Selbyville, Delaware, April 28, 2020 (GLOBE NEWSWIRE) --
According to latest report “Electric Ships Market by Power Source (Electric, Hybrid), System (Energy Storage, Power Conversion, Power Generation, Power Distribution), Operation (Manned, Autonomous), Platform (Commercial [Passenger Vassals, Cargo Vessels], Defense), End-Use (Line Fit, Retro Fit), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of electric ships will reach $5 billion by 2026.
Changing government regulations toward carbon and Sulphur emissions of the shipping industry along with rising number of cargo containers and passenger ships across the globe will support the electric ships market growth.
Autonomous ships will witness accelerated growth rate of more than 9% CAGR through 2026 due to increasing application of unmanned marine vehicles in the defense sector. Allocation of defense budget toward the research & development of unmanned electric ships will positively impact the industry growth.
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The retro fit segment will capture the maximum market share of over USD 3 billion in 2019 and will experience a growth of over 8% from 2020 to 2026. The market penetration of the retrofit segment can be witnessed by changes made in government norms toward the reduction of carbon footprints generated by the shipping industry under Sulphur 2020 rule. Increasing efforts of industry participants to convert existing ships into hybrid electrical ships will also augment market growth.
The energy storage segment in the electric ships market will witness a growth rate of more than 8% till 2026. The market growth can be attributed to increasing focus of battery makers and energy to storage device manufacturers to cater to the shipping industry. Industry leaders in energy storage devices along with automotive and rail sectors are also trying to penetrate the shipping industry by providing a wide range of solutions.
The commercial segment will dominate more than 95% of electric ships market share by 2026. The market penetration of passenger vessels can be witnessed by rising efforts of corporate to come up with various offerings of electric passenger vessels. Passenger vessels, such as ferries, require less amount of energy, have a limited span of operation, and require less complex mechanism. These attributes eliminate a majority of technological hurdles faced by companies manufacturing electric ships. High demand in terms of volume due to low cost of acquisition increases the revenue cycle of the company, positively impacting the market.
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The Europe electric ships market is set to grow at more than 10% CAGR during the forecast timeframe. Presence of various regional industry participants and multinational organizations across the region is providing a healthy business environment. Developed infrastructure to support the market and positive approach of users toward the adoption of electric ships will also support industry growth. Integration of European countries into a larger regulatory framework of the European Union is also supporting the market demand by implementing emission control regulations in the shipping industry.
Major industry players in the market are Kongsberg Gruppen ABB, Wartsila, Norwegian Electric Systems AS, Corvus Energy, General Dynamics Electric Boat, MAN Energy Solutions SE, Vard, Siemens, Leclanché SA, Bae Systems, Echandia Marine AB, Anglo Belgian Corporation (ABC) NV, Schottel GmbH, Visedo, ECO Marine Power Co Ltd., Akasol AG, EST Floattech, and Saft.
Some major findings of the electric ships market report include:
- The rise in requirement to reduce COx and SOx emissions by ships.
- Technological development in energy storage and energy conversion devices, improving their operational efficiency.
- Low operational and maintenance cost of electric ships compared to conventional ships.
- Rising efforts by Europe and Asia Pacific for development of all electric ships.
- Demand to retrofit existing naval vessels to meet government norms and reduce operational cost.
- Noiseless operation, ecofriendly, and low maintenance will generate market demand in commercial sectors.
- Increasing demand for cargo ships and oil tankers across the globe will support market growth.
- Long term agreements, acquisition of technologies, and retrofitting existing ships will generate market demand.
Table of Contents (ToC) of the report:
Chapter 3. Electric Ships Market Insights
3.1. Introduction
3.2. Industry segmentation
3.3. Impact of the Coronavirus (COVID-19) pandemic
3.4. Industry landscape, 2017 - 2026
3.5. Evolution of electric ship technology
3.6. Industry ecosystem analysis
3.7. Technology & innovation landscape
3.8. Regulatory landscape
3.8.1. North America
3.8.2. Europe
3.8.3. APAC
3.8.4. LATAM
3.8.5. MEA
3.9. Industry impact forces
3.9.1. Growth drivers
3.9.1.5. Forth industrial revolution
3.9.2. Industry pitfalls & challenges
3.10. Growth potential analysis
3.11. Porter's analysis
3.12. PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/electric-ships-market
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.