Increasing Demand for Marine Vessel Energy Efficiency Market to Fuel Revenue Growth Through 2027


The marine vessel industry is very fragmented and as a result, there is very little uniformity in the design of vessels for use on commercial fishing vessels. As a result, many buyers are choosing construction vessels that have greater energy efficiency than standard designs. The cost savings in fuel and operational costs can be substantial. As a result, many buyers are choosing designs that will have greater energy efficiency. As far as regional impact, North America seems to be exhibiting a positive outlook in the marine vessel energy efficiency market. This is due to the presence of well-established ports across the region. On the contrary, Asia Pacific seems to be gaining robust traction due to increasing seaborne trade in India, China, and other South-East Asian countries.

One of the primary factors aiding growth of the market in discussion is the rapid expansion of maritime trade. Over the years, maritime trade has become a quintessential part of the global economy due to efficient transport of goods. As per the United Nations Conference on Trade and Development (UNCTAD), maritime trade volume reached 11.08 billion tons in 2019, increasing from 9.8 billion in 2014. Therefore, such factors can augment growth of the marine vessel energy efficiency market in the near future.

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