Our new report shows that the global market for maritime climate technology has already surpassed NOK 400 billion – creating significant opportunities for suppliers worldwide, with Norway emerging as a key player.
A new analysis by Menon Economics and Maritime CleanTech, commissioned by Innovation Norway, provides one of the first comprehensive estimates of the global maritime climate technology market and maps supplier positions within it.
The report "Maritime Climate Technology – Norwegian Positions in Global Markets" offers new insights into market size, growth drivers and competitive dynamics across regions and technologies.
"We have good reason to be proud of the findings in this report. Norway taking such a large market share shows how strong we are in maritime climate technology. New EU requirements for batteries on ships when entering and leaving ports give the Norwegian supplier industry even greater opportunities,” says Håkon Haugli, CEO of Innovation Norway.
A rapidly growing market
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 vast majority of demand. Additional growth comes from retrofitting existing fleets and ongoing equipment upgrades.
Demand is concentrated in Asia and Europe, which together account for close to 90 percent of the market. The largest volumes are found in deepsea shipping, while passenger and offshore segments also represent important opportunities.
"Maritime 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 to low- and zero-emission solutions", says Håvard Tvedte, Interim CEO of Maritime CleanTech.
Norway among leading suppliers
Norwegian suppliers of maritime climate technology generate total revenues of approximately NOK 34 billion, with NOK 22.7 billion coming from exports. In the study, climate technology accounts for around 21 percent oftotal maritime supplier revenues among the companies included.
Overall, Norwegian companies hold an estimated global market share of around 8 percent. Within energy efficiency technologies, the share is even higher, at approximately 11 percent.
Norway is particularly strong in the offshore segment, where its market share is estimated at as much as 65 percent.
“This is the first time we have established a comprehensive knowledge base linking Norwegian suppliers of maritime climate technology to the size and development of global markets. The analysis shows both that Norway already holds a strong position and that there is significant potential for further growth as demand for low- and zero-emission solutions increases,” says Erik W. Jakobsen, partner at Menon Economics.
Global demand driven by energy efficiency and new fuels
Solutions and equipment for energy efficiency and alternative fuels dominate the market, each accounting for roughly half of total market value. In contrast, onboard carbon capture remains in an early phase. At the same time, the market is shaped by strong regional dynamics. Asia is the largest market, followed closely by Europe, reflecting where shipbuilding and shipping activity is concentrated.
The report highlights maritime climate technology as a critical enabler of decarbonisation in global shipping. As regulatory pressure increases and new fuel solutions mature, demand for technologies that reduce emissions is expected to grow significantly across all vessel segments. For suppliers, this represents not only a climate imperative, but a major industrial opportunity.
Below you can find the complete report in Norwegian, and a shorter version in English without the detailed mapping of the Norwegian industry.
