Electric Ships Market to Cross USD 15.7 Billion by 2030 and To See Technological Advancement in Upcoming Years
Research Reports
Jul 17, 2023
Market Research Future Insights
Electric Ships market is expected to register a CAGR of ~ 10.8% from 2022 to 2030 and hold a value of over USD 15.7 Billion by 2030.
The electric ships market refers to the segment of the maritime industry that involves the development, production, and operation of electrically powered ships. Electric ships are vessels that utilize electric propulsion systems instead of traditional fossil fuel-powered engines, reducing emissions and promoting environmental sustainability. The market for electric ships has been gaining significant attention and momentum in recent years due to growing concerns over climate change, pollution, and the need to transition to cleaner and more sustainable energy sources. The shipping industry is a significant contributor to global greenhouse gas emissions, and electric ships offer a promising solution to reduce carbon footprints.
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Key Players
Some of the key market players AKASOL AG (Germany) , Anglo Belgian Corporation NV (Belgium) , BAE Systems (UK) , Corvus Energy (Canada) Echandia Marine AB (Sweden), ECO Marine Power (Japan), EST-Floattech (Netherlands), General Dynamics Electric Boat (US) , General Electric (US) , KONGSBERG (Norway) , Leclanche (Switzerland) , MAN Energy Solutions (Germany)
Market Segmentation
Electric Ships Market has been segmented into type, System, Ship Type, and Operation.
By Type : Fully Electric and Hybrid
By System : Energy Storage Systems , Power Generation , Power Conversion and Power Distribution Systems
By Ship Type : Commercial and Defense
By Operation : Manned , Remotely Operated and Autonomous
Regional Analysis
North America is a key region in the electric ships market. The United States and Canada have been actively investing in the development and deployment of electric ships. The U.S. Navy, for instance, has been working on the integration of electric propulsion systems into its vessels. Additionally, there is a growing interest in electric ferries and passenger ships in the region, particularly in states like California and Washington.
Europe is a leading region in terms of electric ship adoption. Countries like Norway, Denmark, and Finland are at the forefront of the electric revolution in the maritime industry. Norway, in particular, has made significant strides in electric ferries and has set a goal to have all its short-haul passenger ferries operating with zero-emission technology by 2022. The European Union’s stringent emission regulations and supportive policies have further stimulated the growth of the electric ships market in the region.
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Asia Pacific is another important region for the electric ships market. China, Japan, and South Korea are major players in the maritime industry and have been investing in the development of electric ships. China, in particular, has a strong focus on electric-powered inland waterway vessels and is promoting the adoption of electric propulsion systems in its shipping industry. Japan is also actively pursuing electric ship projects, especially in the ferry and small passenger ship segments.
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