Sustainable Marine Fuel Industry- Regional Synopsis
APAC Market Forecast
Sustainable marine fuel market in Asia Pacific is predicted to account for the largest share of 54% by 2037 impelled by the implementation of regulatory policies for the adoption of clean energy in the marine sector. For instance, recently, the government of India has announced to creation of the National Centre of Excellence in Green Port and Shipping (NCoEGPS) to allow the use of sustainable biofuels and their blends as fuel in Indian ships to reduce the use of fossil fuels and promote the use of renewable energy in ship operations by identifying the technologies, alternative fuels, renewable energy sources, and targets for the shipping and port sector. This is expected to drive the demand for sustainable marine fuels in the region.
European Market Statistics
The Europe sustainable marine fuel market is estimated to hold the second largest of 33%, during the forecast timeframe led by growing initiatives to use renewable fuels in marine transport. For instance, the FuelEU Maritime legislation was one amongst the 'fit for 55' package of legislative proposals created by the European Commission in 2021, which aims to decarbonize the EU maritime industry and encourage the adoption of sustainable maritime fuels by establishing a fuel standard for ships.
