investing significantly in the manufacturing sector. This has led to a steady growth in seaborne trade. Stable conditions of most of the economies are likely to boost the green ship recycling market in the near future.
  • Increase in demand for new vessels for various applications in the oil & gas sector and shipping business, dearth of supply chains in ship repair and maintenance services, and rise in production of vessels are projected to augment the demand for green ship recycling in the near future
  • Ambitious national targets, rapid technological advancements, and international agreements have prompted companies across the world to upgrade their shipping vessels. This, in turn, is expected to augment the global green ship recycling market between 2020 and 2030.
  • Green ship recycling is increasingly becoming important to the marine industry. The process of green shipbreaking is estimated to become even more common and feasible across the globe owing to the benefit of more upcoming technological developments.

Major Developments

  • In January 2020, the “Recycling of Ships Bill” came into force in India. It is expected to provide greater powers for the regulation of ship recycling in the country. The new bill would also help in establishment of internationally recognized standards and statutory mechanism for the enforcement of such standards. The Government of India has decided to be a part of the Hong Kong International Convention for Safe and Environmentally Sound Recycling of Ships, 2009. Under the terms of the new Act, ship recycling facilities are required to be authorized, and ships can, in future, only be recycled at such authorized ship recycling facilities.

Europe to Hold Major Share of Global Green Ship Recycling Market

  • Based on region, the global green ship recycling market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
  • Europe is expected to be a key region of the global green ship recycling market from 2020 to 2030. High investments in shipping infrastructure and government subsidies are likely to drive the market in the region between 2020 and 2030
  • The green ship recycling market in Middle East & Africa is estimated to expand at a significant pace during the forecast period, owing to extensive oil and gas export and presence of large numbers of vessel companies in the region
  • Growth in cruise tourism and export business in North America, especially the U.S., is anticipated to boost the demand for vessel maintenance services for passenger ships and ferries in the region. This is estimated to drive the green ship recycling market in North America in the near future.

COVID-19 Impact Analysis

  • The global economy has been hampered by measures put in place to contain the COVID-19 pandemic. The shipping recycling business is also estimated to face immediate challenges due to the COVID-19 pandemic such as difficulty in adhering to social distancing norms, shortage of manpower, lack of parts & equipment, and discerning expenditure by end-users.

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Key Players Operating in Global Market

Wirana is the major player operating in the global green ship recycling market.

Global Green Ship Recycling Market, by Vessel Type

  • Cargo Vessels
  • Service Vessels
  • Fishing Vessels
  • Off-shore Vessels
  • Tankers
  • Passenger Ships & Ferries
  • Yachts
  • Others

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Green Ship Recycling Market

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