Press release
Robust Growth in the Global Electric Ships Market: Market Size, Key Players, and Future Trends
Electric Ships Market Size
What Is The Projected Market Size Of The Global Electric Ships Market And Its Growth Rate?
The Global Electric Ships Market has experienced rapid growth in recent years. The trend is expected to continue in the coming years. Key statistics include:
• $8.87 billion in 2024, expected to grow to $9.83 billion in 2025, marking a CAGR of 10.8%.
• The market size is projected to further increase to $15.01 billion in 2029, achieving a CAGR of 11.2%.
• This growth can be attributed to increased commercial trade, government support, and the rise in the adoption of hybrid and electric propulsion for retrofitting ships, along with growing environmental concerns and seaborne trade.
What Is Driving The Growth In The Electric Ships Market?
The surge in recreational boating and water sports is a significant driver of the electric ship market. As more individuals spend on leisure activities due to increased disposable incomes, the adoption of electric motors in leisure crafts and tourist boats has been growing. This trend is enforced by the silence and cleanliness provided by electric motors. For instance, the National Marine Manufacturers Association reported a 36% rise in economic activity brought by recreational boating in 2023, verifying the market's growth potential.
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Who Are the Key Players Driving Electric Ships Market Growth?
Key players impacting the Electric Ships Market's development encompass a diverse range:
• ABB Limited
• Siemens Energy
• BAE Systems, Wärtsilä
• Kongsberg Gruppen ASA
• MAN Energy Solutions SE
• Schottel GmbH
• Corvus Energy
• Anglo Belgian Corporation (ABC) NV
What Are The Key Trends In The Electric Ships Market?
Key trends shaping the future of the Electric Ships Market include:
• Increase in high-powered and technologically advanced bass boats
• Focus on battery-hybrid ships
• Push toward zero-emission vessels
• Sustained technological innovations
• Application of artificial intelligence
• Development of new electric foiling water taxis
• Encouragement of strategic partnerships and collaborations
What Are The Segments Of The Global Electric Ships Market?
The Electric Ships Market comprises various segments based on multiple factors:
• By Type: Fully Electric, Hybrid
• By Mode of Operation: Manned, Remotely Operated, Autonomous
• By System: Energy Storage Systems, Power Conversion, Power Generation, Power Distribution
• By Power: Less Than 75KW, 75 To 150KW, 151 To 745KW, 746 To 7,560KW, Greater Than 7,560KW
• By Range: Less Than 50Km, 50 To 100Km, 101 To 1000Km, Greater Than 1,000Km
Which Region Leads The Electric Ships Market?
Western Europe led the Electric Ships Market in 2024, with other notable contributors including Asia-Pacific, Eastern Europe, North America, South America, the Middle East, and Africa.
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What Is Covered In The Electric Ships Market Global Market Report?
- Market Size Analysis: Analyze the Electric Ships Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Ships Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Ships Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Ships Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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