Growth opportunities in the electric ship market look promising over the next six years. This is mainly due to the rising marine time tourism industry, increasing adoption of hybrid and electric propulsion for retrofitting of ships, growing development of lithium-ion batteries, and expanding seaborne trade.
Electric Ship Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The augmenting acquisition of hybrid and electric propulsion for retrofitting ships, increasing evolution of lithium-ion batteries, the execution of the Sulfur 2020 Rule, growing marine time tourism industry, and surging worldwide seaborne trade are the major drivers stimulating the growth of the global electric ship market. The rising emphasis on reducing harmful emissions from ships across the world is further boosting the growth of the market. For example, the European Union, in 2018, presented a study on compliance with the sulfur requirements for marine fuels to decrease the sulfur content of all liquid fuels. The reforms aim to ensure that a 0.50 percent sulfur cap will be enforced in marine fuels by 2020. These amendments focus on reducing contaminants in the air and at sea and are expected to intensify the market growth over the forecast period. Also, batteries’ charging capability through renewable energy resources like wind or solar energy, accelerating adoption of hybrid propulsion technologies in hybrid ships, and the ongoing development of high-powered batteries will lead to enormous opportunities for market growth. However, the inadequate efficiency of fully electric ships and the large downtime needed for retrofitting of ships are the factors that may curb the electric ship market size.
Mode of Operation Segment Drivers
On the basis of mode of operation, manned is predicted to witness a faster CAGR over the forecast period. This is because of the propelling demand for hybrid and electric propulsion systems largely by commercial ships like cargo ships, ferries, and cruise ships.
Regional Drivers
Based on the regional coverage, Europe is projected to expand at a faster CAGR during the forecast period attributed to the rising demand for electric ships, cruise vessels, passenger ships, yachts, etc. European countries like Finland, Norway, and Denmark, are expeditiously replacing their conventional ships with electric ships and are further contributing to the growth of the market. Moreover, increasing autonomous electric ships development by using fuel cells and remotely controlled electric vessels will further bolster the market growth.
Electric Ship Market’s leading Manufacturers:
- Corvus Energy
- MAN Energy Solutions SE
- BAE Systems plc
- Siemens AG
- General Electric
- Wartsila Corporation
- General Dynamics Electric Boat
- Norwegian Electric Systems
- Leclanche SA
- Vard Group AS
- Kongsberg Gruppen
Electric Ship Market Segmentation:
Segmentation by Type:
- Fully Electric
- Lithium Battery
- Lead Acid Battery
- Electro-Solar
- Fuel Cells
- Hybrid
- Diesel & Battery Driven
- LPG/LNG & Battery Driven
Segmentation by System:
- Energy Storage Systems
- <1,000 kW
- 1,000 – 5,000 kW
- >5,000 kW
- Power Conversion
- Power Generation
- Generators
- Engines
- Propulsion Motors
- Power Distribution
Segmentation by Mode of Operation:
- Manned
- Remotely Operated
- Autonomous
Segmentation by Type:
- Commercial
- Passenger Vessels
- Yachts
- Ferries
- Cruise Ships
- Cargo Vessels
- Container Vessels
- Bulk Vessels
- Tankers
- General Cargo Ships
- Others
- Fishing Vessels
- Dredgers
- Tugs, & Workboats
- Research Vessels
- Submarine
- Defence
- Destroyers
- Frigates
- Corvettes
- Offshore Support Vessels (OSV)
- Aircraft Carriers
- Submarine
Segmentation by Power:
- <75 kW
- 75-150 kW
- 151-745 kW
- 756-7,560 kW
Segmentation by Range:
- <50 km
- 50-100 km
- 101-1,000 km
- >1,000 km
Segmentation by End Use:
- Newbuild and Line Fit
- Retrofits
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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