According to Custom Market Insights (CMI), the Global Electric Ship 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 Ship market’s drivers and restraints, as well as their impact analysis. Also, the report mentions global opportunities prevailing in the Electric Ship market.
Electric Ship Market: Overview
The need for climate-friendly vehicle systems is having a significant impact on the global market share for electric ships. Unlike conventional diesel motorboats, electric ships are powered by electricity. These electric ships draw power for their electric engine propulsion from a battery bank. An electric boat can use a variety of battery banks, including lead-corrosive, lithium-particle, as well as power modules.
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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.
Segmental Overview
The global Electric Ship market is categorized into power, power output, autonomy, and end-use. In 2021, the hybrid segment led the global for electric ships, and it is predicted that it would continue holding the top position during the forecast period. Due to the employment of auxiliary propulsion systems and increased speed, which can lower the risk of failure and can cover bigger distances in less time, hybrid electric ships have a number of benefits, such as reliability. Additionally, the propulsion of a hybrid electric vessel can be either electrical or mechanical.
By power output, in 2021, the 75-745 KW segment dominated the market. Ships with a power output of 75-745 KW were the most popular throughout the previous ten years in the maritime business. The development of propulsion systems with low emissions as a result of growing environmental awareness has given medium-sized marine vessels a special relevance, which has fueled the expansion of the 75-745 KW power output category. Electric ships are becoming more common in medium-sized passenger and luxury ships due to benefits, including reduced vibration and engine noise. Additionally, the electric propulsion system takes up less room, giving the cabin more room and making it more popular in luxury ships
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Regional Overview
Over the projected period, Asia Pacific is anticipated to become the region with the second-fastest rate of growth. The region is likely to preserve its status as a global manufacturing hub thanks to strong economic growth and high production rates. However, COVID-19 has had a substantial economic impact recently on financial markets and industries that are susceptible, including tourism, manufacturing, hospitality, and travel, in Asia Pacific nations, including Japan, China, and India. The market expansion in Asia Pacific is primarily driven by these nations. However, it is anticipated that the pandemic-related slow growth of these nations will have an impact on the regional market expansion.
Competitive Landscape
Our market analysis includes a section specifically devoted to key players operating in the Electric Ships market. Our analysts give an overview of each player’s financial statements, along with product benchmarking and SWOT analysis. The competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of the mentioned competitors globally.
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.), and Others
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