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A Global Forecast for the Electric Ship Market Through 2030

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Electric Ship Market by Type (Fully electric, Hybrid), Ship Type (Commercial, Defense), System, Mode of Operation (Manned, Remotely Operated, Autonomous), End Use (Newbuild & Linefit, Retrofit), Power, Tonnage, Range and Region – Global Forecast to 2030 – PowerPoint PPT presentation

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Title: A Global Forecast for the Electric Ship Market Through 2030


1
(/) HEOMlEe(c/) tArBiOcUTSUSh(/AiBpOUMTUSa-S8re.H
akTrMcehL)tReLEpAoDrtEsRSHIP TEAM
(/LEASDigEnRSInH(IhPtTtpEsA/M/w.AwSwP.)marketsand
markets.com/signin.asp) RESEARCH EXPERTS
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CONTACT US (/CONTACTUS.ASP) HOME (/) ? TOP MARKET
REPORTS (/TOP-MARKET-REPORTS.ASP) ? ELECTRIC SHIP
MARKET GLOBAL TOP 2000 STRATEGIST RELY ON US FOR
THEIR GROWTH STRATEGIES. KENlOeWcMtrOiRcE
Sh(/iKpnowMledagrekstoeret.abspyreTqyuepst_efre(e
F_turiall)ly electric, Hybrid), Ship Type
(Commercial, Defense), System, Mode of Operation
(Manned, Remotely Operated, Autonomous), End Use
(Newbuild Linefit, Retrofit), Power, Tonnage,
Range and Region Global Forecast to 2030 FREE
BROCHURE (/pdfdownloadNew.asp?id167955093) FREE
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Report Code AS 7444Mar, 2023, by
marketsandmarkets.com DESCRIPTION TABLE OF
CONTENTS METHODOLOGY DOWNLOAD PDF
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Report The Electric Ship market size is expected
to reach USD 14.2 Billion by 2030 from USD 3.3
Billion in 2022 growing at a CAGR of 20.0 from
2022 to 2030. The key factor driving the growth
of the worldwide Electric Ship market is the
increase in global commercial trade and the
adoption in hybrid and fully-electric vessels.
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Electric Ship Market Forecast to 2030 To know
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Electric Ship Market Dynamics Driver Need for
reduction in carbon emmissions Carbon emissions
are one of the main drivers of the electric ships
market. The shipping industry is responsible for
around 2-3 of global greenhouse gas emissions,
and this figure is expected to increase as global
trade and shipping volumes continue to grow.
Carbon emissions contribute to climate change,
which can have significant and far-reaching
impacts on ecosystems, economies, and societies.
To address this issue, governments around the
world have implemented regulations and targets
aimed at reducing carbon emissions from the
shipping industry. Shipping companies will need
to invest in low-carbon technologies, such as
electric ships. These ships emit little to no
greenhouse gases during operation, depending on
the source of electricity used to charge the
batteries. This makes them an attractive option
for companies looking to reduce their carbon
footprint and comply with environmental
regulations. Electric ships also have the
potential to mitigate climate change. In addition
to reducing carbon emissions, they can also help
shipping companies to adapt to the changing
regulatory landscape and stay ahead of
competitors in an increasingly environmentally
conscious market. By investing in electric ships,
companies can position themselves as leaders in
sustainable shipping and gain a competitive
advantage in the market. According to the
International Maritime Organization (IMO), the
shipping industry (https//www.marketsandmarkets.c
om/PressReleases/electric-ships.asp) is
responsible for around 2-3 of global greenhouse
gas emissions, with emissions expected to
increase by up to 250 by 2050 if no action is
taken. To address this issue, the IMO has set a
target of reducing shipping emissions by at least
50 by 2050 compared to 2008 levels. This target
is in line with the Paris Agreement's goal of
limiting global warming to well below
2º WeCueslesicuosokaiebsotoveenhparnec-einydouurse
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ulations aimed at reducing X
(https//www.marketsandmarkets.com/Privacy-12.html
).
3
ng industry. For example, the European Union's
Emissions Trading System (ETS) ns, and the United
States Environmental Protection Agency (EPA) has
set emission diesel engines. As for the potential
impact of electric ships on reducing
emissions, (s/t)udies have shown that electric
ships can significantly reduce greenhouse gas
emissions compared to traditional ships. For
example, a study by the International Council on
Clean Transportation (ICCT) found that
battery-electric HfeOrMrEie(s/)
eAmBiOtUuTpUtSo(/A9B4OUTlUeSs-s8.HgTrMeLe)nhLoEAu
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ldCrAeRdEuERcSe (g/CrAeReEnEhR.oAuSsPe) gas
emissions from CONTACT US (/CONTACTUS.ASP) the
country's domestic shipping sector by up to 70.
