The average price of metallurgical coal for all users in the United States stood at 5.23 U.S. dollars per million British thermal units, and is expected to decrease to nearly 5.03 U.S. dollars per million British thermal unit of energy generated.

Heavy fuel oil (HFO) is projected to be the cheapest marine fuel globally in 2050. The price for HFO should be between seven and 13 U.S. dollars per gigajoule in 2050. Marine gas oil combined with hydrogen (e-MGO) will be the most expensive fuel for ships in 2050 with a price of between 28 and 52.5 U.S. dollars per gigajoule.

Shift towards sustainable shipping The shipping industry was responsible for about 11 percent of all transportation-related carbon dioxide (CO2) emissions in 2020, emitting about 667 million metric tons of CO2 that year. There has thus been a considerable pressure coming from international organizations, governments, NGOs, and shippers themselves to reduce the environmental impact of maritime shipping. Since most of the pollution is produced by burning fossil fuels such as heavy fuel oil (HFO) and very-low sulfur fuel oil (VLSFO), one of the most efficient ways to reduce emissions would be to switch to cleaner marine fuels such as ammonia and hydrogen.

The statistic gives projections of the cost for coal and natural gas between 2016 and 2050. It is predicted that in 2020, natural gas cost will 6.69 U.S. dollars per million British thermal units compared with 6.13 for metallurgical coal.

In 2030, the market size for hydrogen is forecast to reach over one trillion Japanese yen. For 2050, the hydrogen market size is forecast to expand to over five trillion yen, making hydrogen the carbon-neutral fuel with the largest forecast market size.Japan is embarking on an ambitious journey to transition to renewable fuels as part of its broader strategy to achieve carbon neutrality by 2050. A central component of this strategy is the expansion of the hydrogen market to make it a cornerstone of Japan's renewable energy portfolio.  Long-term vision for Hydrogen Looking further ahead, by 2050, the hydrogen market size is expected to reach over 1.75 trillion Japanese yen. The integration of hydrogen into various sectors, including transportation, industrial processes, and power generation, is planned to further reduce greenhouse gas emissions and enhance energy security. However, despite the ambitious plans, the domestic production volume of hydrogen has remained at around the same level in recent years. Biofuels and renewable energy integration Next to hydrogen, biofuels also play a crucial role in the nation's decarbonization efforts. Japan is increasingly looking to biodiesel and bioethanol to reduce its carbon footprint in the transportation sector. For instance, Japan Railway plans to introduce biofuels such as biodiesel in all its diesel trains by 2030. Additionally, the production and utilization of solid biofuels for electricity generation have been growing steadily. The combination of hydrogen and biofuels, supported by the continued expansion of renewable energies, should help Japan to work towards its carbon neutrality goals and transition to a sustainable energy future. 

Fuel Cells for Marine Vessels Market size was valued at USD 3.01 Billion in 2024 and is projected to reach USD 4 Billion by 2031, growing at a CAGR of 3.6% during the forecast period 2024-2031.

Global Fuel Cells for Marine Vessels Market Drivers

Environmental concerns and regulatory pressures: There is growing pressure on the maritime sector to adhere to strict environmental standards and cut greenhouse gas emissions. In comparison to 2008 levels, organizations such as the International Maritime Organization (IMO) have set aggressive goals to cut carbon emissions by at least 50% by 2050. Fuel cells offer a means to comply with these rules, especially ones that run on hydrogen or other clean fuels. One of the main forces for the use of fuel cell technology in maritime vessels is the need for decarbonization.

Developments in Technology: Recent developments in fuel cell technology have increased the overall performance of fuel cell systems, decreased prices, and improved efficiency. Materials science advancements, such as the creation of stronger membranes and catalysts, have extended the lifespan of and effectiveness of fuel cells. Additionally, the integration of hybrid systems, where fuel cells are combined with batteries, allows for better energy management and flexibility in vessel operation. These technological improvements make fuel cells more attractive for marine applications.

