Cargo vessels Market are large ships used to transport goods and materials between different ports. They come in various sizes depending on the amount of cargo they can carry and the size of the ports they operate in. The market for cargo vessels has been growing steadily, with a projected increase in value from USD 49.22 billion in 2023 to USD 61.77 billion by 2030, representing a compound annual growth rate (CAGR) of 3.3% during the forecast period.
Informational Source:
https://www.fortunebusinessinsights.com/cargo-vessel-market-108601
Key Companies Covered in Cargo Vessel Market are:
Cargo transportation by sea is a cost-effective mode of transport and is preferred by industries such as automotive, oil and gas, and food and beverages. The global maritime trade activities drive the demand for cargo vessels.
The International Maritime Organization has recognized air lubrication technologies as an innovative way to improve energy efficiency and reduce carbon emissions. One such technology is the Air Lubrication System, which reduces the resistance between the ship's hull and seawater by using air bubbles. By distributing air bubbles on the hull's surface, the system decreases resistance and saves energy.
Several companies have been investing in air lubrication systems to reduce fuel consumption and CO2 emissions. For example, Alfa Laval acquired Marine Performance Systems B.V., a maritime technology company that developed a fluidic air lubrication system. Carnival Corporation also plans to install air lubrication systems in a significant portion of its cruise ships by 2027 to reduce fuel intake and emissions. Other companies like DK Group, Mitsubishi Heavy Industries Limited, and Wartsila Oyj Abp also offer similar technologies. These developments contribute to the market growth by providing cost-effective solutions to reduce carbon emissions.
Currently, the maritime sector heavily relies on fossil fuels such as gas, oil, and other fuels, which account for 80% of total power consumption. However, the use of fossil fuels has well-known disadvantages and is a major contributor to greenhouse gas emissions and environmental damage. Shipping is responsible for a significant portion of global SOx and NOx emissions. To address these environmental concerns, alternative energy sources like liquefied petroleum gas (LPG), liquefied natural gas (LNG), methanol, hydrogen, and others are being considered as replacements for fossil fuels. The adoption of these alternative energy sources in the maritime sector is expected to drive market growth.