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 DE carbonization pathway for marine. The Paris Climate Agreement was passed for carbon reduction, which is likely to prompt an ambitious curtail in emission via zero emission vessels entering the marine fleet by 2030.
Key Drivers of Global Zero Emission Vessel Market:
- According to a study conducted within the marine industry, 80% of industry related personnel agreed toward the need for zero emission vessels. These vessels offers 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 be more cost-effective, as it reduces carbon tax. These factors are anticipated to drive the zero emission vessel market across the globe.
- 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 is estimated to drastically reduce carbon emission and offer low cost solution for transportation. Thus, it is likely to boost the zero emission vessel market across the globe.
Biofuel Technology Segment to Offer Attractive Opportunities:
- 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. Additionally, biofuel is a highly lucrative segment. It costs relatively lower than the other fuels, as it does not require extra capital cost when using traditional ship machinery and storage.
- Therefore, the biofuel segment of the zero emission vessel market is anticipated to expand at a significant during the forecast period. The vessel constitutes of a biofuel tank and an internal combustion engine.
COVID–19 Pandemic to Hamper Market:
- The COVID-19 crisis is affecting economies and industries in various countries due to lockdowns, travel bans and business lockdowns. The global materials industry is suffering serious disruptions such as supply chain breaks, office shutdowns, and others. For instance, China is global manufacturing hub and raw material supplier of various industries, and it is also one of the worst affected countries. The lockdown of various plants and factories in China is restricting the global supply chains and disrupting manufacturing, delivery schedules, and various material sales. Various companies announced possible delays in product deliveries and slump in future sales of their products. All these factors are anticipated to hamper the global zero emission vessel market across the globe.
Europe to Hold Significant Share of Global Zero Emission Vessel Market:
- Rate of adoption of zero and electric marine vessels is high in Europe. Moreover, a surge in inland waterway transportation has been witnessed 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 propel the zero emission vessel market in the region.
- Europe is a leading technological hub globally, and the region is an early adopter of zero emission transportation systems. Surge in seaborne trade from and within Europe is anticipated to augment the zero emission vessel market during the forecast period.
Key Players Operating in Global Market:
The global zero emission vessel market is consulted with top manufacturers across the global market. A few of the key players operating and potential in the global zero emission vessel 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
- Russia & CIS
- 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
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The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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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?
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