Diesel and gasoil are the most in-demand oil products worldwide. In 2023, diesel and gasoil demand reached 29 million barrels per day. This was closely followed by gasoline.By 2040, gasoline demand is forecast to climb to nearly 30 million barrels per day compared with 32.2 millio barrels for diesel and gasoil. The use of petroleum products in daily life Crude oil serves as a feedstock for a great variety of industrial products. While transportation fuels such as gasoline and diesel are the most common examples used when referring to petroleum products, synthetic materials such as plastic packaging and many pharmaceutical drugs are also oil- and natural gas-based. In 2022, the global market value of petrochemicals stood at an estimated 584.5 billion U.S. dollars and was forecast to grow to over one trillion U.S. dollars by 2030. In a world where convenience often trumps the more environmentally friendly choice, petroleum products, particularly of the non-heavy variety, are expected to continue being in high demand. Oil demand shaped by economic activity As oil use is so widespread, changes in oil demand are usually an indication of developments in the wider economy, in particular changes to GDP growth as was the case in 2020. In the last two years, global liquid fuels consumption generally increased alongside economic activity and is expected to reach 104.7 million barrels per day by mid-2025.

The Annual Energy Outlook presents longterm annual projections of energy supply, demand, and prices focused on the U.S. through 2050, based on results from EIA's National Energy Modeling System (NEMS). NEMS enables EIA to make projections under alternative, internally-consistent sets of assumptions, the results of which are presented as cases. The analysis in AEO2014 focuses on five primary cases: a Reference case, Low and High Economic Growth cases, and Low and High Oil Price cases. Users of the EIA API are required to obtain an API Key via this registration form: http://www.eia.gov/beta/api/register.cfm

Crude oil production in the United States is expected to amount to 27.39 quadrillion British thermal units in 2050. Despite many governments intensifying searches for renewable alternatives to fossil fuel energy production, production is forecast to increase in the coming years. One standard barrel of crude oil contains about 5.8 million British thermal units.

U.S. oil production gains in the past decade

With the highest consumption of oil in the world and no end to such levels in sight, the U.S. has been incentivized to produce more oil domestically. During the 2008 financial crisis, when benchmarks such as the OPEC oil price were particularly turbulent, investors seized upon lower interest rates as an opportunity to develop new methods of extracting shale gas and tight oil. Previously largely inaccessible, hydraulic fracturing (fracking) and horizontal drilling allowed for exploitation of more oil and gas plays than ever before.

Fracking is a means of extracting oil from permeable rock formations, such as shale or tight sandstone. This type of oil is referred to as tight oil or unconventional oil. In the U.S., most shale formations are located in Texas and North Dakota. Since the rapid expansion of fracking, these states have become two of the country’s largest producers of crude oil. The largest oil producing region is the Permian basin in Texas and New Mexico.

The primary energy demand in the Asia-Pacific region was forecasted to reach about 328 quadrillion British thermal units (BTUs) by 2050, reflecting a substantial increase driven by rapid economic and population growth. Coal demand was forecasted to steadily decrease from around 118 quadrillion BTUs in 2025 to approximately 79 quadrillion BTUs in 2050, indicating the region’s shift towards cleaner energy. While coal consumption was projected to decline, demand for oil and natural gas was projected to rise, reflecting the complex energy transition facing the region. Rising energy demand and economic efficiency The Asia-Pacific region's primary energy demand is projected to rise by a quarter from 2023 to 2050. This projected increase highlights the region's continued significant role as the largest consumer of primary energy in the global energy market. Notably, the region is becoming more energy-efficient, with projections indicating a significant decrease in energy intensity by 2050, showing improvements in economic productivity relative to energy use. Environmental implications and energy transition efforts The increasing energy demand in the Asia-Pacific region has significant environmental implications. As the largest global emitter of energy-related CO2, the region faces mounting pressure to address climate change concerns. The forecasted growth in renewable energy sources, particularly wind and solar, offers a promising path toward reducing emissions. Some countries in the region are increasing their efforts to transition away from fossil fuel dependency, particularly coal, with the aim of gradual decarbonizing the energy sector. For example, China and India, the two largest coal consumers in the region, have raised a larger share of investments in renewable energy and clean technologies. However, the fossil fuel sector in the region continued to receive a substantial portion of funding. The Asia-Pacific region relies on their governments for more determined efforts to realize their climate ambitions.

