Market Overview
The global green marine fuel market is anticipated to grow from 11.57 billion in 2023 to USD 201.35 Billion by 2030, at a CAGR of 50.4% during the forecast period.
The capacity to offer transport services and infrastructure that is dependable, safe, inclusive, and accessible is a prerequisite for marine
fuel sustainability. In addition, these services are economical, transparent, fuel-efficient, and environmentally beneficial. Comparing eco-friendly marine fuel to HFO and other petroleum-based marine fuels is a known strategy to reduce greenhouse gas (GHG) emissions. Without the need to install expensive emission controls to marine engines, it supports environmental protection and helps to improve air quality in port towns. Because green marine fuels naturally contain less Sulphur, they emit less Sulphur oxide,
nitrogen oxide, and particulate matter in the air.
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Green Marine Fuel Market | Exactitude Consultancy[/caption]
Furthermore, using sustainable marine fuels in a dual-fuel combustion engine may significantly reduce carbon emissions. A range of innovative sustainable marine fuels may also be used to cut greenhouse gas emissions from well to wake by more than 50%. Over 2% of global carbon emissions are thought to be caused by the shipping industry. It is thought that the adoption of policies that are favorable of the market drives its expansion. For example, in 2020, the International Maritime Organization (IMO) set a global limit Sulphur level of around 0.4% for marine fuels. Furthermore, fuel oil with a Sulphur content of more than 0.50 percent m/m cannot be transported by ships, which has led to the use of low-sulfur fuels or alternatives such liquefied natural gas (LNG) or other marine diesel oil that have a sulfur content of less than or 0.50% m/m.
An increase in laws that favor clean, low-carbon fuels is probably going to help the industry grow. Encouraging measures from the government are required to boost the production and use of sustainable fuels. To regulate these policies, strong and efficient regulatory structures must be put in place. Major portions of the globe however continue to run on fuels high in carbon and emissions. Technological developments in emission reduction, onboard carbon collection, and the efficiency of burning fossil fuels might support these areas' energy transformation.
The marine industry's adoption of low-emission and sustainable fuel alternatives is largely driven by the growing environmental restrictions and concerns that are driving the green marine fuel market. Shipping corporations are being compelled to invest in green marine fuels due to growing awareness of climate change and a desire to decrease greenhouse gas emissions. The use of eco-friendly fuels is encouraged by government laws and incentives, which further speed up industry expansion. The market is growing as a result of technological developments and advances in the generation of green fuels like hydrogen and biofuels. The market for green marine fuel is also being shaped by consumers' desire for eco-friendly shipping options and growing corporate sustainability objectives.
ATTRIBUTE |
DETAILS |
Study period |
2020-2030 |
Base year |
2022 |
Estimated year |
2023 |
Forecasted year |
2023-2030 |
Historical period |
2019-2021 |
Unit |
Value (USD Billion) |
Segmentation |
By Type, By Application and By Region |
By Type |
- Hydrogen
- Ammonia
- Methanol
- Biofuels
- Others
|
By Application |
Tankers/Carriers
- Barges/Cargo Vessels
- Tugboats
- Defense Vessels
- Ferries
- Yachts
- Cruise Ships
- Others
|
By Region
|
- North America
- Asia Pacific
- Europe
- South America
- Middle East Asia & Africa
|
Green Marine Fuel Market Segmentation Analysis
Three categories—type, application, and region—are used to categorize the global market for green marine fuel. The green marine fuel market encompasses a variety of fuel types, including hydrogen, ammonia, methanol, biofuels, and other sustainable options. These fuels find applications across a spectrum of marine vessels, such as tankers/carriers, barges/cargo vessels, tugboats, defense vessels, ferries, yachts, cruise ships, and other maritime platforms.
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Green Marine Fuel Market | Exactitude Consultancy[/caption]
Due to the advantages this kind of fuel offers, the methanol section of the sustainable marine fuel market is largest with market share of 30% in the 2022. A liquid fuel called methanol may be made from renewable resources like biomass or natural gas. Given that it can be kept in liquid form at room pressure, it presents a viable substitute for fossil fuels in ship propulsion. Additionally, methanol burns comparatively cleanly due to its minimal emissions of nitrogen oxides (NOx) and Sulphur oxides (SOx). Methyl alcohol, or methanol, is a popular replacement for traditional fuels like ship and marine fuel since it is easily accessible, inexpensive, safe, and readily available at more than 110 ports throughout the globe. Furthermore, ship owners are becoming more and more interested in methanol as a marine fuel due to its potential and less expensive infrastructure expenditures and ease of handling.
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Green Marine Fuel Market | Exactitude Consultancy[/caption]
Liquid fuels made from renewable resources, such plants and algae, are known as biofuels. Given their dual use in powering diesel and electric engines, they represent a viable substitute for fossil fuels in ship propulsion. Additionally, biofuels burn very cleanly due to their minimal SOx and NOx emissions. However, producing biofuels is quite costly and necessitates specialized infrastructure.
