Press release
Electric Ships Global Market Report 2024 - By Size, Share, Demand, Trends, Forecast To 2033
The Business Research Company presents an extensive market research report on the Electric Ships Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The electric ships market size has grown rapidly in recent years. It will grow from $8.06 billion in 2023 to $8.99 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the increasing global commercial trade, and the increasing government support.
The electric ships market size is expected to see rapid growth in the next few years. It will grow to $13.63 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to the rise in the adoption of hybrid and electric propulsion for retrofitting ships, the increasing defense expenditure, the increasing environmental concerns, and the increase in seaborne trade . Major trends in the forecast period include high-powered and technologically advanced bass boats, focus on battery-hybrid ships, focus on zero-emission vessels, technology innovations, focus on artificial intelligence, new electric foiling water taxis, and strategic partnerships and collaborations.
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Key Market Players:
Major companies operating in the electric ships market report are ABB Limited, Siemens Energy, BAE Systems, Wärtsilä, Kongsberg Gruppen ASA, MAN Energy Solutions SE, Schottel GmbH, Corvus Energy, Anglo Belgian Corporation (ABC) NV, Leclanché SA, Cochin Shipyard Limited, Western India Shipyard, Hindustan Shipyard Ltd, Adani Kattupalli Shipyard (Larsen & Toubro), Shanghai Waigaoqiao Shipbuilding Co. Ltd., Qingdao Captain Marine Co Ltd, HBM-Huanan Building Materials (Shenzhen) Co Ltd, COSCO Shipping, Headway Technology Co. Ltd, Star MarinePro Corp Limited, China Shipbuilding Industry Co Ltd, Duffy Electric Boats, Wartsila, Kongsberg, General Dynamics Electric Boat, Leclanche SA, Tamarack Lake Electric Boat Company, SPRK Electric Boats, Canadian Electric Boat Company, Westport LLC, Midwest Lake Management Inc., Craig Catamaran Corporation, Astillero rio Santiago, Tandanor, Neptun Ship Design Gmbh, Spi astilleros, Lamwec Colombia, Navtek Naval Technologies, Empire Marine International LLC, Majix Marine, Al-Ghawas, Aries Marine, Ocean Boats, Royal Yachting, Crown Electric Ships and Boats, Alexandria, Joemarine Nautical Company Nigeria Limited, The Damen Group, Southern African Shipyards, Nigerdock FZE
Market Drivers:
The rise in the adoption of hybrid and electric propulsion for retrofitting ships is anticipated to drive the growth of the electric ship 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.
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https://www.thebusinessresearchcompany.com/report/electric-ships-global-market-report
The electric ships market covered in this report 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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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