These numbers demonstrate the significant impact
that carbon emissions have on the electric ships
market, as governments and companies alike seek
to reduce their environmental impact and comply
with regulations. Overall, carbon emissions are a
significant driver of the electric ships market,
and the industry is likely to continue to grow as
companies and governments look for ways to reduce
their environmental impact and comply with
regulations. Restraint Long downtime in
retrofitting ships The shipping industry plays an
essential role in global economic growth, as it
is a crucial part of the international import and
export markets. With increasing climatic changes,
there is a need for a reduction in emissions of
greenhouse gases from ships. However, the
installation of alternate propulsion or scrubbers
is a time-consuming and expensive process. Ship
operations need to be halted when changing the
propulsion system and installing scrubbers, which
could result in revenue loss. Shipowners with big
revenue pockets can incur the retrofit cost
however, for small operators, it would be
challenging to retrofit ships due to budget
constraints. The installation costs depend on the
system that is installed to retrofit the ships
propulsion. Shipowners incur not only
retrofitting costs but also the cost related to
additional yard time due to efforts of removing
and transforming the engine room. Further, there
is a downtime of around 1 to 2 months due to lack
of dock availability, which eventually can lead
to revenue loss, thereby restraining the electric
ships market. Opportunity Hybrid propulsion
technology for large ships Storage of energy is
essential to optimize its use in hybrid ships it
is also critical for the use of electric
propulsion. Propulsion systems powered by
batteries are designed for and commonly used in
smaller ships, while engine manufacturers are
focusing on hybrid battery solutions for larger
vessels. Parameters such as safety, availability
of materials used, and durability should be
checked and ensured that battery-driven vessels
are competitive as compared to conventional
ones. With rapid advancements in technology,
there are energy storage technologies such as
flywheels, supercapacitors, and thermal energy
storage devices that could find applications in
the shipping industry in the coming years. Energy
storage companies are continuously experimenting
to develop batteries that can be cheaper, denser,
lighter, and more powerful. Some of the potential
battery technologies that can be used as an
alternative to lithium- ion batteries
(https//www.marketsandmarkets.com/Market-Reports/
lithium-ion-battery-market-49714593.html) are
silicon-based batteries, room-temperature
sodium-sulfur (RT-NaS) batteries, proton
batteries, graphite dual-ion batteries, aluminum
(https//www.marketsandmarkets.com/Market-Reports/
aluminum-foam-market- 140772371.html)-ion
batteries, nickel-zinc batteries, potassium-ion
batteries, salt-water batteries, paper-polymer
batteries, and magnesium batteries.
emissions from the shippi includes shipping
emissio standards for new marine
For example, Saft (now acquired by Total)
(France)is working on three new battery
technologieslithium-ion (li- Wieouns)e,
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ausnekoef rcoCokoie.(sJ.aMpoareni)n,foExeno
Yamamizu Corp.
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(h(ttJpasp//wawnw),.mMariktsetusianOdm.Sa.rKke.ts
L.cionme/sPrLivtadcy(-J12a.phtamnl)). , and
Mitsubishi Corp (Japan) teamed up to build the
worlds first zero-
4
s completed by 2022 which was powered by
large-capacity batteries propulsion of s, Ltd.
and will be operated in Tokyo Bay. e5 Lab Inc.
was another venture between Yamamizu Corp.,
Mitsui O.S.K. Lines Ltd., and Mitsubishi Corp.
Since lithium batteries (c/a) nnot produce enough
power to drive big ships such as cargo vessels
and container ships, battery manufacturers have
an opportunity to work on new technologies to
target large ships.
emission tanker which wa Kawasaki Heavy Industrie
Asahi Tanker Co., Exeno
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CONTACT US (/CONTACTUS.ASP) Retrofitting ships
with electric or hybrid propulsion systems is
both, time-consuming and expensive. The
capital expenditure required to retrofit the ship
alone is high, and depending on the type of ship
and configuration taken, it can cost millions of
dollars. Revenue loss due to the non-operation of
their existing ships is an added factor to
consider during retrofitting. Leclanché
(switzerland ) estimates that for passenger
ferries, an average payback period would be
between 5 to 6 years on the investment made.
