Europe Electric Ship Market - Global Analysis, Size, Share, Growth, Trends and Forecast 2022 - 2028

The Europe electric ship market is expected to grow from US$ 1867.68 million in 2021 to US$ 3273.91 million by 2028; it is estimated to grow at a CAGR of 8.3% from 2021 to 2028.

Europe Electric Ship Market Several marine industry associations are focusing on reducing the gas emission from the shipping industry. For instance, according to a report published by the Norwegian Ministry of Climate and Environment, in April 2018, the International Maritime Organization (IMO) adopted a plan to reduce greenhouse gas emissions from international shipping by at least 50% by the end of 2050 compared with the level in 2008. Additionally, the IMO strategy includes ambitions to improve the energy efficiency of each ship and to reduce the carbon intensity of the whole marine industry by reducing emissions per unit of transport work done by at least 40% by 2030 and further towards 70% by 2050, electric ship according to report published by the Norwegian Ministry of Climate and Environment.

Europe Electric Ship Market Also, in January 2020, according to IMO 2020 regulation, the IMO 2020 rule limits the use of Sulphur in the fuel oil used on board ships operating outside designated emission control areas to 0.50% m/m (mass by mass), a significant reduction from the previous limit of sulfur content by 3.50%. This has also resulted in the ship integrators and owners switching the existing diesel-driven engines with electric or hybrid propulsion systems.

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Europe Electric Ship Market With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe electric ship market. The Europe electric ship market is expected to grow at a good CAGR during the forecast period.

Europe Electric Ship Strategic Insights

Strategic insights for the Europe Electric Ship provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. Europe Electric Ship Market A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

The List of Companies

BAE System

Fjellstrand AS

X Shore

General Dynamic Electric Boat

Hurtigruten

MAN Energy Solution

PortLiner

Siemens Energy

Vard AS

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Segments Covered

By Type

Battery Electric ships
Plug-In Hybrid Electric ships
Hybrid Electric Ships
By Power

Less than 75 Kw
75-150 Kw
151-745 Kw
746-7560 Kw
More than 7560 Kw
By Range

Less than 50 Km
50-100 Km
101-1000 Km
More than 1000 Km
By Ship Type

Cruise Ships
Ferries
Tankers
Bulk Carriers
Fishing Vessels
Destroyers
Aircraft Carriers


The maritime industry is undergoing a significant transformation driven by increasing pressure to reduce greenhouse gas emissions. Several key initiatives and regulations are pushing this shift:

International Maritime Organization (IMO) Emission Reduction Goals:

In April 2018, the IMO adopted a strategy to drastically cut greenhouse gas emissions from international shipping. The target is to achieve at least a 50% reduction by 2050 compared to 2008 levels.
Furthermore, the IMO aims to improve energy efficiency across the shipping sector. This includes reducing carbon intensity (emissions per unit of transport work) by at least 40% by 2030, progressing to a 70% reduction by 2050.
These goals are to create a more sustainable maritime future.
IMO 2020 Sulfur Regulation:

In January 2020, the IMO implemented the IMO 2020 regulation, which significantly lowered the permissible sulfur content in ship fuel oil.
The new limit is 0.50% mass by mass (m/m) for ships operating outside designated emission control areas, a substantial decrease from the previous 3.50% m/m limit.
This regulation has greatly reduced sulfur oxide emissions, improving air quality.
Industry Response and Transition to Electric/Hybrid Propulsion:

Driven by these stringent regulations and environmental concerns, ship integrators and owners are actively exploring and implementing alternative propulsion systems.
There's a growing trend towards replacing traditional diesel-driven engines with electric and hybrid propulsion systems.
This transition is a direct response to the need for cleaner and more sustainable shipping practices.
The transition to electric and hybrid propulsion assists in reaching the goals set by the IMO.
The maritime industry is actively working towards more sustainable practices.

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