Electric Ships Market By Region, Size, Share And Overview 2022 - 2031

The global electric ships market report by the business research company identifies the rise in the adoption of hybrid and electric propulsion for retrofitting ships is anticipated to be a major growth driver for the electric ships market. An eco-friendly ship's electric propulsion system is a hybrid system that uses dual-fuel engines, batteries, and fuel cells as multiple power sources. However, technologies such as fuel storage facilities, gas vaporizers, and battery thermal runaway avoidance must all be developed concurrently to apply these power sources to ships. For instance, in February 2021, the 2030 Green Ship-K Promotion Strategy, which is a key component of South Korea's aims to become carbon-neutral by 2050, focuses on the advancement and widespread use of low-carbon ship technologies, such as hydrogen fuel cells and propulsion systems. The initiative's goal is to reduce the country's shipping greenhouse gas emissions by 40% in the next 25 years, and 70% by 2050. Furthermore, Kawasaki has received its first order for large-capacity battery propulsion systems for coastal ships. Large-capacity lithium-ion (Li-ion) marine batteries, a propulsion control system, and an electric power management system are all part of the battery propulsion system. In addition, in February 2019, Wartsila signed a contract for a hybrid retrofit installation with Hagland Maritime AS, an international shipping firm. The ship's environmental performance will be greatly improved with the installation of a Wartsila battery hybrid propulsion technology, which will reduce pollutants, fuel consumption, and noise.

The global electric ships market size is expected to grow from $6.39 billion in 2021 to $7.12 billion in 2022 at a compound annual growth rate (CAGR) of 11.4%. The electric ship market size is expected to grow to $11.06 billion in 2026 at a CAGR of 11.6%.

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Western Europe was the largest region in the electric ship market in 2021. The regions covered in the electric ships market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Major players in the electric ship market are ABB Ltd, Wartsila, Kongsberg, Norwegian Electric Systems AS, Corvus Energy, General Dynamics Electric Boat, MAN Energy Solutions SE, Leclanche SA, Siemens AG, General Electric Company, Bureau Veritas, Canadian Electric Boat Company, Electrovaya Inc., Triton Submarines, Duffy Electric Boats, and Akasol AG.

The global electric ships market is segmented -
1) By Type: Fully Electric, Hybrid

2) By Mode of Operation: Manned, Remotely Operated, Autonomous

3) By System: Energy Storage Systems, Power Conversion, Power Generation, Power Distribution

4) By Power: Less Than 75KW, 75 to 150KW, 151 to 745KW, 746 to 7,560KW, Greater Than 7,560KW

5) By Range: Less Than 50Km, 50 to 100Km, 101 to 1000Km, Greater Than 1,000Km

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The Electric Ships Market Report Contents Include
1. Executive Summary
2. Electric Ships Market Characteristics
3. Electric Ships Market Trends And Strategies
4. Impact Of COVID-19 On Electric Ships
5. Electric Ships Market Size And Growth
....
26. Africa Electric Ships Market
27. Electric Ships Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Electric Ships Market
29. Electric Ships Market Future Outlook and Potential Analysis
30. Appendix

This report covers the trends and market dynamics of the electric ships market in major countries - Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The report also includes consumer surveys and various future opportunities for the market.

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