Electric Ship Market: Industry Analysis and Forecast 2023-2029: By Power Source, Power Output, Autonomy Level, Vessel Type and Region.

Market Overview:

Global Electric Ships Market was valued at USD 5.10 billion in 2021 and is expected to reach USD 10.52 billion by the year 2028, at a CAGR of 10.9%.
An electric Ship is a powered watercraft driven by electric motors, which are powered by either on-board battery packs, solar panels or generators. China debuted its first electric cargo ship in Guangzhou in 2017. One charge took it about 80 kilometres. Government adoption of electric vehicles is accelerating market expansion. According to the United Nations Conference on Trade and Development, the maritime sector is a significant part of the transportation business because it transports 80% of the world's commodities. The fourth-largest area in terms of global emissions that contribute to global warming is the maritime industry, which produces 14% of all greenhouse gases (GHGs) released into the atmosphere.

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Market Dynamics:

Driver:

The propulsion system, which includes the complex reduction gear used to operate the ship, has been made simpler thanks to advances in technology used in electric ships, which has fueled the growth of the market for these ships over the time of forecast. Additionally, because electric ships use integrated propulsion and power generation motors to support the internal electrical load, their use has reduced the cost of upkeep and repair, as well as life cycle expenses. Additionally, electric ships help to muffle internal noise, lessening the effect that ship movement has on marine life.

Opportunities

Governments have recently increased their investments in electric ships to make them suitable for long-distance travel and to install charging facilities at various locations. In addition, technological developments have improved the performance of hybrid-electric power systems used in electric ships. Recent years have seen a marked increase in maritime travel. The rising demand for cruises, yachts, custom boats, and small boats is providing market participants with a crucial chance to create electric ships that meet demand.

The Report Will Include A Major Chapter
• Patent Analysis
• Regulatory Framework
• Technology Roadmap
• BCG Matrix
• Heat Map Analysis
• Price Trend Analysis
• Investment Analysis
• Company Profiling and Competitive Positioning
• Industry Value Chain Analysis
• Market Dynamics and Factors
• Porter's Five Forces Analysis
• Pestle Analysis

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Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years.

Market Segmentation

By Power Source
• Hybrid
• Fully Electric

By Autonomy Level
• Semi-Autonomous
• Fully Autonomous

By Vessel Type
• Commercial
• Defense
• Special

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Regional Analysis of Electric Ships Market
The European region is forecasted to have the highest share of the electric ship market during the forecast period. The growing demand in this region is attributed to the rising awareness of emissions from the maritime industry. Moreover, the incentives offered by the governments to the manufacturing companies in this region are further boosting the growth of the electric ship market. To make maritime transportation environmentally friendly countries such as Denmark, Norway, and the UK are actively incorporating the use of electric ships for inland passenger and goods transportation.

By Region
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
South America (Brazil, Argentina, Rest of SA)

Key Players Covered in Electric Ships market
• ABB (Switzerland)
• ECO Marine Power Co Ltd. (UK)
• Anglo Belgian Corporation NV (Belgium)
• Bae Systems (UK)
• Corvus Energy (Canada)
• Echandia Marine AB (Sweden)
• EST Floattech (Netherlands)
• General Dynamics Electric Boat (US)
• General Electric (US)
• Kongsberg Gruppen (Norway)
• Leclanché SA (Switzerland)
• Man Energy Solutions (Germany)
• Norwegian Electric Systems (Norway)
• Siemens (Germany)
• Wartsila (Finland) and other major players.

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Key Industry Developments In Electric Ships Market
In September 2021, ABB launched its innovative technology the Containerized Energy Storage System (ESS) to meet the rapidly rising demand of low and zero-emission from ships. Containerized ESS provides a complete, plug-in solution to install sustainable marine energy storage at scale housed in a 20ft high-cube ISO container and ready to incorporate with the vessel's main power distribution system. It further provides safety during operation and maintenance.
In September 2021, BAE Systems will use its expertise in providing integrated solutions in electric propulsion and power management, alongside its experience in vessel autonomy by working in two separate projects in the city with Cory, waste to the energy management company, and Uber Boat by Thames Clippers, a ferry operator. This collaboration is expected to deliver connected solutions to increase efficiency and to reduce the power demands of vessels, in conjunction with their design
In January 2021, Corvus Energy received the contract to supply the Energy Storage System (ESS), for the first-ever manufactured zero-emission electric "e5 tanker" currently under construction for Asahi Tanker Co., Ltd. of Tokyo, Japan. Kawasaki Heavy Industries has selected Corvus Energy for this project.

Report includes Competitor's Landscape:
• Major trends and growth projections by region and country
• Key winning strategies followed by the competitors
• Who are the key competitors in this industry?
• What shall be the potential of this industry over the forecast tenure?
• What are the factors propelling the demand for the Action Figures and Statues?
• What are the opportunities that shall aid in significant proliferation of the market growth?
• What are the regional and country wise regulations that shall either hamper or boost the demand for Action Figures and Statues?
• How has the covid-19 impacted the growth of the market?
• Has the supply chain disruption caused changes in the entire value chain?

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