Electric Ship Market worth USD 16.2 Billion by 2030

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Electric Ship Market worth USD 16.2 Billion by
2030 Exclusive Report by MarketsandMarkets The
report "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
Region - Global Forecast to 2030", size is
projected to grow from USD 4.7 Billion in 2021 to
USD 16.2 Billion by 2030, at a CAGR of 14.9 from
2021 to 2030. The market is driven by various
factors, such as rise in
conversion system in Increasing
of propulsion passenger vessel, sea borne
trade

• across globe and growing maritime tourism
  industry.
• Download PDF Brochure _at_ https//www.marketsandmark
  ets.com/pdfdownloadNew.asp?id167955093 Browse
• 501 Market Data Tables
• 64 Figures
• 370 Pages and in-depth TOC on "Electric Ship
  Market - Global Forecast to 2030"
• Some of the prominent key players are
• Siemens AG (Germany) General Electric Company
  (US) ABB (Switzerland)
• Wartsila (Norway)
• Vard (Fincantieri) (Norway)
• These players have spread their business across
  various countries includes North America, Europe,
  Asia Pacific, and Rest of the World. COVID-19 has
  impacted their businesses as well. Industry
  experts believe that COVID-19 has affected
  electric ship production and services globally in
  2020.

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Fully electric type is projected to witness a
higher CAGR during the forecast period Based on
the type, the fully electric vessels are
projected to grow at the highest CAGR rate for
the electric ship market during the forecast
period. Fully electric vessels are much more
capable of operating passenger vessels when
compared to other hybrid propulsion system in
passenger vessel, these engines also have a less
amount of noise as compared to others, they are
the most suitable engine for short-range
operations because of their lighter weight. The
battery segment is projected to witness the
highest CAGR during the forecast period Based on
the Power source, the battery operated vessels
are projected to grow at the highest CAGR rate
for the electric ship market during the forecast
period. With the increasing demand for commercial
vessels across regions throughout the industry
the demand for battery operated vessels is also
increasing. A battery operated vessel helps in
giving a more eco friendly solution to maritime
operations along with more efficiency and
reliability. The 500-5000DWT is projected to
witness the highest CAGR during the forecast
period Based on the tonnage, the 500-5000DWT is
projected to grow at the highest CAGR for the
electric ship market during the forecast period.
Various cargo vessels such as small container
vessels, Roll-on, and Rolloff vessels for
wheeled cargo and others are considered under the
500-5000 DWT category. Container vessels are one
of the most used mode of transportation and one
of the most pollution causing vessels. Hence,
container vessels were the very first vessel to
get a fully electric set up in order to reduce
the marine pollution. Hence, major companies are
trying to fing more efficient technology and
power solution in order to develop better
solutions for these long range vessels. Commercial
vessels are projected to witness the highest
CAGR during the forecast period Based on ship
type, the commercial vessels segment is projected
to grow at the highest CAGR rate for the electric
ship market during the forecast period.
Commercial vessels are as varied as the jobs they
are required to do. Different type of commercial
vessels according to the purpose they serve are
passenger vessels, cargo vessels, and others.
Further, passenger vessels is segmented into
yachts, ferries, cruise and others. Under which
the passenger and cargo vessels will be seeing
the maximum growth as these are the short ranged
vessels which require less power to operate
efficiently. 75-150KW are projected to witness
the highest CAGR during the forecast period
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Based on power, the 75-150KW power is projected
to grow at the highest CAGR for the electric ship
market during the forecast period. Medium-size
passenger ferries are considered under ships
having power between 76150 kW. The need for a
reduced, or zero-emission transport system across
countries is high. Countries such as Japan, New
Zealand, and Australia are also moving toward
using fully electric ferries for passenger
transport. Norway has incorporated fully
electric, and hybrid technology in its
ferries. Request for Sample Report
_at_ https//www.marketsandmarkets.com/requestsampleN
ew.asp?id167955093 The European market is
projected to contribute the largest share from
2021 to 2030 Europe is projected to be the
largest regional share of the electric ship
market during the forecast period. The key factor
responsible for Europe, leading the electric ship
market owing to the rapid growth of the
technologically advanced electric ships in the
region. In Europe, the rise in manufacturing
industries and growing commercial and defence
maritime industry is encouraging manufacturers of
electric ships to introduce technologically
advanced and efficient products across various
vessel type. The increasing demand for electric
ship and the presence of some of the leading
players operating in the market, such as Vard
(Fincantieri), ABB, Wartsila, and Norwegian
Electric Systems AS is expected to drive the
Electric Ship market in Europe. These players are
focusing on RD to increase their product lines
and using technologically advanced systems,
subsystems, and other components for
manufacturing electric ship. About
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