Thus, ship owners need to look at the current
expected life of the ship, the ability for the
ship to earn enough to recover the capital
expenditure within the least amount of time, and
the scrap value at the end of the life to help
reduce capital expenditure. Thus, it becomes a
better option for ship owners to scrap their
current ship and purchase a new ship, which will
last for 10-15 years. Shipowners are suffering a
huge reduction in profits, and hence, they do not
want to invest in assets that cannot be used in
the future due to changing regulations. Electric
Ship Market Ecosystem Prominent companies in this
market include well-established, financially
stable manufacturers of Electric Ship. These
companies have been operating in the market for
several years and possess a diversified product
portfolio, state-of-the-art technologies, and
strong global sales and marketing networks. The
prominent companies are ABB (Switzerland),
Leclanché S.A. (Switzerland), Siemens AG
(Germany), Wartsila (Finland) and Kongsberg
Gruppen (Norway). Commercial Passenger vessel
operators, cargo operators, oil tanker operators,
private cruise liners, global naval forces, and
chartered operators are some of the leading
consumers of Electric Ship solutions.
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5
dominate market share during the forecast
period lectric Ship market has been segmented
into commercial and defense. Commercial ercial
passenger vessels, are witnessing increasing
adoption of electric ship solutions as (th/)ey
are mostly inland vessels that travel less
distance compared to cargo ships. Under passenger
vessels, passenger ferries are witnessing largest
growth.
Commercial Segment to Based on Ship Type, the E
vessels, especially comm
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s(/ReEgSmEAeRnCtHLeExApDeERcSteHIdP.AtoSPt)
heBReIEleFIcNtGrSic(/AsNhAiLpYSmTBaRrIkEFeINt
GdSu.HrTinMgL) thCeARfEoErReSc(a/CsAtRpEEeRr.iAoSd
P) CONTACT US (/CONTACTUS.ASP) Based on type,
the hybrid electric segment is expected to
dominate the market during the forecast period.
Due to the challenge of having lower range and
lower battery capacity more developments are
being made in Hybrid Electric propulsion type.
Hybrid propulsion not only allows reduced
emissions but also helps in increased range and
handling higher load requirements. 500 5000
DWT segment to witness higher growth during the
forecast period Based on tonnage, the electric
ship market has been classified into lt500 DWT,
500-5000 DWT, 5001-15000 DWT, and gt15000 DWT.
Small container vessels, roll-on, and roll-off
vessels for wheeled cargo are considered under
the 5005,000 DWT category. Container vessels are
one of the most widley used modes of
transportation and one of the most
pollution-causing vessels. Hence, they were the
first to get a fully electric set up to reduce
marine pollution. OEM to acquire the largest
market share during the forecast period Based on
End Use, the Electric Shio market has been
classified into Newbuild Linefit, and Retrofit.
Currently, electric ships use a diesel-electric
hybrid system, which is mostly used by offshore
and cruise vessels. The demand for electric ships
has been increasing every year due to the
increase in offshore exploration and the need for
energy-efficient ships. Norway is setting an
example across the world by heavily investing in
ship electrification. Europe is projected to
witness the highest market share during the
forecast period Europe leads the electric ship
market due presence of big players, OEMs, and
component manufacturers which are some of the
factors expected to boost the growth of the
electric ship market in the region. These players
continuously invest in RD to develop electric
ship solution with improved efficiency and
reliability. Additionally, the growing demand for
electric shipping solutions for civil
commercial applications and their increasing
utility in the defense sector for carrying out
persistent transport and surveillance activities
are additional factors influencing the growth of
the European Electric Ship market. Key
manufacturers and suppliers of Electric Ship in
this region include ABB (Switzerland), Leclanché
S.A. (Switzerland), Siemens AG (Germany),
Wartsila (Finland) and Kongsberg Gruppen (Norway).
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assumptions considered for the study, download
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m/pdfdownloadNew.asp?id167955093) Top Electric
Ship Companies - Key Market Players The Electric
Ship Companies (https//www.marketsandmarkets.com/
ResearchInsight/electric-ships-market.asp) are
dominated by globally established players such as
ABB (Switzerland), Leclanché S.A. (Switzerland),
Siemens AG (Germany), Wartsila (Finland) and
Kongsberg Gruppen (Norway).
