Electric Ship Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The report "Electric Ship Market by Type (Fully Electric, Hybrid), System, Mode of Operation (Manned, Remotely Operated, Autonomous), Ship Type (Commercial, Defense), Power, Range, Tonnage, End Use (Linefit and Retrofit), and Region - Global Forecast to 2030", size is projected to grow from USD 4.7 Billion in 2021 to USD 16.2 Billion by 2030, at a CAGR of 14.9% from 2021 to 2030. The market is driven by various factors, such as rise in conversion of propulsion system in passenger vessel, Increasing sea borne trade across globe and growing maritime tourism industry.

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The electric ship market includes major players such as Siemens AG (Germany), General Electric Company (US), ABB (Switzerland), Wartsila (Norway), and Vard (Fincantieri) (Norway). These players have spread their business across various countries includes North America, Europe, Asia Pacific, and Rest of the World. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 has affected electric ship production and services globally in 2020.

Fully electric type is projected to witness a higher CAGR during the forecast period

Based on the type, the fully electric vessels are projected to grow at the highest CAGR rate for the electric ship market during the forecast period. Fully electric vessels are much more capable of operating passenger vessels when compared to other hybrid propulsion system in passenger vessel, these engines also have a less amount of noise as compared to others, they are the most suitable engine for short-range operations because of their lighter weight.

The battery segment is projected to witness the highest CAGR during the forecast period

Based on the Power source, the battery operated vessels are projected to grow at the highest CAGR rate for the electric ship market during the forecast period. With the increasing demand for commercial vessels across regions throughout the industry the demand for battery operated vessels is also increasing. A battery operated vessel helps in giving a more eco friendly solution to maritime operations along with more efficiency and reliability.

The 500-5000DWT is projected to witness the highest CAGR during the forecast period

Based on the tonnage, the 500-5000DWT is projected to grow at the highest CAGR for the electric ship market during the forecast period. Various cargo vessels such as small container vessels, Roll-on, and Roll—off vessels for wheeled cargo and others are considered under the 500-5000 DWT category. Container vessels are one of the most used mode of transportation and one of the most pollution causing vessels. Hence, container vessels were the very first vessel to get a fully electric set up in order to reduce the marine pollution. Hence, major companies are trying to fing more efficient technology and power solution in order to develop better solutions for these long range vessels.

Commercial vessels are projected to witness the highest CAGR during the forecast period
Based on ship type, the commercial vessels segment is projected to grow at the highest CAGR rate for the electric ship market during the forecast period. Commercial vessels are as varied as the jobs they are required to do. Different type of commercial vessels according to the purpose they serve are passenger vessels, cargo vessels, and others. Further, passenger vessels is segmented into yachts, ferries, cruise and others. Under which the passenger and cargo vessels will be seeing the maximum growth as these are the short ranged vessels which require less power to operate efficiently.

75-150KW are projected to witness the highest CAGR during the forecast period

Based on power, the 75-150KW power is projected to grow at the highest CAGR for the electric ship market during the forecast period. Medium-size passenger ferries are considered under ships having power between 76–150 kW. The need for a reduced, or zero-emission transport system across countries is high. Countries such as Japan, New Zealand, and Australia are also moving toward using fully electric ferries for passenger transport. Norway has incorporated fully electric, and hybrid technology in its ferries.

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The European market is projected to contribute the largest share from 2021 to 2030

Europe is projected to be the largest regional share of the electric ship market during the forecast period. The key factor responsible for Europe, leading the electric ship market owing to the rapid growth of the technologically advanced electric ships in the region. In Europe, the rise in manufacturing industries and growing commercial and defence maritime industry is encouraging manufacturers of electric ships to introduce technologically advanced and efficient products across various vessel type. The increasing demand for electric ship and the presence of some of the leading players operating in the market, such as Vard (Fincantieri), ABB, Wartsila, and Norwegian Electric Systems AS is expected to drive the Electric Ship market in Europe. These players are focusing on R&D to increase their product lines and using technologically advanced systems, subsystems, and other components for manufacturing electric ship.

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This release was published on openPR.