Scenarios of impact of Coronavirus on Electric Ships Market

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• Covid Impact on Electric Ships Market,
  growth/decline in product type/use

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• The Global Electric Ships Market is projected to
  grow from USD 5.2 billion in 2019 to USD 15.6
  billion by 2030, at a CAGR of 13.2 from 2025 to
  2030. Two forecast periods, i.e., 2019 to 2025
  and 2025 to 2030, are covered in this market
  report, as the adoption of electric propulsion
  systems is estimated to grow at a higher rate
  post- 2025. The growth of the market can be
  attributed to the demand for fully electric
  ships for passenger transport, and hybrid ships
  for commercial and defense applications.
• Based on range, the lt50 km segment is projected
  to lead the electric ships market during the
  forecast period.
• Based on range, the electric ships industry is
  projected to be led by the lt50 km segment from
  2019 to 2030. This segment is expected to grow
  during the forecast period, due to the rapid
  adoption of fully electric ships for passenger
  transport in Europe and North America. Countries
  such as Norway, Denmark, Germany, Sweden, and
  Finland, among others, are continually developing
  environment-friendly technologies to reduce
  carbon, sulfur oxide, and nitrogen oxide
  emissions, which are major contributors to
  pollution in the shipping industry. Companies
  such as Corvus Energy, Leclanché, and Eco Marine
  Power have developed energy storage systems that
  are powerful enough to be used throughout the day
  on small vessels such as yachts and passenger
  ferries, enabling them to become fully electric.
• The energy storage systems segment is projected
  to lead the electric ships market from 2019 to
  2030.
• Based on the system, the energy storage systems
  segment is projected to grow at the highest CAGR
  during the forecast period. The market for energy
  storage systems is expected to grow during the
  forecast period due to the increasing requirement
  of

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these systems in all fully electric and hybrid
ships, which run on battery. Advancement in
lithium battery technology has increased the
usage of lithium-ion batteries in the marine
sector, especially for providing power to the
ships propellers, enabling a fully electric
operation. Corvus Energy, a key player in this
segment, has supplied energy storage systems for
AIDA Cruises (Germany), Seaspan Ferries (US),
Grovfjord Mek. Verksted SA (Norway), and
Norwegian Electric Systems (Norway), among
others. Asia Pacific is projected to be a high
growth potential market for electric ships
during the forecast period. There is a tremendous
retrofit and line-fit potential in Asia Pacific,
owing to a large number of cargo vessels
operating in this region. This rise in sea trade
has led to increasing demand for ships for the
transportation of manufactured goods worldwide.
Thus, the rising number of ships, as well as the
growth of the regions shipping industry, is
projected to impact the growth of the electric
ships market in the Asia Pacific region. Key
Market Players Major players in the electric
ships market are Norwegian Electric Systems
(Norway), Corvus Energy (Canada), General
Dynamics Electric Boat (US), MAN Energy
Solutions SE (Germany), Vard (Norway), Siemens
(Germany), and Leclanché SA (Switzerland), among
others. Ask for Sample Report _at_ https//www.market
sandmarkets.com/requestsampleNew.asp?id167955093
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