Electric Ship Market Size | Global Industry Report, 2022

According to Precision Business Insights (PBI), the global electric ship market size was valued at USD 14,679.3 billion in 2021 and is poised to grow at a significant CAGR of 16.8% during the forecast period 2022 to 2028. Electric ships, in contrast to those with traditional diesel engines, are driven by electricity. These ships use a battery bank as their source of electricity to power their electric motors. A variety of battery banks, including lead-acid batteries, lithium-ion batteries, and gas cells, among others, may be utilized in an electric-powered delivery. The sun can also be used to power small, lightweight ships with low electrical production requirements. But, because of their enormous weight, commercial ships' machinery cannot be totally powered by electricity. As a result, cargo ships employ hybrid diesel-electric machinery.

View the detailed report description here - https://precisionbusinessinsights.com/market-reports/electric-ship-market/

Electric Ship Market Growth Factors:
Although the worldwide market for electric ships is still in its infancy, there is a lot of room for expansion in the years to come. There is a rising need for maritime vessels that are electric-powered in order to decrease carbon footprints and fuel waste. Market expansion is also anticipated to be supported by shipbuilders' increased attention to decreasing the noise generated by marine vessel propulsion systems. According to the Environmental Protection Agency, transportation was responsible for more than 29% of greenhouse gas emissions in the US in 2017. (EPA). The transportation industry has played a key role in the rise in greenhouse gas emissions worldwide. The burning of fossil fuels while traveling aboard ships is a significant source of emissions. To increase their market share, major industry players are collaborating and acquiring other electric ship businesses through mergers and acquisitions. The players in the business are also concentrating their efforts on developing automation technologies to gain a competitive edge over their rivals. Furthermore taken into account are producers of the systems utilized in electric marine ships, such Siemens and ABB.
Regulatory bodies and governmental organizations working to protect the environment from the harmful emissions from ships include the International Maritime Organization (IMO), the United Nations Conference on Trade and Development (UNCTAD), and the China Maritime Safety Administration, among others. The increase in greenhouse gas emissions brought on by the growing maritime traffic around the world is causing worry among international marine and environmental regulatory authorities. According to the European Commission for Energy, Climate Change, and Environment, maritime transportation contributes to the annual emission of 800 million tonnes of CO2.

The global electric ship market segmentation
1) By Type: Fully Electric, Hybrid
2) By Mode of Operation: Remotely Operated, Manned, Autonomous
3) By Application Type: Commercial, Defense, Corvettes, Offshore Support Vessels, Aircraft Carriers, Submarines
4) By Power: 7560 KW
5) By End-Use: New Build & Line Fit, Retrofit

Request sample report at- https://precisionbusinessinsights.com/request-sample/?product_id=53959

Electric Ship Market Regional Analysis:
Between 2021 and 2031, Europe, which made up a major percentage of the market in 2019, is expected to experience rapid growth. Due to growing public concern about the environment and government attempts to boost electrically powered transportation modes, Germany has emerged as a prominent contributor to the growth of the electric ship market in Europe. Also, it is projected that the local market would expand as leisure vessels and electric recreation are used more frequently for fishing, water sports, and marine tourism in the area.

Key players in the Electric Ship Market report are SIEMENS, MAN ENERGY SOLUTIONS SE (TRATON GROUP), CORVUS ENERGY, ECHANDIA MARINE AB, GENERAL DYNAMICS ELECTRIC BOAT, SCHOTTEL GMBH, AKASOL AG, EST FLOATTECH, KONGSBERG GRUPPEN

Contact:
Mr. Satya
Precision Business Insights | Toll Free: +1 866 598 1553
Email: sales@precisionbusinessinsights.com
Kemp House, 152 - 160 City Road, London EC1V 2NX
Website: https://precisionbusinessinsights.com/ | D U N S® Number: 852781747

About Precision Business Insights:
We are a market research company that strives to provide the highest quality market research insights. Our diverse market research experts are enthusiastic about market research and therefore produce high-quality research reports. We have over 500 clients with whom we have a good business partnership and capacity to provide in-depth research analysis for more than 30 countries. In addition to deliver more than 150 custom solutions, we already have accounts with the top five medical device manufacturers.

Precision Business Insights offers a variety of cost-effective and customized research services to meet particular research requirements. We are a leading research service provider because of our extensive database built by our experts and the services we provide.

This release was published on openPR.