In 2022 the ferries section of the sustainable marine fuel market is having a significant share. Ferries, which include large container ships and small recreational boats, employ sustainable marine fuels to minimize CO2 emissions from recreational boating while maintaining the range and performance of their vessels. In addition, green ammonia has the greatest future potential for the maritime sector as a fantastic substitute for the fuel oil used in ferries, which will also help meet the IMO's (International Maritime Organization) 2050 emissions reduction targets due to its 100% renewable and carbon-free production.
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Green Marine Fuel Market | Exactitude Consultancy[/caption]
Large ships called tankers and carriers are used to carry bulk liquids like chemicals, petrol and oil. They contribute significantly to emissions in the marine sector. The necessity to adhere to stricter environmental standards is the driving force behind the usage of green marine fuels in tankers and carriers. For instance, a worldwide Sulphur quota of 0.50% m/m for marine fuels was agreed by the International Maritime Organization (IMO) and went into effect in 2020. As a result, there has been a move away from high-sulfur heavy fuel oil (HFO) and towards cleaner fuels like biofuels and LNG.
- INTRODUCTION
- MARKET DEFINITION
- MARKET SEGMENTATION
- RESEARCH TIMELINES
- ASSUMPTIONS AND LIMITATIONS
- RESEARCH METHODOLOGY
- DATA MINING
- SECONDARY RESEARCH
- PRIMARY RESEARCH
- SUBJECT-MATTER EXPERTS’ ADVICE
- QUALITY CHECKS
- FINAL REVIEW
- DATA TRIANGULATION
- BOTTOM-UP APPROACH
- TOP-DOWN APPROACH
- RESEARCH FLOW
- DATA SOURCES
- EXECUTIVE SUMMARY
- MARKET OVERVIEW
- GREEN MARINE FUEL MARKET OUTLOOK
- MARKET DRIVERS
- MARKET RESTRAINTS
- MARKET OPPORTUNITIES
- IMPACT OF COVID-19 ON GREEN MARINE FUEL MARKET
- PORTER’S FIVE FORCES MODEL
- THREAT FROM NEW ENTRANTS
- THREAT FROM SUBSTITUTES
- BARGAINING POWER OF SUPPLIERS
- BARGAINING POWER OF CUSTOMERS
- DEGREE OF COMPETITION
- INDUSTRY VALUE CHAIN ANALYSIS
- GLOBAL GREEN MARINE FUEL MARKET BY TYPE, 2020-2030, (USD BILLION)
- HYDROGEN
- AMMONIA
- METHANOL
- BIOFUELS
- OTHERS
- GLOBAL GREEN MARINE FUEL MARKET BY APPLICATION, 2020-2030, (USD BILLION)
- TANKERS/CARRIERS
- BARGES/CARGO VESSELS
- TUGBOATS
- DEFENSE VESSELS
- FERRIES
- YACHTS
- CRUISE SHIPS
- OTHERS
- GLOBAL GREEN MARINE FUEL MARKET BY REGION, 2020-2030, (USD BILLION)
- NORTH AMERICA
- US
- CANADA
- MEXICO
- SOUTH AMERICA
- BRAZIL
- ARGENTINA
- COLOMBIA
- REST OF SOUTH AMERICA
- EUROPE
- GERMANY
- UK
- FRANCE
- ITALY
- SPAIN
- RUSSIA
- REST OF EUROPE
- ASIA PACIFIC
- INDIA
- CHINA
- JAPAN
- SOUTH KOREA
- AUSTRALIA
- SOUTH-EAST ASIA
- REST OF ASIA PACIFIC
- MIDDLE EAST AND AFRICA
- UAE
- SAUDI ARABIA
- SOUTH AFRICA
- REST OF MIDDLE EAST AND AFRICA
- COMPANY PROFILES*
(BUSINESS OVERVIEW, COMPANY SNAPSHOT, PRODUCTS OFFERED, RECENT DEVELOPMENTS)
- NESTE OYJ
- TARGRAY
- EXXONMOBIL CORPORATION
- GOODNRG B.V.
