Electric Ship Market by Type (Fully Electric, Hybrid), System, Mode of Operation (Manned, Remotely Operated, Autonomous), Ship Type (Commercial, Defense), Power, Range, Tonnage, End Use (Linefit and Retrofit), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa and South America)
Electric Ships Market Overview
Electric Ships Market Size is projected to grow at a USD of 15.7 billion by 2020 at a CAGR of 10.8% from 2021 to 2028.
An electric boat is a form of electric vehicle designed to carry off marine operations by propelling the boat through batteries rather than by fuel. Batteries used in electric boats are similar to the batteries used in electric vehicles. Electric ships are mainly ferries and small passenger ships on inland waterways that sail completely with electricity. They sail only short distances and dock often.
International Maritime Organization’s ruling on reducing sulphur emissions and worldwide adoption of fully electric passenger vessels is the factor that has supported long-term expansion for Electric Ships Market.
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The COVID-19 pandemic hampered the growth of the electric boat and ship market due to the shutdown of manufacturing facilities and trade restrictions imposed worldwide.
Electric Ships Market Regional Analysis
Europe is projected to grow the highest CAGR during the forecast period, due to the increase in demand for electric ships for fully electric passenger vessels, tugs, yachts, and cruise vessels, among others. Countries such as Norway, Finland, and Denmark have actively started replacing conventional passenger ferries with fully electric passenger ferries. Major developments in autonomous electric vessels that use fuel cells and remotely controlled electric vessels are also driving the market in Europe to grow.
Electric Ships Market Competitive Landscape
Key Players
• ABB Limited
• Siemens AG
• Kongsberg Gruppen
• General Dynamics Electric Boat
• Corvus energy
• Echandia Marine AB
• General Dynamics Electric Boat
• Anglo Belgian Corporation (Abc) Nv
• Schottel Gmbh
• Visedo (Danfoss)
• Eco Marine Power Co Ltd.
• Akasol Ag
• Est Floattech
• Fjellstrand
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Electric Ships Market Recent Developments
• In September 2019, Corvus Energy received a contract from AIDA Cruises (Germany) to supply a battery package for its cruise vessels. Under this contract, Corvus Energy will supply a 10MWh energy storage system for the AIDAperla ship by 2020.
• ABB won three contracts with Orange Marine, Global Mercy and Oceano for installation of their newly developed Azipod Electric Propulsion system in 2021.
Reasons to Acquire in the Electric Ships Market
• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
• Gain authentic and granular data access for Electric Ships Market so as to understand the trends and the factors involved behind changing market situations
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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