New York, United States , Feb. 28, 2023 (GLOBE NEWSWIRE) -- The Global Electric Ships Market size was valued at USD 5.5 billion in 2021 and is expected to grow at a CAGR of 11.5% during the forecast period. The electric ship’s market size is expected to surpass USD 10.5 billion by 2030. Electric ships are frequently used to gather, examine, and control the data required to make critical decisions. According to our analysts, the global electric ships market is set to gain impetus from the rising collaborative efforts between numerous prominent manufacturers. Seven Japanese companies, for instance, created a consortium called e5. It would help in commercializing and developing all-electric zero-emission vessels in the next two years.
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An electric ship is a vehicle designed to operate on batteries rather than fuel for maritime operations. The batteries in an electric boat are similar to those in an electric car. Ferry boats and small boats are the most common types of electric boats, and they are used primarily on interior rivers. Since 2015, Norway has run the world's first regularly scheduled electric boat. After fuel-powered ships were introduced, demand for electric ships decreased; however, because governments are putting more emphasis on innovation, electric ship utilization is on the rise.
These ships are made to consume less fuel and emit fewer greenhouse gases. This is fuelling the market's expansion during the course of the projection. International shipping's recent history has made its carbon footprint widely known. The maritime sector emits 950 million tonnes of CO2 annually, or 2 to 4% of all greenhouse gas emissions, thus according to studies by the International Marine Organization. 20 to 40 percent of all nitrogen oxide emissions into the environment come from the shipping. Ships are therefore one of the major sources of pollution in seaports.
Rising number of regional government initiatives to maintain eco-friendly and cleaner waterways is positively affecting the market outlook. Moreover, the regional governments are focusing on creating a sustainable maritime network for passenger and cargo ship transportation, which is expected to push product penetration.
Browse key industry insights spread across 195 pages with 110 market data tables and figures & charts from the report “Global Electric Ships Market Size, Share, and COVID-19 Impact Analysis, By Power Source (Fully Electric, Hybrid), By Power Output (<75 kW, 75-745 kW, 746-7,560 kW, >7,560 kW) By Autonomy Level (Semi-Autonomous, Fully Autonomous) By Vessel Type (Commercial Vessel - Passenger Cruise, Bulk Carrier & Container Ships, Tankers, Others. Defense Vessel - Aircraft Carrier, War Ship, Submarine, Others), Analysis and Forecast 2021 – 2030.” in detail along with the table of contents.
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Electric Ships Market - Growth Factors
The global industry for electric ships is still in its early stages, but it has a lot of potential for growth in the coming years. In order to reduce carbon footprints and fuel waste, there is an increasing demand for marine vessels that are powered by electricity. Additionally, shipbuilders' increased focus on reducing the noise produced by marine vessel propulsion systems is projected to support market growth. According to the Environmental Protection Agency, more than 29% of greenhouse gas emissions in the US in 2017 were attributable to transportation (EPA).
A significant factor in the global increase in greenhouse gas emissions is the transportation sector. The burning of fossil fuels in ships is a major source of emissions associated to transportation. Key industry companies are joining forces and purchasing other electric ship enterprises through acquisitions and mergers to gain a larger market share. In order to get a competitive edge over their rivals, industry players are also focusing their efforts on advancing automation technologies. Manufacturers of the systems used in electric marine ships, such as Siemens and ABB, are also taken into consideration.
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Electric Ships Market – Trends
The International Maritime Organization (IMO), the United Nations Conference on Trade and Development (UNCTAD), and the China Maritime Safety Administration, among others, are among the regulatory agencies and governmental organisations working to safeguard the environment from the damaging emissions from ships. Global marine and environmental regulatory bodies are concerned about the rise of greenhouse gas emissions brought on by the increased maritime traffic across the globe. 800 million tonnes of CO2 are released annually by maritime transport, according to the European Commission for Energy, Climate Change, and Environment. This amounts to around 2% of world CO2 emissions and roughly 95% of all greenhouse gas emissions through international shipping.
Additionally, integrating diesel engines with an engine-generator (electric generator, Genset) increases the ship's overall efficacy, particularly under conditions of high loading. This arrangement consumes less gasoline than a conventional internal combustion engine (diesel engine) used in a nautical ship. Additionally, rising competition among various end customers, including those in logistics, transportation, and commerce, has forced service providers to reduce their operating costs, including the usage of large personnel and gasoline. To boost their profit margin and reach breakeven, they are doing this. The efforts of transportation and logistics service providers to cut operating costs are projected to boost the growth of the worldwide electric ship market.
Electric Ships Market –Regional Analysis
Europe accounted for a sizeable portion of the market in 2019 and is anticipated to grow significantly between 2021 and 2031. Germany has emerged as a significant contributor to the expansion of the electric ship market in Europe as a result of rising environmental awareness among the general public and government initiatives to support electrically powered transportation modes. Additionally, it is anticipated that the area market would grow due to the increasing use of leisure vessels and electric recreation in the region's marine tourism, aquatic adventures, and fishing. The recent spread of COVID-19 across Europe, especially in the UK, Germany, Italy, and Spain, is expected to have a negative impact on the growth of the local market.
Asia Pacific, on the other hand, is expected to grow significantly because of the ongoing regulatory developments in China and Japan, such as the global Sulphur cap to enhance electrification in large-sized vessels. In North America, the rising usage of all-electric vessels, such as USS Zumwalt by the U.S. Navy is set to augment growth.
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Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. List of Key Players Mentioned in the Report: Kongsberg (Norway), Leclanche (Switzerland), Corvus Energy (Canada), Echandia Marine AB (Sweden), Siemens (Germany), Vard (part of Fincantieri SpA) (Norway), Norwegian Electric Systems (Norway), General Dynamics Electric Boat (U.S.), MAN Energy Solutions SE (Germany), Wartsila (Finland), Schottel Group (Germany), Anglo Belgian Corporation NV (Belgium), Eco Marine Power (Japan), Akasol AG (Germany) and among others.
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