- CHEVRON CORPORATION
- PENINSULA
- NORDIC MARINE OIL A/S
- TOTALENERGIES
- GAC
- METHANEX CORPORATION
- TITAN LNG
- GOODFUELS
- FUELNG
- TGE MARINE GAS
- GAS MARITIME
- ESL SHIPPING
- CMA CGM
- TRAFIGURA
- MISC
- NYK LINE
*THE COMPANY LIST IS INDICATIVE
LIST OF TABLES
TABLE 1 GLOBAL GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 2 GLOBAL GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 3 GLOBAL GREEN MARINE FUEL MARKET BY REGION (USD BILLION) 2020-2030
TABLE 4 NORTH AMERICA GREEN MARINE FUEL MARKET BY COUNTRY (USD BILLION) 2020-2030
TABLE 5 NORTH AMERICA GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 6 NORTH AMERICA GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 7 US GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 8 US GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 9 CANADA GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 10 CANADA GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 11 MEXICO GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 12 MEXICO GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 13 SOUTH AMERICA GREEN MARINE FUEL MARKET BY COUNTRY (USD BILLION) 2020-2030
TABLE 14 SOUTH AMERICA GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 15 SOUTH AMERICA GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 16 BRAZIL GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 17 BRAZIL GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 18 ARGENTINA GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 19 ARGENTINA GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 20 COLOMBIA GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 21 COLOMBIA GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 22 REST OF SOUTH AMERICA GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 23 REST OF SOUTH AMERICA GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 24 ASIA-PACIFIC GREEN MARINE FUEL MARKET BY COUNTRY (USD BILLION) 2020-2030
TABLE 25 ASIA-PACIFIC GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 26 ASIA-PACIFIC GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 27 INDIA GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 28 INDIA GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 29 CHINA GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 30 CHINA GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 31 JAPAN GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 32 JAPAN GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 33 SOUTH KOREA GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 34 SOUTH KOREA GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 35 AUSTRALIA GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 36 AUSTRALIA GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 37 SOUTH-EAST ASIA GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 38 SOUTH-EAST ASIA GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 39 REST OF ASIA PACIFIC GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 40 REST OF ASIA PACIFIC GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 41 EUROPE GREEN MARINE FUEL MARKET BY COUNTRY (USD BILLION) 2020-2030
TABLE 42 EUROPE GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 43 EUROPE GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 44 GERMANY GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 45 GERMANY GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 46 UK GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 47 UK GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 48 FRANCE GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 49 FRANCE GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 50 ITALY GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 51 ITALY GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 52 SPAIN GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 53 SPAIN GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 54 RUSSIA GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 55 RUSSIA GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 56 REST OF EUROPE GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 57 REST OF EUROPE GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 58 MIDDLE EAST AND AFRICA GREEN MARINE FUEL MARKET BY COUNTRY (USD BILLION) 2020-2030
TABLE 59 MIDDLE EAST AND AFRICA GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 60 MIDDLE EAST AND AFRICA GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 61 UAE GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 62 UAE GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 63 SAUDI ARABIA GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 64 SAUDI ARABIA GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 65 SOUTH AFRICA GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 66 SOUTH AFRICA GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
TABLE 67 REST OF MIDDLE EAST AND AFRICA GREEN MARINE FUEL MARKET BY TYPE (USD BILLION) 2020-2030
TABLE 68 REST OF MIDDLE EAST AND AFRICA GREEN MARINE FUEL MARKET BY APPLICATION (USD BILLION) 2020-2030
LIST OF FIGURES
FIGURE 1 MARKET DYNAMICS
FIGURE 2 MARKET SEGMENTATION
FIGURE 3 REPORT TIMELINES: YEARS CONSIDERED
FIGURE 4 DATA TRIANGULATION
FIGURE 5 BOTTOM-UP APPROACH
FIGURE 6 TOP-DOWN APPROACH
FIGURE 7 RESEARCH FLOW
FIGURE 8 GLOBAL GREEN MARINE FUEL MARKET BY TYPE, USD BILLION, 2020-2030
FIGURE 9 GLOBAL GREEN MARINE FUEL MARKET BY APPLICATION, USD BILLION, 2020-2030
FIGURE 10 GLOBAL GREEN MARINE FUEL MARKET BY REGION, USD BILLION, 2020-2030
FIGURE 11 PORTER’S FIVE FORCES MODEL
FIGURE 12 GLOBAL GREEN MARINE FUEL MARKET BY TYPE, USD BILLION, 2022
FIGURE 13 GLOBAL GREEN MARINE FUEL MARKET BY APPLICATION, USD BILLION, 2022
FIGURE 14 GLOBAL GREEN MARINE FUEL MARKET BY REGION, USD BILLION, 2022
FIGURE 15 MARKET SHARE ANALYSIS
FIGURE 16 NESTE OYJ: COMPANY SNAPSHOT
FIGURE 17 TARGRAY: COMPANY SNAPSHOT
FIGURE 18 EXXONMOBIL CORPORATION: COMPANY SNAPSHOT
FIGURE 19 GOODNRG B.V.: COMPANY SNAPSHOT
FIGURE 20 CHEVRON CORPORATION: COMPANY SNAPSHOT
FIGURE 21 PENINSULA: COMPANY SNAPSHOT
FIGURE 22 NORDIC MARINE OIL A/S: COMPANY SNAPSHOT
FIGURE 23 TOTALENERGIES: COMPANY SNAPSHOT
FIGURE 24 GAC: COMPANY SNAPSHOT
FIGURE 25 METHANEX CORPORATION: COMPANY SNAPSHOT
FIGURE 26 TITAN LNG: COMPANY SNAPSHOT
FIGURE 27 GOODFUELS: COMPANY SNAPSHOT
FIGURE 28 FUELNG: COMPANY SNAPSHOT
FIGURE 29 TGE MARINE GAS: COMPANY SNAPSHOT
FIGURE 30 GAS MARITIME: COMPANY SNAPSHOT
FIGURE 31 ESL SHIPPING: COMPANY SNAPSHOT
FIGURE 32 CMA CGM: COMPANY SNAPSHOT
FIGURE 33 TRAFIGURA: COMPANY SNAPSHOT
FIGURE 34 MISC: COMPANY SNAPSHOT
FIGURE 35 NYK LINE: COMPANY SNAPSHOT