Electric Ship Market : Drivers and Challenges

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Electric Ship Market Forecast, Opportunities and
Challenges The report "Electric Ship Market by
Type (Fully Electric, Hybrid), System, Mode of
Operation (Manned, Remotely Operated,
Autonomous), Ship Type (Commercial, Defense),
Power, Range, Tonnage, End Use (Linefit and
Retrofit), and Region - Global Forecast to 2030",
size is projected to grow from USD 4.7 Billion in
2021 to USD 16.2 Billion by 2030, at a CAGR of
14.9 from 2021 to 2030. The market is driven by
various factors, such as rise in conversion of
propulsion system in passenger vessel, Increasing
sea borne trade across globe and growing
maritime tourism industry. Browse 501 market data
Tables and 64 Figures spread through 370
Pages and in-depth TOC on "Electric Ship Market
- Global Forecast to 2030" Download PDF
Brochure _at_ https//www.marketsandmarkets.com/pdfdo
wnloadNew.asp?id167955093 The electric ship
market includes major players such as Siemens AG
(Germany), General Electric Company (US), ABB
(Switzerland), Wartsila (Norway), and Vard
(Fincantieri) (Norway). These players have
spread their business across various
countries includes North America, Europe, Asia
Pacific, and Rest of the World. COVID- 19 has
impacted their businesses as well. Industry
experts believe that COVID-19 has affected
electric ship production and services globally in
2020. Fully electric type is projected to witness
a higher CAGR during the forecast period Based on
the type, the fully electric vessels are
projected to grow at the highest CAGR rate for
the electric ship market during the forecast
period. Fully electric vessels are much more
capable of operating passenger vessels when
compared to other hybrid propulsion system in
passenger vessel, these engines also have a less
amount of noise as compared to others, they are
the most suitable engine for short-range
operations because of their lighter weight. The
battery segment is projected to witness the
highest CAGR during the forecast period Based
on the Power source, the battery operated vessels
are projected to grow at the highest CAGR rate
for the electric ship market during the forecast
period. With the
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increasing demand for commercial vessels across
regions throughout the industry the demand for
battery operated vessels is also increasing. A
battery operated vessel helps in giving a more
eco friendly solution to maritime operations
along with more efficiency and reliability. The
500-5000DWT is projected to witness the highest
CAGR during the forecast period Based on the
tonnage, the 500-5000DWT is projected to grow at
the highest CAGR for the electric ship market
during the forecast period. Various cargo vessels
such as small container vessels, Roll-on, and
Rolloff vessels for wheeled cargo and others are
considered under the 500-5000 DWT category.
Container vessels are one of the most used mode
of transportation and one of the most pollution
causing vessels. Hence, container vessels were
the very first vessel to get a fully electric set
up in order to reduce the marine pollution.
Hence, major companies are trying to fing more
efficient technology and power solution in order
to develop better solutions for these long range
vessels. Commercial vessels are projected to
witness the highest CAGR during the forecast
period Based on ship type, the commercial vessels
segment is projected to grow at the highest CAGR
rate for the electric ship market during the
forecast period. Commercial vessels are as varied
as the jobs they are required to do. Different
type of commercial vessels according to the
purpose they serve are passenger vessels, cargo
vessels, and others. Further, passenger vessels
is segmented into yachts, ferries, cruise and
others. Under which the passenger and cargo
vessels will be seeing the maximum growth as
these are the short ranged vessels which require
less power to operate efficiently. 75-150KW are
projected to witness the highest CAGR during the
forecast period Based on power, the 75-150KW
power is projected to grow at the highest CAGR
for the electric ship market during the forecast
period. Medium-size passenger ferries are
considered under ships having power between
76150 kW. The need for a reduced, or
zero-emission transport system across countries
is high. Countries such as Japan, New Zealand,
and Australia are also moving toward using fully
electric ferries for passenger transport. Norway
has incorporated fully electric, and hybrid
technology in its ferries. The European market is
projected to contribute the largest share from
2021 to 2030 Europe is projected to be the
largest regional share of the electric ship
market during the forecast period. The key factor
responsible for Europe, leading the electric ship
market owing to the rapid growth of the
technologically advanced electric ships in the
region. In Europe, the rise in manufacturing
industries and growing commercial and
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defence maritime industry is encouraging
manufacturers of electric ships to introduce
technologically advanced and efficient
products across various vessel type. The
increasing demand for electric ship and the
presence of some of the leading players operating
in the market, such as Vard (Fincantieri), ABB,
Wartsila, and Norwegian Electric Systems AS is
expected to drive the Electric Ship market in
Europe. These players are focusing on RD to
increase their product lines and using
technologically advanced systems, subsystems, and
other components for manufacturing electric
ship. Ask for Sample Report _at_ https//www.marketsa
ndmarkets.com/requestsampleNew.asp?id167955093
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