Zero Emission Vessel: Introduction

  • Zero emission vessel is a marine vessel or watercraft that emits zero or no atmospheric emission. Zero emission vessels are used in water bodies for transportation and include water vehicles, such as boats, ships, submarines, and hovercraft.
  • There is a paradigm shift from fossil fuel-powered marine vessel to zero emission vessel in order to meet its speed with the changing world where there is significant demand for cost-effective decarbonization pathway for marine. With Paris Climate Agreement being delivered for carbon reduction, there will likely be an ambitious curtail in emission via zero emission vessels entering the marine fleet by 2030. This is one of the key factors that is anticipated to augment the zero emission vessel market in the near future.

Key Drivers and Restraints of Global Zero Emission Vessel Market

  • According to a study conducted within the marine industry, 80% of industry related personals agreed towards the need for zero emission vessels
  • Zero emission vessels offer high travel range, reliability, durability, and require low maintenance than traditional marine vessels
  • Rise in global and bilateral trade supplemented with revised trade policies has increased marine trade and volume proportion, thereby leading to carbon pollution. This can be eliminated through zero emission vessels and can act as more profitable, as it reduces carbon tax.
  • Inland waterway transportation acts as a viable alternative or addition to road and rail transportation, and plays a prime role in freight and goods transportation. Moreover, inland waterway transportation is characterized by its energy efficiency, reliability, and major capacity for surged exploitation as compared to other modes of transportation, especially road transportation. Use of zero emission vessels will drastically curb carbon emission and offer low cost solution for transportation.  
  • Zero emission vessels are likely to remain expensive compared to traditional ones. This is expected to hamper the growth of the zero emission vessel market in the near future.

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Biofuel to Witness High Demand

  • In terms of technology, the global zero emission vessel market can be segregated into electric, hybrid hydrogen, hydrogen fuel cell, hydrogen + ICE, ammonia fuel cell, ammonia + ICE, and biofuel
  • The biofuel technology segment of the zero emission vessel market is anticipated to expand at a significant CAGR during the forecast period. It constitutes of a biofuel tank and an internal combustion engine.
  • Biofuel-powered vessels emit zero or negligible GHG emissions during constant operation. Moreover, third-generation biofuels are accessible to the marine industry where no gas is emitted during the production cycle. In addition, biofuel is the most profitable segment. It costs relatively lower than the others, as it does not require extra capital cost when using traditional ship machinery and storage.

Cruise has Significant Growth Potential

  • In terms of ship type, the global zero emission vessel market can be divided into bulk carrier, container ship, tanker, cruise, and others
  • Among ship types, the cruise segment is anticipated to witness significant demand in the near future. This is mainly due to high adoption of zero emission cruise. Furthermore, high number of cruise being used for tourism related activities as well as surge in cruise marketing activities are some of the key factors driving the market segment.
  • Capital cost to build zero emission cruise is relatively lower than others inclusive of any zero emission technology

Europe to Lead Global Zero Emission Vessel Market

  • In terms of region, the global zero emission vessel market can be categorized into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • Among regions, Europe is projected to lead the zero emission vessel market. This is majorly due to high adoption of zero and electric marine vessels in the region. Moreover, there is an upsurge in inland waterway transportation as the European Commission is encouraging, supporting, and strengthening the competitive position of inland waterways transportation through its integration into the intermodal logistics chain. This is likely to increase the growth of the zero emission vessel market in the region.
  • Europe is world’s technological hub and is considered to be an early adopter of the zero emission transportation system. Surge in seaborne trade from and within Europe is anticipated to augment the expansion of the zero emission vessel market during the forecast period.

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Key Manufacturers Operating in Global Market

The global zero emission vessel market was highly fragmented in 2018. Key manufacturers operating in the global market are:

  • B9 Energy Ltd.
  • DNV GL
  • Scandlines
  • Wallenius Wilhelmsen ASA
  • NYK Line
  • NORWEGIAN ELECTRIC SYSTEMS
  • AKASOL AG
  • Eco Marine Power
  • Greenline Yachts
  • Boesch Motorboote AG

Global Zero Emission Vessel Market: Research Scope

Global Zero Emission Vessel Market, by Technology

  • Electric
  • Hybrid Hydrogen
  • Hydrogen Fuel Cell
  • Hydrogen + ICE
  • Ammonia Fuel Cell
  • Ammonia + ICE
  • Biofuel

Global Zero Emission Vessel Market, by Ship Type

  • Bulk Carrier
  • Container Ship
  • Tanker
  • Cruise
  • Others

Global Zero Emission Vessel Market, by Application

  • Passenger Freight
  • Cargo Freight
  • Defense & Security

Global Zero Emission Vessel Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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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Zero Emission Vessel Market

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