Electric Ships Market, Electric Boats Market

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The report on the Global Electric Ships Market
provides an analysis of the market from 2017 to
2030. It discusses industry and technology trends
currently prevailing in the market, along
with drivers, restraints,
and that growth
challenges,
opportunities influence the
of the market. The global electric ships market
size 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
considered in this 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/pdfdo
wnloadNew.asp?id167955093 Based on type, the
hybrid segment of the electric ships market is
projected to grow at a higher CAGR during the
forecast period as compared to the fully electric
segment. The growth of this segment can be
attributed to the adoption of hybrid propulsion
systems in cargo ships, defense ships, and
passenger cruise ships due to the cost benefits
of using a hybrid propulsion system.
Additionally, the International Maritime
Organizations (IMO) new ruling on acceptable
sulfur emissions on ships has made cargo ship
operators retrofit some of their existing fleet
with hybrid propulsion to adhere to the new
decision. Based on ship type, the commercial
segment of the electric ships market is projected
to grow at a higher CAGR during the forecast
period as compared to the defense segment. The
growth of this segment can be attributed to a
large number of ships available for retrofit,
especially in the cargo segment. The IMO 2020
ruling affects the commercial shipping industry
the most, and as such, a significant portion of
the retrofit market is expected to come from the
retrofitting of cargo vessels such as container
vessels, gas tankers, general cargo ships, among
others with electric propulsion systems. Based
on range, the lt50 km segment of the electric
ships market is projected to account for the
largest share of the market during the forecast
period. The growth of this segment can be
attributed to the wide adoption of fully electric
ships in North America and
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Europe. There is a large luxury sailing community
in these regions. Pollution caused by emissions
due to burning fossil fuels is a major
contributor to the increase in greenhouse gases.
Hence, several yacht owners, passenger ferry
operators, and cruise ship operators are
switching from conventional propulsion systems to
a fully electric or hybrid propulsion
system. Ask for Sample Report https//www.markets
andmarkets.com/requestsampleNew.asp?id167955093
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