GreenShip Recycling: Introduction
· Green ship recycling can be considered a sustainable andenvironment-friendly shipbreaking method of ship disposal
· Green ship recycling can be considered an alternative to otherconventional methods of shipbreaking that eventually result in negative effectson the environment across the globe
· Green ship recycling reduces the amount of waste generated andalso keeps the waste materials from shipbreaking out of the beaches. This helpslower the adverse impact on the environment.
· Green ship recycling was initially carried out by just bydeveloped countries around the world with advanced technologies. However,nowadays, developing countries have been incorporating processes that promotegreen shipbreaking.
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Key Drivers of Global Green Ship Recycling Market
· Developing countries across the world are investingsignificantly in the manufacturing sector. This has led to a steady growth inseaborne trade. Stable conditions of most of the economies are likely to boostthe greenship recycling market in the near future.
· Increase in demand for new vessels for various applications inthe oil & gas sector and shipping business, dearth of supply chains in shiprepair and maintenance services, and rise in production of vessels areprojected to augment the demand for green ship recycling in the near future
· Ambitious national targets, rapid technological advancements,and international agreements have prompted companies across the world toupgrade their shipping vessels. This, in turn, is expected to augment theglobal green ship recycling market between 2020 and 2030.
· Green ship recycling is increasingly becoming important to themarine industry. The process of green shipbreaking is estimated to become evenmore common and feasible across the globe owing to the benefit of more upcomingtechnological developments.
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Major Developments
· In January 2020, the “Recycling of Ships Bill” came into forcein India. It is expected to provide greater powers for the regulation of shiprecycling in the country. The new bill would also help in establishment ofinternationally recognized standards and statutory mechanism for theenforcement of such standards. The Government of India has decided to be a partof the Hong Kong International Convention for Safe and Environmentally SoundRecycling of Ships, 2009. Under the terms of the new Act, ship recyclingfacilities are required to be authorized, and ships can, in future, only be recycledat such authorized ship recycling facilities.
Europe to Hold Major Share of Global Green Ship Recycling Market
· Based on region, the global green ship recycling market can beclassified into North America, Asia Pacific, Europe, Latin America, and MiddleEast & Africa
· Europe is expected to be a key region of the global green shiprecycling market from 2020 to 2030. High investments in shipping infrastructureand government subsidies are likely to drive the market in the region between2020 and 2030
· The green ship recycling market in Middle East & Africa isestimated to expand at a significant pace during the forecast period, owing toextensive oil and gas export and presence of large numbers of vessel companiesin the region
· Growth in cruise tourism and export business in North America,especially the U.S., is anticipated to boost the demand for vessel maintenanceservices for passenger ships and ferries in the region. This is estimated todrive the green ship recycling market in North America in the near future.
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COVID-19 Impact Analysis
· The global economy has been hampered by measures put in place tocontain the COVID-19 pandemic. The shipping recycling business is alsoestimated to face immediate challenges due to the COVID-19 pandemic such asdifficulty in adhering to social distancing norms, shortage of manpower, lackof parts & equipment, and discerning expenditure by end-users.
KeyPlayers Operating in Global Market
Wirana isthe major player operating in the global green ship recycling market.
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Global Green Ship Recycling Market, by Vessel Type
· Cargo Vessels
· Service Vessels
· Fishing Vessels
· Off-shore Vessels
· Tankers
· Passenger Ships & Ferries
· Yachts
· Others
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