Marine Vessel Energy Efficiency Market is developing rapidly due to DNV launched a new digital tool EEXI Calculator for clients to comply with the upcoming Energy Efficiency Existing Ship Index (EEXI)


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.

The marine vessel industry is witnessing the need to reduce operational costs and this, in turn, is causing the manufacturers of marine vessels to look at ways to improve efficiency. The buyers will always want a vessel that is cost-effective and produces minimum maintenance time. Current market trends show that the buyers have become more demanding and the leading design agencies are producing vessels with increased energy efficiency. That being said, there are certain factors that could pose major challenges in the development of the said market. For instance, rapidly fluctuating cost of fuel remains one of the major impediments in the market. Vessel operators and companies continue to struggle with constantly changing fuel prices, which could limit growth of the marine vessel energy efficiency market in the near future.

Another factor fueling growth of the market is growing emphasis on fuel efficiency. Fuel consumption is a critical factor for ship engine manufacturers, which has compelled them to design hybrid engines. These dual engines are designed to use both liquid and gaseous fuels to run the vessels. As a matter of fact, many organizations are encouraging the use of precise measuring equipment to provide accurate data on the characteristics of fuel. Hence, such factors can accelerate growth of the marine vessel energy efficiency market. Recently, in June 2021, DNV launched a new digital tool EEXI Calculator for clients to comply with the upcoming Energy Efficiency Existing Ship Index (EEXI).

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