Electric Ships Industry Outlook and Global Forecast to 2030

1
According to the new market research report
"Electric Ships Market by Ship Type (Commercial,
Defense), End-Use (Newbuild Line Fit,
Retrofit), System (Energy
Power Power Power
Storage, Conversion, Generation, Distribution),
Mode of
Operation, Range, Power, Type, and Region -
Global Forecast to 2030", is projected to grow
from USD 5.2 billion in 2019 to USD 15.6 billion
by 2030, at a CAGR of 13.2 from 2025 to
2030. Two forecast periods, i.e., 2019 to
2025 and 2025 to 2030, are covered in this
market report, as the adoption of electric
propulsion systems is estimated to grow at a
higher rate post-2025. Download PDF Brochure
_at_ https//www.marketsandmarkets.com/pdfdownloadNew
.asp?id167955093 Based on range, the electric
ships industry is projected to be led by the lt50
km segment from 2019 to 2030. This segment is
expected to grow during the forecast period, due
to the rapid adoption of fully electric ships for
passenger transport in Europe and North America.
Countries such as Norway, Denmark, Germany,
Sweden, and Finland, among others, are
continually developing environment-friendly
technologies to reduce carbon, sulfur oxide, and
nitrogen oxide emissions, which are major
contributors to pollution in the shipping
industry. Companies such as Corvus Energy,
Leclanché, and Eco Marine Power have developed
energy storage systems that are powerful enough
to be used throughout the day on small vessels
such as yachts and passenger ferries, enabling
them to become fully electric. Based on the
system, the energy storage systems segment is
projected to grow at the highest CAGR during the
forecast period. The market for energy storage
systems is expected to grow during the forecast
period due to the increasing requirement of
these systems in all fully electric and hybrid
ships, which run on battery. Advancement in
lithium battery technology has increased the
usage of lithium-ion batteries in the marine
sector, especially for providing power to the
ships propellers, enabling a fully electric
operation. Corvus Energy, a key player in this
segment, has supplied energy storage systems for
AIDA Cruises (Germany), Seaspan Ferries (US),
Grovfjord Mek. Verksted SA (Norway), and
Norwegian Electric Systems (Norway), among
others. Asia Pacific is projected to be a high
growth potential market for electric ships during
the forecast period.
2
There is a tremendous retrofit and line-fit
potential in Asia Pacific, owing to a large
number of cargo vessels operating in this region.
This rise in sea trade has led to increasing
demand for ships for the transportation of
manufactured goods worldwide. Thus, the rising
number of ships, as well as the growth of the
regions shipping industry, is projected to
impact the growth of the electric ships market in
the Asia Pacific region. Major players in the
electric ships market are Norwegian Electric
Systems (Norway), Corvus Energy (Canada),
General Dynamics Electric Boat (US), MAN Energy
Solutions SE (Germany), Vard (Norway), Siemens
(Germany), and Leclanché SA (Switzerland), among
others. Ask for Sample Report _at_ https//www.market
sandmarkets.com/requestsampleNew.asp?id167955093
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