The global air compressor market is projected to reach USD 37.80 million by 2033, expanding at a CAGR of 4.69% from 2025 to 2033. The increasing demand for air compressors across industries such as oil and gas, power sector, and manufacturing is driving market growth. Additionally, the rising adoption of energy-efficient air compressors and technological advancements are contributing to market expansion. Regional analysis reveals that North America held the largest market share in 2025, and Asia Pacific is expected to register the highest CAGR during the forecast period. The presence of established players and the growing industrial sector in North America is driving regional growth. Asia Pacific's expanding manufacturing and infrastructure sectors are anticipated to fuel market growth. Key industry participants include General Electric, Sulzer Ltd, Ingersoll Rand Inc, ELGI Equipments Ltd, Sullair LLC (Hitachi Group), Siemens AG, Gardner Denver Inc, and Atlas Copco Group. These companies are focusing on product innovation, strategic acquisitions, and collaborations to maintain their competitive edge in the global air compressor industry. Recent developments include: April 2023, ZF's Commercial Vehicle Solutions (CVS) division introduced a new high-speed electric air compressor for fuel cells. ZF also announced this as an exclusive development agreement with the Liebherr Group's Aerospace & Transportation product segment. The partners will develop advanced fuel cell air compressor systems for their respective customer bases, with ZF exclusively equipping commercial vehicles., March 2023, Sullair announced the unveiling of the E1035H, a next-generation air compressor. The development of this product aligns with Hitachi's long-term environmental target, Hitachi Environmental Innovation 2050. The new compressor provides the same durability, reliability, and performance as its diesel counterparts., December 2022, ELGi ELGi Compressors USA Inc. announced the strategic rebranding of its portable air compressor line in North America, previously branded as Rotair. The company is rebranding Rotair to ELGi to strengthen its position and credibility in North America.. Key drivers for this market are: 4., Soaring Demand From Natural Gas Sector4.; Increasing Demand From The Refinery And Petrochemical Sector. Potential restraints include: 4., Higher Capital Cost Compared To Traditional Internal Combustion Engines. Notable trends are: Positive Displacement Compressors Expected to Hold Significant Market Share.

Diesel and gasoil account for the highest oil products demand share in the world. In 2023, these products made up some 28.38 percent of total oil demand. This figure is expected to decrease slightly by 2050, with jet fuel and kerosene expected to see the greatest increase in demand shares. Daily global crude oil demand is expected to climb over 100 million barrels in 2023.

In 2020, the cost of one liter of e-fuel in Japan amounted to 680 Japanese yen. The price is forecast to decrease to 170 yen per liter by 2050.

Light vehicles running on conventional gasoline are projected to remain the best-selling vehicle type in the United States in 2050, representing around 11.36 million sales. Gasoline vehicle sales are expected to decrease slowly between 2021 and 2050. By contrast, battery-electric vehicle sales are forecast to grow steadily, becoming the second most popular fuel type in the U.S. in 2022.

Global gasoline price inflation impacts the market
The monthly average retail price of gasoline in the United States peaked in June 2022 amid market uncertainty. Russia's invasion of Ukraine led to rising commodity prices, impacting the gasoline stock in many countries reliant on Russia's crude oil exports. While the United States is not dependent on finished motor gasoline imports, its light-duty vehicle fleet uses the most energy, at nearly 7.9 million barrels per day in oil equivalent in 2022. These increased prices at the pump, therefore, contribute to the decrease in the conventional gasoline light vehicle market.

U.S. electric vehicle market relies on Tesla
Plug-in electric vehicle sales reached an all-time high in the United States in 2022, boosted by increased battery-electric vehicle popularity. However, the American electric vehicle market is dependent on Tesla sales. In 2022, Tesla recorded over five times as many all-electric vehicle sales as Ford, which ranked second. This directly contrasts with the global BEV market, where the gap between Tesla and other automakers is not as steep.

OECD Americas is the region with the greatest oil demand, followed by China. In 2023, daily oil demand in the OECD Americas amounted to 25 million barrels. This figure is set to decrease to 21.5 million barrels by 2050, although it would remain the largest oil consuming region. India is forecast to see the greatest growth in daily oil demand, with figures expected to double by 2050.

The ammonia agriculture and industrial sector is forecast to reach a market size of some 111 billion U.S. dollars worldwide in 2050, making it the largest application for the chemical. Shipping fuel is expected to follow in second, with a market valued at 87 billion U.S. dollars. That same year, agriculture and industry is also estimated to account for the highest share of ammonia demand across the globe.

In 2030, the market size for gaseous synthetic fuels is forecast to reach 130 billion Japanese yen. For 2050, its market size is forecast to expand significantly, making up one of the largest carbon-neutral fuels in Japan.

