Green shipping estimate confirms a billion-dollar opportunity for Vestland

The market estimates come from a report commissioned by Maritime CleanTech and Innovation Norway, prepared by Menon Economics estimates the green shift in maritime sector. You can download an abbreviated English version of the report here.

- Previously the market used to be driven by regulatory demands, but we currently see that the shipowners see good business cases. With rising fuels costs, new technology is more profitable. In addition, the new solutions reduce the maintenance costs, concluded Project Director in Menon, Erik W. Jakobsen when the report was published in Bergen. Photo: Charlotte H. Lem. 

From add-on to core technology

The report concludes that in 2026, nearly half of all new ships being built will include climate technology. But more importantly, the largest vessels, and the ones that drive the most value, are leading the transition. That is already changing the economics of shipbuilding.

The clearest signal comes from the newbuild segment, with than a third of all equipment installed on new vessels and represent close to a fifth of total vessel value: EUR 29.6 billion, roughly 85% of the total market, and represents 38% of all ship equipment value and 18% of total newbuild vessel value globally.

This marks a turning point. Shipowners are no longer experimenting; they are setting a new level of standardising.

- The transition is happening within a tight timeframe, driven by regulation, fuel shifts and customer demand. Technology adoption is not gradual, the pace is now picking up, concludes Tone Hartvedt in Invest in Vestland.

By 2027, the shift intensifies, where 62% of vessels will include climate technology, representing 82% by tonnage, a huge market where Vestland-based suppliers have proven highly competitive.

Around 5000 vessels are expected to be delivered around the world in 2026. 40% will include climate technology, and these vessels represent 80% of total tonnage. The battery technology from Begen based Corvus Energy is an important part of the maritime shift delivered from the Vestland ecosystem. Photo: Corvus Energy.  

Driven by scale

Deepsea shipping, with tankers, container vessels and bulk carriers, makes up roughly three quarters of the total market. These are complex, high-value ships where technology choices have major cost and emissions implications. This is also where adoption is accelerating fastest.

By 2027, nearly two out of three new vessels will be delivered with climate technology, rising to more than 80 percent when measured by size. In other words: the biggest ships are moving first and, also they are the fastest.

At the same time, a smaller but growing retrofit market is emerging, as shipowners begin upgrading existing fleets, opening a second wave of opportunities beyond newbuilds. While smaller than newbuilds, the retrofit segment is gaining momentum. 380 vessels were upgraded in 2025, with a strong concentration in deepsea freight. The growth is expected to be continued in the coming years.

Brave new energy world

The market is not evenly distributed across technologies. Investments are currently concentrated in two areas; new energy systems and fuels and efficiency technologies that reduce consumption. Energy carriers and propulsion systems account for EUR 15.5 billion, while energy efficiency technologies account for EUR 14.0 billion.

By contrast, onboard carbon capture remains marginal, but at least a big enough activity to show in the figures. That signals where the immediate commercial opportunities lie, in solutions that are ready to deploy at scale, not those still in early development.

This indicates that the near-term opportunity lies in alternative fuels, hybrid propulsion and efficiency optimisation; all areas where Vestland companies already have documented strong capabilities.

Europe at the centre of the shift

Geographically, the market is highly concentrated. Europe and Asia together account for nearly 90 percent of global demand. With Europe alone representing over 40 percent, Vestland sits inside one of the world’s most active regions for maritime transition.

For Vestland’s maritime cluster, that shift plays directly into existing strengths in advanced equipment, propulsion systems and vessel design. Vestland has an established maritime ecosystems, engineering capacity and supplier networks can scale quickly. Reach out if you want to learn more!

At a time when traditional petroleum activity is gradually declining, Vestland is emerging as a key gateway to the industries that will define the future: ocean-based value chains, renewable energy, and advanced technology ecosystems; all demonstrated at the Bergen harbour during One Ocean Week 2026. Photo: Charlotte Hartvigsen Lem.