Electric Ships Set to Revolutionize the Maritime Industry

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Electric Ships Set to Revolutionize the Maritime
Industry, Market Size to Reach USD 14.2 Billion
by 2030 The Electric Ship Market is projected to
grow from USD 3.3 billion in 2022 to USD 14.2
billion by 2030, at a CAGR of 20.0 from 2022 to
2030. The global rise in sea- borne trade is
likely to drive growth in the Electric Ship
market across many categories. Furthermore,
the demand for hybrid and fully electric
maritime vessels is boosting the adoption of
electrical systems, which are
aimed at decreases
reducing and for end to
costs
users, as compared
conventional systems. Inquiry Before Buying
_at_ https//www.marketsandmarkets.com/Enquiry_Before
_BuyingNew.asp?id167955 093 Based on Ship Type,
the commercial segment is expected to dominate
market share during the forecast period.
Increasing adoption of hybrid and fully ship
systems that are being adopted to replace
conventional ships on the account of rising
environmental concerns and focusing on reducing
fuel and operational costs. Based on Type, the
fully electric segment is projected to have the
highest CAGR during the forecasted period. The
increasing fleet expansion in terms of fully
electric- driven ships is a measure adopted by
the marine industry to counter the effects of
emissions. The growth of the fully electric
segment can also be attributed to the increasing
demand for fully electric small and medium
passenger and cargo ships. Several manufacturers
are jointly investing in the manufacturing of
ships adhering to the IMO 2020 rule. Based on
Ship Power, the 75-150 kW segment is expected to
have the larger market share during the forecast
period. Owing to lower cost of retrofitting the
vessels, such as small inland cargo vessels,
medium-sized passenger ferries and container
vessels, to hybrid-propulsion systems this
segment is witnessing higher growth. Based on
Region, Europe accounted for the largest market
share in 2022, and it is also projected to
witness the highest CAGR during the forecast
period. The growth of the shipbuilding industry
in Europe is one of the most significant factors
contributing to the demand for ships with hybrid
propulsion in the region. Increasing investments
in the electrification of ships and the
restructuring efforts undertaken by ship
manufacturing companies are additional factors
driving the growth of the Electric Ship market
in Europe.
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Key Market Players Major players operating in the
Electric Ship market include ABB (Switzerland),
Leclanché S.A. (Switzerland), Siemens AG
(Germany), Wartsila (Finland) and Kongsberg
Gruppen (Norway). These companies have reliable
manufacturing facilities as well as strong
distribution networks across key regions, such as
North America, Europe, and Asia Pacific. Request
for Customization _at_ https//www.marketsandmarkets.
com/requestCustomizationNew.asp?id1679550
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