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Click on image to enlarge
Scope of the Report
Report Metric
Details
Market size available for years
2018-2030
Base year considered
2021
Forecast period
2022-2030
Forecast units
Value (USD Million/Billion)
Type, Ship Type, System, Mode of Operation , End
Use , Power, Tonnage, Range and Region
Segments Covered
Geographies Covered
North America, Europe, Asia-Pacific, Rest of the
World
ABB (Switzerland), Leclanché S.A. (Switzerland),
Siemens AG (Germany), Wartsila (Finland) and
Kongsberg Gruppen (Norway
Companies Covered
Electric Ship Market Highlights This research
report categorizes the Electric Ship market based
on Type, Ship Type, System, Mode of Operation ,
End Use , Power, Tonnage, Range and Region
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Subsegment
Segment Electric Ship Market, B
Commercial Defense
y Ship
(/T) ype
ASDigEnRSInH(IhPtTtpEsA/M/w.AwSwP.)marketsandmark
ets.com/signin.asp)
HOEMlEec(/)triAcBSOUhTipUSM(/aABrkOeUTt,USB-8y.HTT
yMpL)e LEADERSHHIPyTbErAidM (/LE
RESEARCH EXPERTS (/RESEARCHLEADERSHIP.ASP)
BRIEFINGS (/ANALYSTBRIEFINGS.HTML) CAREERS
(/CAREER.ASP)
Fully Electric
CONTACT US (/CONTACTUS.ASP)
Electric Ship Market, By System
Energy Storage Power Conversion Power Generation
Power Distribution
Electric Ship Market, By Mode of Operation
Manned Remotely Operated Autonomous
Electric Ship Market, By Power
lt 75 kW 75-150 kW 150-745 kW 745-7,560 kW gt 7,560
kW
Electric Ship Market, By End Use
Newbuild Line Fit Retrofit
Electric Ship Market, By Tonnage
lt500 DWT 5005,000 DWT 5,00115,000 DWT gt15,000
DWT
Electric Ship Market, By Range
lt50 km 50100 km 1011,000 km gt1,000 km
Electric Ship Market, By Region
North America Europe Asia Pacific Rest of the
World
Recent Developments In March 2023, Wärtsilä will
supply the main propulsion machinery, as well as
a range of other equipment and systems for two
new 110-meter-long amphibious transport vessels
being built for the Chilean Navy. The order
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eros y Maestranzas de la Armada (Asmar), the
state-owned shipyard constructing the
was placed by Astill vessels.. In February 2023, K
ongsberg Maritime (KONGSBERG) will provide a
suite of equipment to a newbuild ship named
SDO-SuRS (Special and Diving Operations -
Submarine Rescue Ship) to be built by the Italian
shipyard T.Mariotti for Marina Militare Italiana
(The Italian Navy).
(/)
HOME (/)In AFBeObUrTuUaSry(/A2B0O2U3T,USG-8E.H'sTM
loL)caLlEsAuDbEsRiSdHiIaPrTyEiAnMI(n/LdEiAaSDisgEn
iRgSInnHe(IhPdtTtpEasA/Mc/wo.AwnSwtPr.)maacrtkewt
sitahndCmoarckhetisn.cSomh/ispigynainr.dastpo)
provide a RESEARcCoHmEXpPrEeRhTeSn(/sRiEvSeEAdRigC
iHtaLlEAsDoEluRtSioHInP.sASpPa)
ckBaRgIEeFItNoGSen(/AhNaAnLcYeSTtBhReIEcFIaNpGaS.b
HiTliMtiLe)s CoAf RthEEeRLSM(/C2A5R0E0ERm.AaSPri)n
e gas turbines that CONTACT US (/CONTACTUS.ASP) po
wer the Indian Navy's first Indigenous Aircraft
Carrier-1 (IAC-1) Vikrant, which was commissioned
in August 2022. In January 2023, Leclanché
received orders for 22.6 MWh of battery systems
from Stena RoRo and Brittany Ferries for
next-generation hybrid ferries in the maritime
industry. Frequently Asked Questions (FAQ)
What are your views on the growth prospect of the Electric Ship market?
What are the key sustainability strategies adopted by leading players operating in the Electric Ship market?
What are the new emerging technologies and use cases disrupting the Electric Ship market?
Who are the key players and innovators in the ecosystem of the Electric Ship market?
Which region is expected to hold the highest market share in the Electric Ship market?
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