- Zero emission vessel is a marine vessel or watercraft that emits zero or no atmospheric emission. Zero emission vessels are used in water bodies for transportation and include water vehicles, such as boats, ships, submarines, and hovercraft.
- There is a paradigm shift from fossil fuel-powered marine vessel to zero emission vessel in order to meet its speed with the changing world where there is significant demand for cost-effective decarbonization pathway for marine. With Paris Climate Agreement being delivered for carbon reduction, there will likely be an ambitious curtail in emission via zero emission vessels entering the marine fleet by 2030. This is one of the key factors that is anticipated to augment the zero emission vessel market in the near future.
Key Drivers and Restraints of Global Zero Emission Vessel Market
- According to a study conducted within the marine industry, 80% of industry related personals agreed towards the need for zero emission vessels
- Zero emission vessels offer high travel range, reliability, durability, and require low maintenance than traditional marine vessels
- Rise in global and bilateral trade supplemented with revised trade policies has increased marine trade and volume proportion, thereby leading to carbon pollution. This can be eliminated through zero emission vessels and can act as more profitable, as it reduces carbon tax.
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- Inland waterway transportation acts as a viable alternative or addition to road and rail transportation, and plays a prime role in freight and goods transportation. Moreover, inland waterway transportation is characterized by its energy efficiency, reliability, and major capacity for surged exploitation as compared to other modes of transportation, especially road transportation. Use of zero emission vessels will drastically curb carbon emission and offer low cost solution for transportation.
- Zero emission vessels are likely to remain expensive compared to traditional ones. This is expected to hamper the growth of the zero emission vessel market in the near future.
Biofuel to Witness High Demand
- In terms of technology, the global zero emission vessel market can be segregated into electric, hybrid hydrogen, hydrogen fuel cell, hydrogen + ICE, ammonia fuel cell, ammonia + ICE, and biofuel
- The biofuel technology segment of the zero emission vessel market is anticipated to expand at a significant CAGR during the forecast period. It constitutes of a biofuel tank and an internal combustion engine.
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- Biofuel-powered vessels emit zero or negligible GHG emissions during constant operation. Moreover, third-generation biofuels are accessible to the marine industry where no gas is emitted during the production cycle. In addition, biofuel is the most profitable segment. It costs relatively lower than the others, as it does not require extra capital cost when using traditional ship machinery and storage.
Cruise has Significant Growth Potential
- In terms of ship type, the global zero emission vessel market can be divided into bulk carrier, container ship, tanker, cruise, and others.
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- Among ship types, the cruise segment is anticipated to witness significant demand in the near future. This is mainly due to high adoption of zero emission cruise. Furthermore, high number of cruise being used for tourism related activities as well as surge in cruise marketing activities are some of the key factors driving the market segment.
- Capital cost to build zero emission cruise is relatively lower than others inclusive of any zero emission technology.