Countries in Europe have some of the highest natural gas prices for the industry in the world. In the second quarter of 2024, industrial customers in Switzerland paid approximately 0.16 U.S. dollars per megawatt hour worth of natural gas. This was considerably higher than the price of gas in natural gas producing countries such as Russia and Algeria. Determining natural gas prices Like other commodities, natural gas prices are driven by supply and demand trends. In some instances, they may also reflect developments within the oil market, as both commodities are often produced together. Natural gas prices are volatile. Seeing as the consumption of natural gas is often without alternative (e.g. within power plants), short-term changes to supply and demand have huge repercussions for the market. Weather is also a common determinant of natural gas prices. Unprecedented heat waves in the U.S. have driven up electricity demand for air conditioning and affected weekly Henry Hub natural gas prices in the hotter summer months. Natural gas demand Primary energy demand generated by natural gas worldwide is highest in North America. Nevertheless, forecasts suggest that the Asia Pacific region will experience a doubling in such demand by 2050 and overtake consumers in North America. The United States is still leading a ranking of world natural gas consumption by country. However, China has increased its LNG and gas pipeline investment portfolio, which could see it becoming an even greater consumer in the future.

In 2023, the price of natural gas in Europe reached 13.1 constant U.S. dollars per million British thermal units, compared with 2.5 U.S. dollars in the U.S. This was a notable decrease compared to the previous year, which had seen a steep increase in prices due to an energy supply shortage exacerbated by the Russia-Ukraine war. Since 1980, natural gas prices have typically been higher in Europe than in the United States and are expected to remain so for the coming two years. This is due to the U.S. being a significantly larger natural gas producer than Europe.

What is natural gas and why is it gaining ground in the energy market? Natural gas is commonly burned in power plants with combustion turbines that generate electricity or used as a heating fuel. Given the fact that the world’s energy demand continues to grow, natural gas was seen by some industry leaders as an acceptable "bridge-fuel" to overcome the use of more emission-intensive energy sources such as coal. Subsequently, natural gas has become the main fuel for electricity generation in the U.S., while the global gas power generation share has reached 22 percent.

How domestic production shapes U.S. natural gas prices The combination of hydraulic fracturing (“fracking”) and horizontal drilling can be regarded as one of the oil and gas industry’s biggest breakthroughs in decades, with the U.S. being the largest beneficiary. This technology has helped the industry release unprecedented quantities of gas from deposits, mainly shale and tar sands that were previously thought either inaccessible or uneconomic. It is forecast that U.S. shale gas production could reach 35 trillion cubic feet in 2050, up from 1.77 trillion cubic feet in 2000.

The global industrial sector uses more natural gas than any other type of fuel, consuming nearly 64 quadrillion British thermal units in 2022. The use of renewables is expected to almost double between 2022 and 2050, as the levelized cost for renewable energy technologies, such as wind and solar power, decreases. Global energy consumption outlook Global consumption of energy for industrial purposes is predicted to reach over 336 quadrillion British thermal units in 2050. Rising demand follows a trend of rising projected global energy consumption across all sectors until at least 2045. Despite the relative increase in renewable energy, it is expected that the overall demand for fossil fuels will continue growing. Gas will dominate the global industrial energy consumption over the next few decades. U.S. energy use by sector Since the 1970s, the industrial sector has been the largest consumer of energy in the United States. Transportation and commercial consumption have recorded the largest increase over the past 50 years, with consumption by the commercial sector nearly doubling since 1975. Primary energy consumption from fossil fuel sources in the U.S. is highest in the transportation sector.

Shale gas and tight oil production in the United States is forecast to increase to nearly 35 trillion cubic feet by 2050, up from 26.91 trillion cubic feet in 2022. Shale gas refers to natural gas that is trapped within dense shale formations. Tight oil is crude oil contained in such rock formations. It is extracted by drilling wells and pumping a sand, water, and chemical mixture into the rock. The pressure under which the mixture is pushed into fissures cracks the rock open, allowing for the gas and oil to be removed.

Origins of U.S. shale gas production

The extraction of shale gas and tight oil in the U.S. has increased dramatically since 2000; from about 300 billion cubic feet to over 26 trillion cubic feet in 2022. The economic viability of shale exploration is a result of technological advances in horizontal drilling and hydraulic fracturing (fracking), as well as a surge in oil benchmark prices in the late 2000's and early 2010's. China's fast-growing economy meant it required ever greater amounts of petroleum products, while the largest oil producing body, OPEC, tightly controlled production output in order to push prices higher. This led to the WTI crude oil price climbing to an annual average of nearly 100 U.S. dollars in 2008, despite the onset of the financial crisis. Although early shale pioneer Mitchell Energy had experimented with horizontal drilling and fracking, it took until the 2000's for the technology to hit off.

Shale gas production is concentrated primarily in regions such as the Northeast and the Gulf Coast, with Appalachia being the most productive U.S. natural gas region. Chevron is the largest U.S. shale oil producer by daily crude oil output.