Dublin, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The "Global Marine Electric Vehicle Market, Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
Quick Summary
In an era of environmental consciousness, the Marine Electric Vehicle (EV) industry is gaining momentum rapidly. This upsurge can be attributed to increased demand for advanced electrical systems in novel ship designs and escalating emphasis on the reduction of carbon emissions. This market research report provides an extensive analysis of these industry trends and dynamics to guide businesses in their strategic decision-making processes.
The report reveals that the Hybrid Electric segment is projected to record significant growth, with the integration of electric systems supported by fossil fuels proving to be a game-changer in equipping large ships with low-emission systems. The report also highlights that the <50 km range and inland vessel transport segments are expected to lead the industry due to easier electrification opportunities and usage in low-range activities.
Significant, this comprehensive research report underscores Europe as the frontrunner in the Marine EV market. Benefiting from strong state regulations favoring electrification and robust infrastructure, Europe's dominance in the industry is hard to contest. The report also includes an in-depth competitive analysis of leading players, alongside emerging startups in the Marine EV ecosystem, providing an invaluable resource for stakeholders seeking to understand the market's pulse and position their businesses for success.
Market Insights
The Global Marine Electric Vehicle Market is on a significant growth trajectory, projected to surge from USD 10.1 billion in 2022 to a whopping USD 29.1 billion by 2030, boasting a Compound Annual Growth Rate (CAGR) of 16.4% from 2023 to 2030. A pivotal driving force behind this remarkable expansion is the escalating demand for advanced electrical systems in futuristic ships.
Hybrid Electric Segment Spearheads Growth in Marine Electric Vehicle Market
In the realm of technology, the hybrid electric segment emerges as the flag bearer of growth in the Marine Electric Vehicle Market during the forecast period. The strategic fusion of electric systems with fossil fuels, notably diesel, proves to be the optimal approach for equipping large ships and long-range vessels with low-emission systems. Consequently, this synergy is a primary catalyst for the steady year-on-year growth observed in the market.
<50 km Range Segment Leads the Charge
When it comes to range, the <50km segment assumes a commanding position as the frontrunner during the forecast period. Ships with a range of less than 50 kilometers encompass a diverse array of vessels, including recreational boats, mid-sized ships, and unmanned maritime vehicles, primarily designed for low-range activities. This category of ships proves to be exceptionally amenable to conversion into hybrid propulsion or replacement with fully electric solutions. Hence, it's no surprise that the <50km range ships are the market leaders.
Inland Segment Takes the Helm in Marine Electric Vehicle Market
In the context of vessel transport, the inland segment emerges as the captain of the ship, projected to lead the Marine Electric Vehicle Market during the forecast period. Inland vessels typically operate within smaller ranges and consist predominantly of small to medium-sized ships. Their relatively compact nature makes them ideal candidates for electrification, resulting in significant growth within this segment.
Europe Steers the Way with Largest Market Share in 2022
As we delve into regional insights, Europe takes center stage, poised to occupy the lion's share of the marine electric vehicle market in 2022. The European market is characterized by Norway's rapid ascent as a key player, with major countries in the region making substantial contributions. This growth is underpinned by regulations that support the shift towards electrification and the development of essential infrastructure.
Premium Insights
- Commercial Vehicle Type to Lead Market During Forecast Period
- <50 Km Range Segment to Lead Market During Forecast Period
- Norway to Grow at Highest CAGR During Forecast Period
Market Overview
- Market Dynamics
- Drivers
- Implementation of Sulfur 2020 Regulations
- Rising Demand for Electric and Hybrid Marine Vehicles
- Growing Maritime Tourism Industry, Including Underwater & Surface Water Sports Industry
- Development of Lithium-Ion Batteries
- Increasing Capital Expenditure of Offshore Oil & Gas Companies
- Restraints
- Limited Resources of Raw Materials Used in Manufacturing Batteries
- Increased Vehicle Weight due to Heavy Batteries
- Opportunities
- Development of High-Powered Batteries
- Battery Charging via Renewable Energy Sources
- Increasing Adoption of Electric Propulsion Technologies in UUVs
- Challenges
- High Initial Expenditures
- Inadequate Charging Infrastructure
- Technological Challenges
- Drivers
- Value Chain Analysis
- Raw Materials
- R&D
- Component Manufacturing
- OEMs
- End-users
- Aftersales Services
- Ecosystem Mapping
- Prominent Companies
- Private and Small Enterprises
- End-users
- Technology Analysis
- Lithium-Sulfur Batteries
- Hydrogen Fuel Cells
- High Energy Density Electrochemical Storage for Large Marine Electric Vehicles
- Tariff and Regulatory Landscape
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- Latin America
- Volume Data
- Key Stakeholders and Buying Criteria
- Key Stakeholders in Buying Process
- Buying Criteria
- Trends and Disruptions Impacting Customer Business
- Trade Data Analysis
- Pricing Analysis
- Key Conferences and Events in 2023-2024
Industry Trends
- Technological Advancements
- High-Energy Battery System
- Fast Charging Infrastructure
- Advanced Propulsion System
- Autonomous Navigation and Control
- Emerging Trends
- 3D Printing
- Artificial Intelligence (AI)
- Predictive Maintenance
- Use Case Analysis
- OceanAlpha M75 Wave Rider
- Autonomous Surface Vehicle (ASV) by ASV Global (Now Part of L3Harris Technologies)
- Uncrewed Surface Vehicles (USVs) by Saildrone Inc.
- Wave Glider Liquid Robotics' (Now Part of Boeing) Autonomous Surface Vehicle
- Supply Chain Analysis
- Patent Analysis
Companies Profiled
- Key Players
- ABB
- Kongsberg Maritime
- General Electric
- BAE Systems
- Siemens
- Damen Shipyards Group
- Vard (Fincantieri)
- Brunswick Corporation
- Xalt Energy
- Oceanvolt
- Mitsubishi
- LIG Nex 1
- Silent-Yachts
- Candela
- Echandia Marine
- Other Players
- Norwegian Electric Systems (NES)
- Corvus Energy
- Fjellstrand A/S
- Soby Varft A/S
- X Shore
- Pure Watercraft
- Q Yachts
- Wartsila
- Saft
- Leclanche
Key Attributes
| Report Attribute | Details |
| No. of Pages | 288 |
| Forecast Period | 2023-2030 |
| Estimated Market Value (USD) in 2023 | $10.1 Billion |
| Forecasted Market Value (USD) by 2030 | $29.1 Billion |
| Compound Annual Growth Rate | 16.4% |
| Regions Covered | Global |
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Marine Electric Vehicle Market, by Vehicle Type
8 Marine Electric Vehicle Market, by Vessel Transport
9 Marine Electric Vehicle Market, by Technology
10 Marine Electric Vehicle Market, by Mode of Operation
11 Marine Electric Vehicle Market, by Range
12 Marine Electric Vehicle Market, by Region
13 Competitive Landscape
14 Company Profiles
15 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/20x3n4
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