LONDON--(BUSINESS WIRE)--The new marine vessel energy efficiency market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the alternative fuel and fuel engine innovations,” says a senior analyst for the industrials industry at Technavio. The market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the marine vessel energy efficiency market size to grow by USD 163.00 million during the period 2021-2025.
Marine Vessel Energy Efficiency Market Segment Highlights for 2020
- The marine vessel energy efficiency market is expected to post a year-over-year growth rate of 2.82%.
- Based on the application, the systems segment saw maximum growth in 2020. Factors such as the growing demand for commodities and the supply of manufactured goods due to the economic development and growth of the marine industry will contribute to the growth of the systems segment.
- The growth of the market segment will be significant over the forecast period.
Regional Analysis
- 45% of the growth will originate from the APAC region.
- The increase in shipping and the emergence of developing countries in shipbuilding and related activities are the prime factors that will facilitate the marine vessel energy efficiency market growth in APAC.
- China and India are the key markets for marine vessel energy efficiency in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Notes:
- The marine vessel energy efficiency market size is expected to accelerate at a CAGR of over 4% during the forecast period.
- The marine vessel energy efficiency market is segmented by application (Systems and Sensors and software) and geography (APAC, Europe, North America, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Becker Marine Systems GmbH, Gaztransport & Technigaz SA, Haldor Topsoe AS, Hyundai Heavy Industries Co. Ltd., MAN Energy Solutions SE, Norsepower Oy Ltd., PowerCell Sweden AB, Schneider Electric SE, Siemens AG, and Wartsila Corp.
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