Global Electric Ships Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Custom Market Insights

The Global Electric Ships Market size was estimated at USD 4.5 Billion in 2021 and is expected to hit around USD 16 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 15% from 2022 to 2030.

The report examines the Electric Ships market's drivers and restraints, as well as their impact analysis. Also, the report mentions global opportunities prevailing in the Electric Ships market.

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The Electric Ships Market: Overview

Unlike ships with conventional diesel engines, electric ships are propelled by electricity. These ships operate their electric motors with a battery bank as their source of electricity. In an electric-powered delivery, a variety of battery banks, including lead-acid batteries, lithium-ion batteries, and gas cells, among others, may be used.

Lightweight ships with modest electricity production requirements can also be powered by the sun. However, due to their massive weight, shipping ships' electricity requirements cannot be met by entirely electric-powered machinery. As a result, hybrid diesel-electric equipment is used on cargo ships.

The Electric Ships Market: Growth Factors

The development of new laws for decreasing gas emissions across the business in the next years has been prompted by the expanding fuel consumption and rising climate pollutants in the maritime industry. For the shipping industry, the International Maritime Organization (IMO) is always working to adopt the regulations that are required. The global electric ship market will advance thanks to increased regulatory backing from government agencies and industry organizations.

The market value is being boosted by the expanding demand for electric propulsion as well as battery storage systems in the transportation industry. As a result, new batteries and technologies are actively being developed by a variety of industry participants, including suppliers and OEMs.

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The Electric Ships Market: Key Insights

A) As per the analysis shared by our research analyst, the Electric Ships market is estimated to grow annually at a CAGR of around 15% over the forecast period (2022-2030).
B) In terms of revenue, the Electric Ships market size was valued at around USD 4.5 Billion in 2021 and is projected to reach USD 16 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) The Electric Ships market research offers a comprehensive analysis of the present market and projections through 2020-2030 to help find possibilities to profit from the existing market.
D) The study includes data on the major market drivers, challenges, and opportunities, as well as their effects.
E) The study elaborates on the SWOT analysis and Porter's Five Forces model.
F) The market study's value chain analysis gives a comprehensive picture of the stakeholder's responsibilities.

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The Electric Ships Market: Regional Landscape

Europe accounted for the biggest share in 2021 in the global electric ship market and is expected to experience significant growth over the projection period. Because of growing public concern for the environment and government attempts to support electrically powered transportation modes, Germany has emerged as a prominent contributor to market growth in Europe.

In addition, it is anticipated that the rising demand for electric recreational and leisure vessels in the region's fishing, water sports, and marine tourism will fuel the regional market expansion. However, the COVID-19 epidemic, which has swept across European nations, particularly Italy, the United Kingdom, Spain, and Germany, is anticipated to have a detrimental effect on the expansion of the regional market.

The Electric Ships Market: Key Players

BoeschMotorboote
Canadian Electric Boat Company
Bureau Veritas
Corvus Energy Ltd.
Electrovaya Inc.
Duffy Electric Boat
YaraBirkeland
General Dynamics (Electric Boat)
Kongsberg Gruppen ASA
Triton Submarines
Baltic Workboats AS
Vard (FINCANTIERI S.p.A.)

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The Electric Ships Market: Segments

By Power

Fully Electric
Hybrid

By Power Output

746-7,560 kW
75-745 kW

By Autonomy

Fully Autonomous
Semi-Autonomous

By End-use

Commercial
Defense
Special

The Electric Ships Market: Regions

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

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This release was published on openPR.