Market analysis for the South West

Regen has worked alongside the University of Exeter’s Centre for Future Clean Mobility to produce a report outlining the technology innovation and economic growth opportunities that clean maritime propulsion systems can offer the UK and how the South West of England can capitalise on these opportunities and spearhead the growth of the sector.  

July 2022

Maritime transport is crucial to international trade and the global economy, yet is a major contributor to global greenhouse gas emissions. While some progress has been made in improving fuel efficiency, the most recent study by the International Maritime Organisation estimated that global shipping (international, domestic and fishing) accounted for approximately 1,076 million tonnes of CO2e in 2018. Similarly, maritime industries in the UK face a massive challenge to achieve net zero by 2050.

The UK’s leadership position in offshore wind deployment, enhanced by its commitment to install 50 GW by 2030, could be a springboard for the clean maritime sector. The Offshore Renewable Energy Catapult projected that up to 2,200 new offshore wind service vessels would be needed by 2050. When coupled with the requirement to deliver a fully decarbonised supply chain, this could see the offshore wind sector at the forefront of clean vessel and propulsion system development, offering a prime market worth £8 billion to the UK economy.

Regen has worked with the University of Exeter’s Centre for Future Clean Mobility to produce a report outlining the technology innovation and economic growth opportunities that clean maritime propulsion systems can offer the UK, as well as how the South West can capitalise on these opportunities to spearhead the growth of the sector and become a new regional maritime centre of excellence.

The report outlines the variety of clean propulsion systems and fuel types currently being investigated for maritime vessels, explores technical requirements for vessels across a range of maritime industries and identifies practical areas for collaboration between stakeholders within the South West maritime sector, demonstrating the potential economic benefits that clean propulsion can deliver to the region.  

Download the report

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