Electric Ship Market Size is estimated to grow at a CAGR of 13.0% during the forecast period

 

The global electric ship market is predicted to expand at a compounded annual growth rate (CAGR) of 13.0% from 2022 to 2030. In contrast to conventional ships powered by diesel engines, electric ships are referred to as ships that are electrically propelled. These ships are made to perform marine operations using an electric motor that is powered by a battery bank rather than a fuel source. Small passenger or container ships on inland rivers that travel only short distances frequently need to dock, and these ships are typically ferries. Electric and hybrid ships have a reputation for emitting fewer pollutants into the environment.

 

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GROWTH DRIVERS:

The development of new, cutting-edge electric ships with cutting-edge characteristics for the market has been a top priority for the electric ship market players in recent years. Numerous potential are opening up for the expansion of the global electric ships market, including the use of fuel cells, solar power, remotely operated and autonomous modes of operation, and totally electric propulsion for large ships.

In order to encourage the use of electric ships and cut emissions, governments and organizations are also increasingly supporting the acquisition of electric-operated transportation ships through initiatives and subsidies. The South Korean government's announcement of a $870.0 million project in 2020 to support the development of environmentally friendly shipping as a means of reducing the pollution created by the country's marine sector might serve as an illustration of this.

Other factors include the increasing adoption of fully electric passenger vessels, the expanding use of renewable energy for battery charging along with advancements in hybrid propulsion technology, the growing competition among various end users, the expanding research into energy storage devices, the significant military spending on the improvement of new and advanced battle vessels, and the increasing emphasis of shipbuilders on decreasing the noise generated from the propulsion systems.

ELECTRIC SHIP MARKET SEGMENTATION:

By Type:

·         Fully Electric

·         Hybrid

 

By Battery Type:

·         Lead-Acid

·         Lithium-Ion

·         Nickel-based Batteries

By System:

·         Energy Storage Systems

·         Power Conversion

·         Power Generation

·         Power Distribution

 

By Carriage Type:

·         Passenger

·         Cargo

By Mode of Operation:

·         Manned

·         Remotely Operated

·         Autonomous

 

By Ship Vessel Type:

·         Commercial Vessel

o    Passenger Cruise

o    Bulk Carrier & Container Ships

o    Tankers

o    Others

·         Defense Vessel

o    Aircraft Carrier

o    War Ship

o    Submarine

o    Others

·         Special Vessel

 

By Power:

·         <75KW

·         75-150KW

·         151-745KW

·         746-7,560KW

·         >7,560KW

 

By Range:

·         <50Km

·         50-100Km

·         101-1000Km

·         >1,000Km

 

By Tonnage:

·         <500DWT

·         500-5,000DWT

·         5,001-15,000DWT

·         >15,000DWT

 

By End Use:

·         New Build and Line fit

·         Retrofit

 

By Region:

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

 

KEY COMPANIES IN ELECTRIC SHIP MARKET:

·         MAN Energy Solutions SE

·         Vard

·         Leclanché SA

·         ABB Limited

·         Siemens AG

·         Wartsila

·         Norwegian Electric Systems

·         Corvus Energy

·         General Dynamics Electric Boat

·         Kongsberg Gruppen

·         AKASOL AG

·         Anglo Belgian Corporation NV

·         Corvus Energy

·         Scandia Marine AB

·         EST-Floattech

·         Schottel

·         General Electric

·         Eco Marine Power

·         BAE Systems

·         Other Players

 

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xResearch is a market research and consulting organization that uses unique data, expert analysis, and new technologies to create trusted intelligence on industries. Our research is focused on delivering an informed and impartial view on essential market data of industry, and it is primarily driven by an in-depth study covering the following parameters: Market Sizing and Forecasting, Market Segmentation, Competitive Analysis, Strategic Assessment and Business Modelling.

                                   

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