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.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
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.
Looking for Regional Analysis or Competitive Landscape in zero emission vessel market, ask for a customized report
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
- 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
- Hybrid Hydrogen
- Hydrogen Fuel Cell
- Hydrogen + ICE
- Ammonia Fuel Cell
- Ammonia + ICE
Global Zero Emission Vessel Market, by Ship Type
- Bulk Carrier
- Container Ship
Global Zero Emission Vessel Market, by Application
- Passenger Freight
- Cargo Freight
- Defense & Security
Global Zero Emission Vessel Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold 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.