Sustainable Marine Fuel Segmentation
Type (Hydrogen, Ammonia, Methanol, Biofuels)
The methanol segment in the sustainable marine fuel market is estimated to gain a robust revenue share of 59% in the coming years impelled by the benefits offered by this type. Methanol, commonly known as methyl alcohol, is a desirable substitute for conventional fuels such as marine fuel and ship fuel since it is reliable, secure, affordable, and easily provided by more than 110 ports worldwide. Additionally, methanol as a marine fuel is gaining more and more attention from ship-owners as it has potential as a maritime fuel owing to its easier handling and less expensive infrastructure investments.
Application (Tankers/Carriers, Barges/Cargo Vessels, Tugboats, Defense Vessels, Ferries, Yachts, Cruise Ships)
The ferries segment in the sustainable marine fuel market is set to garner a notable share shortly. Ferries including ships like big container ships and tiny leisure boats use sustainable marine fuels to keep boats' range and performance intact while reducing CO2 emissions from recreational boating. Besides this, owing to its 100% renewable and carbon-free production, green ammonia holds the best future potential for the maritime industry as a great alternative to the fuel oil used in ferries which will also help achieve the IMO's (International Maritime Organisation) 2050 emissions reduction goals.
Our in-depth analysis of the global market includes the following segments:
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