Global maritime climate technology market exceeds NOK 400 billion: Norway among leading suppliers<\/p>\n
A new report shows that the global market for maritime climate technology has already surpassed NOK 400 billion, highlighting significant opportunities for suppliers worldwide as the shipping industry accelerates its transition to low- and zero-emission solutions.<\/p>\n
The report, Maritime Climate Technology \u2013 Norwegian Positions in Global Markets, has been developed by Menon Economics and Maritime CleanTech on behalf of Innovation Norway. It provides one of the first comprehensive estimates of the global market and maps the position of Norwegian suppliers within it.<\/p>\n
\u201cWe have good reason to be proud of the findings in this report. The fact that Norway holds such a significant market share demonstrates the strength of our maritime climate technology capabilities. New EU requirements for battery use on ships when entering and leaving ports will create even greater opportunities for Norwegian suppliers,\u201d says H\u00e5kon Haugli, CEO of Innovation Norway.<\/p>\n
A rapidly expanding global market<\/p>\n
The global market for maritime climate technology is estimated at more than NOK 400 billion, driven primarily by investments in newbuild vessels, which account for the majority of demand. Additional market activity comes from retrofitting existing fleets and ongoing equipment upgrades.<\/p>\n
Asia and Europe dominate the market, together accounting for close to 90 percent of total demand. The largest volumes are found in deep-sea shipping, while passenger and offshore segments also represent significant market opportunities.<\/p>\n
\u201cMaritime climate technology is still in an early phase globally, but the scale is already substantial. This is a market that is expected to grow significantly as the shipping industry accelerates its transition\u201d, says H\u00e5vard Tvedte, Interim CEO of Maritime CleanTech.<\/p>\n
Erik Jakobsen, Menon Economics<\/p>\n
Norway holds a strong global position<\/p>\n
Norwegian suppliers of maritime climate technology generate total revenues of approximately NOK 34 billion, of which NOK 22.7 billion comes from exports. In the study, climate technology accounts for around 21 percent of total maritime supplier revenues among the companies included.<\/p>\n
Overall, Norwegian companies hold an estimated global market share of around 8 percent. Within energy efficiency technologies, the market share is approximately 11 percent. Norway is particularly strong in the offshore segment, where its market share is estimated at as much as 65 percent.<\/p>\n
\u201cThis is the first time we have established a comprehensive analytical framework linking Norwegian suppliers of maritime climate technology to the size and dynamics of global markets. The analysis shows that Norway already holds a strong position, while also highlighting significant growth potential as demand for low- and zero-emission solutions continues to accelerate,\u201d says Erik W. Jakobsen, Partner at Menon Economics.<\/p>\n
H\u00e5vard Tvedte, Maritime CleanTech<\/p>\n
Demand driven by energy efficiency and alternative fuels<\/p>\n
Energy efficiency and alternative fuels dominate the market, each accounting for a substantial share of total value. In contrast, onboard carbon capture technologies remain at an early stage of development.<\/p>\n
The report highlights how demand is closely linked to global shipbuilding and fleet operations, particularly in Asia and Europe.<\/p>\n
As regulatory pressure increases and new technologies mature, maritime climate technology is expected to play a central role in reducing emissions from global shipping. The report underscores both the scale of the opportunity and the importance of industrial capabilities in capturing value in emerging green markets.<\/p>\n
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