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.

Ships propelled by electricity are known as electric ships, as opposed to conventional ships propelled by diesel engines. Instead of using gasoline to power an electric motor, these ships are built to be able to perform nautical activities using a battery bank. These vessels are usually ferries, and small passenger or container ships frequently require docking while traveling short distances on inland waterways. It is well known that ships that run on electricity or hybrid power produce fewer emissions and prevent further pollution of the environment.

 

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GROWTH DRIVERS:

The global market for electric ships is expanding due to a number of factors, including the growing seaborne trade and maritime tourism industries around the world, the growing conversion of passenger vessel propulsion systems to electric propulsion systems, the rising demand for environmentally friendly transport systems, the governments' increasing emphasis on encouraging consumers to adopt eco-friendly ships in order to comply with environmental rules and regulations, the rising investment in advanced lithium, nickel, and sodium batteries, and the growing interest among electric vehicle manufacturers to capture market share by increasing the production of electric ships.

The companies in the electric ship industry have been focusing on creating cutting-edge, new models with unique characteristics for the market in recent years. There are many prospects for the global market for electric ships to expand as a result of advancements including the use of fuel cells and solar electricity for ship power, remotely operated and autonomous modes of operation, and totally electric propulsion for large ships.

Other factors that are anticipated to have a significant impact on the growth of the electric ships market during the forecast period include the increasing adoption of fully electric passenger vessels, the growing use of renewable energy for battery charging in conjunction with advancements in hybrid propulsion technology, the growing competition among different end users, the growing research in energy storage devices, the military's heavy spending on the development of new and advanced battle vessels, and shipbuilders' increasing emphasis on reducing noise from marine vessel 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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