Report Ocean introduces a fresh report examining the Electric Ships Market, encompassing its size, share, growth, industry trends, and forecast up to 2032. This comprehensive analysis delves into various industry components and growth patterns that offer valuable insights for anticipating the market’s future trajectory.
Obtain a comprehensive report on the Electric Ships Market, which includes a full table of contents, over 200 tables and figures, and charts. The report provides precise information on the market before and after the COVID-19 outbreak, segmented by region.
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Global Electric Ships Market is valued at approximately USD $$ billion in 2022 and is anticipated to grow with a healthy growth rate of more than $% over the forecast period 2023-2032. Electric ships, as compared to traditional diesel engine ships, are driven by electricity. The electric motors on these ships are powered by a battery bank. A variety of battery banks, including lead-acid batteries, lithium-ion batteries, and fuel cells, can be utilized in an electric ship. The Electric Ships Market is expanding because of factors such as the enforcement of the 2020 global Sulphur cap and its beneficial environmental impact.
According to International Maritime Organization, in January 2020, adopted a global Sulphur cap, requiring ships operating outside of emission control areas (ECAs) to utilise low Sulphur fuels. Ships must use fuels with a Sulphur level of 0.5% or less, rather than the prior requirement of 3.5% or less. However, in comparison to the residual fuels used by most ships, the cost of complying with fuels is estimated to be approximately 50% higher. Additionally, the International Chamber of Shipping (ICS) estimates that the new laws will cost the industry a total of USD 50 billion, with an additional price increase. It is due to early uncertainties about the availability of compatible fuels. As a result, ship operators are probably going to increase their use of environmentally beneficial electric ships. It can also aid in the reduction of running costs. These reasons are expected to drive the growth of the electric ship market. Also, the growing use of fully electric passenger vessels and demand for zero-emission transportation will provide lucrative growth opportunities for the market during the forecast period. However, the modern battery technology & expensive capital may stifle market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Electric Ships Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. In terms of revenue, Europe dominated the market owing to increased awareness of the implications of maritime emissions, notably in seaports such as Rotterdam and Hamburg. Furthermore, many government programs would encourage the use of electric vessels. Asia Pacific is expected to grow with the highest CAGR during the forecast period. According to the IMO, China, Japan, and South Korea produce more than 90% of the world’s ships, primarily big merchant vessels such as tankers and cargo ships. Recent regulatory developments, such as the global Sulphur cap, and voluntary initiatives by manufacturers, particularly in Japan and China, to increase electrification in large-sized vessels, are expected to influence market growth.
Major market players included in this report are:
Kongsberg (Norway)
Leclanche (Switzerland)
Corvus Energy (Canada)
Echandia Marine Ab (Sweden)
Siemens (Germany)
Wartsila (Finland)
Vard (Part Of Fincantieri Spa) (Norway)
Norwegian Electric Systems (Norway)
General Dynamics Electric Boat (U.S.)
Man Energy Solutions Se (Germany)
Recent Developments in the Market:
In September 2020, according to Amsterdam’s municipal public transportation provider, Corvus Energy has been given a contract by Holland Ship Electric to provide lithium-ion-based energy storage systems for 5 new ships being manufactured by Holland Shipyards Group for GVB.
In April 2019, Rolls-Royce Commercial Marine (RRCM) was acquired by Kongsberg from Rolls-Royce plc. It integrated it into its Kongsberg Maritime division. The acquisition will help the company’s expertise in the autonomous vessel and maritime digitalization technology.
Global Electric Ships Market Report Scope:
Historical Data: 2019-2020-2021
Base Year for Estimation: 2021
Forecast period: 2022-2029
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Power Source, Power Output, Vessel Type, Level of Autonomy, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below.
By Power Source:
Fully Electric
Hybrid
By Power Output:
Less than 75 kW
75-745 kW
746-7560 kW
More than 7560 kW
By Vessel Type:
Commercial Vessel
Defense Vessel
By Level of Autonomy:
Semi-Autonomous
Fully Autonomous
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Reasons to Consider Purchasing the Electric Ships Market Report:
Comprehensive Market Insights: Delve into the depths of the Electric Ships Market Report to gain an all-encompassing and meticulous analysis of the market landscape. Uncover details such as market size, share, trends, and growth catalysts, which provide invaluable perspectives on both the present market scenario and its promising future prospects.
Reliable Projections: Rely on the report’s dependable forecasts and projections, which are underpinned by rigorous research methodologies, insights into industry expenditures, and assessments of market expansion rates. These foresights empower businesses to make well-informed decisions and chart out effective strategies for the times ahead.
In-depth Competition Analysis: Equip yourself with an extensive evaluation of key market players, their array of products, and the strategies they employ. This comprehensive understanding arms businesses with the knowledge needed to not only comprehend their rivals but also to craft strategies that position them ahead in the dynamic market arena.
Clear Market Scope and Segmentation: Gain clarity on the broad expanse of the market through the report’s clear delineation of market scope. With detailed insights into diverse market segments and their growth potential, businesses can discern and capitalize on opportunities that align with their objectives.
Insightful Regional Examination: Assess the market’s performance across different regions, enabling enterprises to pinpoint lucrative markets and tailor their approaches accordingly. With region-specific insights, businesses can adapt strategies that resonate with the unique dynamics of each area.
Evaluation of Industry Technology: Grasp the pulse of technological progress within the Electric Ships market. The report dissects cutting-edge advancements and trends, providing businesses with a window into emerging technologies that have the potential to reshape the industry.
Dynamics of Supply and Demand: Acquire a profound comprehension of supply-demand dynamics. This understanding empowers businesses to optimize production, distribution, and inventory management processes, resulting in enhanced operational efficiency.
Informed Investment Decision Making: Leverage the report’s critical information and data-driven insights to facilitate informed investment choices within the Electric Ships market. Equipped with this knowledge, businesses can confidently allocate resources to avenues with the greatest potential for returns.
Unveiling Long-Term Growth Avenues: Through the scrutiny of trends and growth stimulants, the report illuminates the enduring opportunities the Electric Ships market holds. By identifying these sustainable growth prospects, businesses are poised to set a course for lasting success.
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