Electric Ships Market Grow With A High CAGR- Global Industr...| MENAFN.COM

Tuesday, 28 March 2023 03:09 GMT

Electric Ships Market Grow With A High CAGR- Global Industry Analysis, Size, And Forecast: 2023-2033

(MENAFN- America News Hour) Broad adoption of fully electric passenger vessels and inland cargo ships, among others, are expected to fuel the growth of the electric ships market across the globe.

global electric ships market
size is projected to grow from USD 5.2 billion in 2023 to USD 15.6 billion by 2033, at a CAGR of 13.2% from 2023-2033.

Two forecast periods, i.e., 2023-2033 and 2023-2033, are considered in this market report, as the adoption of electric propulsion systems is projected to grow at a higher rate post-2033. Increase in seaborne trade across the globe, development of lithium-ion batteries, and hybrid and electric propulsion technology catering to the retrofit market, among others, are some of the factors that are expected to fuel the growth of the market.

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The newbuild & line-fit segment is estimated to grow at a higher CAGR during the forecast period.

Based on end-use, the newbuild & line-fit segment is estimated to grow at a higher CAGR during the forecast period as compared to the retrofit segment. The growth of the newbuild & line-fit segment can be attributed to the increased demand for fully electric ships by countries in North America and Europe. Fully electric ferries are becoming increasingly important in North America and Europe as these ferries reduce emissions and help port authorities save on operational costs. Passenger ferries travel short distances and are suitable for being operated as fully electric as they are closer to ports and can be charged easily.

The hybrid segment is estimated to lead the electric ships market in 2023.

Based on type, the hybrid segment is estimated to account for a majority of the global electric ships market share in 2019 as compared to the fully electric ships. There is a large retrofit potential of ships such as ferries, cruise ships, tugs, container vessels, general cargo ships, and tankers, among others. Shipowners choose to retrofit vessels with a hybrid-electric propulsion system or a fully electric propulsion system as it is relatively cheaper than purchasing a new ship. Additionally, ships can resume operations faster, as opposed to ordering a new vessel, which could take a few years to be delivered.

The remotely operated segment is expected to grow at the highest CAGR during the forecast period.

Based on the mode of operation, the remotely operated segment is projected to grow at the highest CAGR during the forecast period. Advancements in technology have enabled the shipping industry to explore technologies such as autonomous shipping and remotely operated shipping. Developments in the field are already underway, with ABB testing a remotely piloted passenger vessel near the Helsinki harbor, Finland, in December 2022.

Europe is estimated to account for the largest share of the electric ships market in 2023.

Europe is expected to lead the electric ships industry in 2023. The market in the region is highly competitive, owing to the presence of a large number of original component manufacturers (OCMs) and original equipment manufacturers (OEMs) such as Norwegian Electric Systems AS (Norway), Vard (Norway), among others. The high adoption rate of electric ferries, yachts, tugs, and cruise ships in this region, and the high commitment from companies such as Norway, Denmark, and Germany, among others to reduce emissions are major factors contributing to the growth of the electric ships market in Europe during the forecast period.

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The break-up of the profiles of primary participants in the electric ships market is as follows:

. By Company Type: Tier 1 – 35%; Tier 2 – 45%; and Tier 3 – 20%
. By Designation: C Level Executives – 35%; Directors – 25%; and Others – 40%
. By Region: North America – 45%; Asia Pacific – 30%; Europe – 20%; and RoW – 5%

Major players operating in the electric ships market are Norwegian Electric Systems AS (Norway), Corvus Energy (Norway), General Dynamics Electric Boat (US), MAN Energy Solutions SE (Germany), Vard (Norway), Siemens (Germany), and Leclanché SA (Switzerland), among others.

Research Coverage

This market study covers the electric ships market across various segments and subsegments. It aims at estimating the market size and growth potential of this market across different segments based on type, ship type, end-use, mode of operation, system, range, power, and region. This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.

Reasons to Buy this Report

This report is expected to help market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall electric ships market and its segments. This study is also expected to provide region wise information about the applications; wherein electric ships are used. This report aims at helping the stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies. This report is also expected to help them understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities influencing the growth of the market.

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The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count ( SDKI ) provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.

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