Electrifying the Maritime Industry Marine Electric Vehicle Market Worth $29.1 Billion by 2030

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Electrifying the Maritime Industry Marine
Electric Vehicle Market Worth 29.1 Billion by
2030

• The report "Marine Electric Vehicle Market by
  Technology (Fully electric, Hybrid), Ship Type
  (Commercial, Defense, UMV), Mode of Operation
  (Manned, Remotely Operated, Autonomous), Vessel
  Transport (Seafaring, Inland), Range and Region
  Global Forecast to 2030" The
• Marine Electric Vehicle Market size is
  projected to grow from
• USD 10.1 billion in 2022 to USD
• 29.1 Billion by 2030, at a CAGR of 16.4 from
  2023 to 2030. The increase in electric maritime
  solutions is driving
• growth in the market.
• Key Market Players
• Major players operating in the Marine Electric
  Vehicle include
• ABB (Switzerland), Siemens AG (Germany), BAE
  Systems (UK), General Electric (US), and
  Kongsberg Gruppen (Norway).
• Download PDF Brochure _at_
• https//www.marketsandmarkets.com/pdfdownloadNew.a
  sp?id67757407
• The lt50 km segment is projected to hold the
  largest market share during the forecast period.
• Based on the range, the lt50 km segment is
  projected to hold the largest market share
  during the forecast period. This segment is the
  easiest to electrify hence the largest adoption
  of electric solutions is being witnessed in
  low-range marine vessels. Recreational boats and
  Unmanned Maritime vehicles are the major
  contributors in this segment.
• The Seafaring segment is projected to dominate
  Marine Electric Vehicles during the forecast
  period.
• Based on vessel transport, the seafaring segment
  is projected to hold the largest market share
  during the forecast period. Seafaring ships will
  hold the largest market share as compared to
  inland vessels. The cost and the volume of the
  entire seafaring vessel are exponentially high.
  Hence the segment will always hold a larger
  market share. Large vessels such as Cargo
  vessels and Cruise ships have long been
  responsible for pollution in the marine
  environment. Electrifying seafaring ships will
  considerably allow in reducing emissions. Along
  with the fact that operating electric vessels
  would reduce operating costs, a higher number of
  ships are either being retrofitted to be
  electric or new ships are being adopted into the
  market.

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An autonomous segment to have comparatively
higher growth during the forecast period. Based
on mode of operation. The autonomous segment is
expected to grow the highest during the forecast
period. Automation is the biggest trend in every
industry, including maritime. Autonomous
underwater and surface vessels have been
witnessing higher growth in recent times.
Autonomous vessels, especially autonomous
underwater vessels, that hold a great market
share in the segment allow for reducing risk
while conducting deep-sea explorations and
research operations. These factors drive the
growth in the market. Europe is expected to
account for the largest share in 2023. The Marine
Electric Vehicle industry has been studied in
North America, Europe, Asia Pacific, and Rest of
the World. Europe accounted for the largest
market share in 2023, and it is also projected
to witness the highest CAGR during the forecast
period. The market is anticipated to experience
favorable conditions resulting from trade
activities and the electrification of marine
vessels. This trend is supported by a rise in
defense expenditure due to growing geopolitical
tensions, compelling major economies to
strengthen their military capabilities.
Furthermore, increasing RD investment by major
players and OEMs to manufacture superior
electrical solutions to meet future sustainable
and operational requirements will drive the
market. Ask for Sample Report _at_ https//www.market
sandmarkets.com/requestsampleNew.asp?id67757407
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