Sustainable Marine Fuel Sector: Growth Drivers and Challenges
Growth Drivers
- Rising Adoption of Renewable Energy Sources – It is expected that growing environmental concern across the globe is anticipated to drive market growth. Green hydrogen is produced entirely with green energy such as sun or wind via an electrolysis process. It can be used as a key component to drastically cut GHG emissions in the marine sector. According to predictions, solar power capacity worldwide is expected to increase by over 400 gigawatts (GW) by 2024.
- Growing Importance of Environmental, Social, and Governance (ESG) Considerations- Companies may contribute to a more sustainable and responsible society, make wise selections for firms, and greater long-term profits for investors by incorporating ESG factors into their decision-making. Moreover, the maritime sector will be strongly impacted by ESG factors starting in 2023 to maximize long-term value for all parties involved, leading to higher demand for sustainable marine fuels.
Challenges
- High Cost of Sustainable Marine Fuels - When compared to fossil fuels, the cost of low-carbon and carbon-neutral fuels is likely to remain high as to use sustainable marine fuel some vessels may require upgrade, which can be expensive.
- Limited Supply
- Lack of Infrastructure
Sustainable Marine Fuel Market: Key Insights
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
46.9% |
|
Base Year Market Size (2024) |
USD 11.45 billion |
|
Forecast Year Market Size (2037) |
USD 1.7 trillion |
|
Regional Scope |
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Browse key industry insights with market data tables & charts from the report:
Frequently Asked Questions (FAQ)
Sustainable Marine Fuel Market in 2025 is estimated at USD 15.75 billion.
The global market size surpassed USD 11.45 billion in 2024 and is projected to witness a CAGR of over 46.9%, crossing USD 1.7 trillion revenue by 2037.
Asia Pacific is forecast to achieve USD 918 billion by 2037, attributed to regulatory policies for the adoption of clean energy and the creation of the National Centre of Excellence in Green Port and Shipping.
The major players in the market include Neste Oyj, Targray, ExxonMobil Corporation, GoodNRG B.V., Chevron Corporation, Nordic Marine Oil A/S, TotalEnergies, GAC, Methanex Corporation.
