Zero Emission Vessel Market Trends, Share, Scope, and Research Insights by 2027

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.

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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.
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.

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Key Manufacturers Operating in Global Market

The global zero emission vessel market was highly fragmented in 2018. Key manufacturers operating in the global market are: