WILMINGTON, DE / ACCESSWIRE / December 7, 2022 / Transparency Market Research Inc. - The Global Sustainable Marine Fuel Market was valued at US$ 3.8 Bn in 2021. Market forecast estimates the global industry to accelerate at a CAGR of 50.2% from 2022 to 2031. The market is anticipated to reach US$ 218.1 Bn by 2031. The usage of sustainable fuels has increased globally. For marine transportation, most nations rely on toxic fuels such as heavy fuel oil (HFO). Nevertheless, an increase in public understanding of climate change is expected to increase the usage and market value of sustainable marine fuel (SMF).
Production and acceptance of sustainable fuels in the maritime industry are being fueled by favorable government policies and simplified regulatory frameworks. Industry growth is expected in the next few years as infrastructure spending surges. Market participants are investing significantly in environmentally friendly marine fuels and propulsion technology to diversify their revenue sources.
Globally, several countries are concentrating on meeting their net-zero emission targets. This is anticipated to accelerate market growth in the near future. With a strong emphasis on innovation, the European Union is focusing on decarburizing the marine industry. It has furthermore backed the installation of shore-side energy supplies at the interior and marine ports.
A rise in government assistance for clean as well as low-carbon fuels is projected to fuel market growth. Favorable government regulations are required in order to enhance the production and usage of sustainable fuels. Solid regulatory frameworks that are easy to follow must be put in place to manage these policies. However, several regions continue to use fuels that are high in carbon. A shift to a cleaner energy source in these areas is likely to be facilitated by improvements in fossil fuel combustion efficiency, emission reduction, and onboard carbon capture.
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Key Findings of Market Report
- The ferries category led the global market in 2021, accounting for a share of 27.5%. As a means of lowering air pollution and GHG emissions, ferry fleet proprietors are moving more and more toward environmentally friendly alternatives.
- The methanol segment held the largest share of 58.6% of the global market in 2021. Methanol is gaining popularity as a low-carbon alternative energy source since it can be produced from a variety of feedstock and holds a great deal of promise as a low-sulfur fuel. It is possible to make methanol using renewable resources. Methanol usage results in less NO3 (nitrate), sulfur, and particulate matter emissions.
Global Sustainable Marine Fuel Market: Growth Drivers
- The fourth IMO GHG study, completed in 2020, found that zero- and low-carbon marine fuels would contribute to more than 60% of the efforts to reduce emissions by 2050. The market for sustainable marine fuels is thus expected to grow throughout the projected period due to a rise in the consumption of low-carbon marine fuels
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Global Sustainable Marine Fuel Market: Regional Landscape
- Asia Pacific represented a sizable 53.2% of the global industry in 2021. The market in the region is anticipated to expand significantly during the forecast period. Increasing enforcement of stringent energy regulations is expected to encourage the marine industry in the Asia Pacific to use sustainable fuels. China is committed to lowering emissions from the traditional energy industry. Hence, it is a significant market for sustainable marine fuel in the region.
- Europe held a 32.6% share of the market in 2021. The growth of the market in the region can be attributed to the strict regulations that have been put in place to cut down on GHG emissions by at least 40% in the maritime industry by 2050. The market for sustainable marine fuel in Latin America and Middle East & Africa is rather small in comparison to those in other regions.
Global Sustainable Marine Fuel Market: Key Competitors
- ExxonMobil Corporation
- Nordic Marine Oil A/S
- Methanex Corporation
- Chevron Corporation
- Neste Oyj
- TotalEnergies SE.
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Global Sustainable Marine Fuel Market: Segmentation
Type
- Hydrogen
- Ammonia
- Methanol
- Biofuels
- Others
Application
- Tankers/Carriers
- Barges/Cargo Vessels
- Tugboats
- Defense Vessels
- Ferries
- Yachts
- Cruise Ships
- Others
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