Market Overview
The global Electric Ships Market is estimated to expand the market size to USD 1 5.7 billion by the end of the year 2030. However, the global Electric Ships Market is expected to grow market value at a CAGR of 10.80% during the review period of the year 2022 to 2030.
The global electric ships market size is driven due to the increasing maritime tourism industry, increase in seaborne trade, and implementation of the IMO sulfur 2020 regulation. Moreover, the rising need to reduce fuel emissions is expected to bring significant opportunities for the key market players and vendors.
However, the limited range of completely electric ships is expected to hamper the global market during the forecast period. Moreover, the current market is expected to affect the global market due to slow charging measure items and deficient battery limits. Further, the current market has some intended audiences like suppliers, manufacturers, research institutions etc., that contribute effectively to the global market.
Market Segmentation
According to the Electric Ships Market analysis, the current market has been segmented into types, systems, ship type, and operation.
Based on the type segment, the global market for Electric Ships has been segregated into Fully Electric and Hybrid. Regarding the ship type segment, the global market for Electric Ships has been categorised into two major parts, i.e., Defense and Commercial.
On the basis of system segment, the current market for Electric Ships has been classified into four major sectors, i.e., Power Generation, Energy Storage Systems, Power Distribution Systems, and Power Conversion. Based on the operation segment, the present market for Electric Ships has been segmented into three parts, i.e., Remotely Operated, Manned, and Autonomous.
Regional Analysis
Geographically, the current electric ships market research has spread across North America, Europe, Asia Pacific, Latin America, and the rest of the world.
Out of all, the dominating region is the North American Electric Ships Market during the assessment period. This region is expanding because of the presence of significant energy stockpiling frameworks producers like Corvus Energy. Moreover, the US Navy considers this market for strategic missions, which is estimated to enhance the market growth. In 2020, the European regional market ruled the global market due to the ventures by conspicuous players like AKASOL AG, EST-Floattech, BAE Systems, Siemens, and KONGSBERG. These key players work effectively to improve electric ships.
Industry news
The Electric Ships industry includes various key market players who play an important role in the market. It includes AKASOL AG (Germany), Corvus Energy (Canada), Anglo Belgian Corporation NV (Belgium), EST-Floattech (Netherlands), Scandia Marine AB (Sweden), Schottel (Germany), Leclanche (Switzerland), Siemens (Germany), Eco Marine Power (Japan), General Electric (US), and BAE Systems (UK). In September 2020, Corvus Energy was chosen by the prominent player Holland Ship Electric to convey lithium-particle battery-based ESS (energy stockpiling frameworks). For instance, in November 2020, Vinssen and Hyundai Motors joined forces in Korea, intending to enhance another vessel that hydrogen power modules can control by the end of the year 2021.
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