Europe Region Witnessing the Highest Growth in Electric Ships Market till 2030 - PowerPoint PPT Presentation

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Europe Region Witnessing the Highest Growth in Electric Ships Market till 2030

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The global electric ships market 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. – PowerPoint PPT presentation

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Title: Europe Region Witnessing the Highest Growth in Electric Ships Market till 2030


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Europe Region Witnessing the Highest Growth in
Electric Ships Market till 2030 The report on the
Global Electric Ships Market provides an analysis
of the market from 2017 to 2030. It discusses
industry and technology trends currently
prevailing in the market, along with
drivers, challenges,
restraints, and
opportunities influence the
that growth
market. The electric ships
of the global market
size is
projected to grow from
USD 2021
4.7Billion in to USD
16.2Billion by 2030, at a CAGR of 14.9 from
2021 to 2030. (Two forecast periods, i.e., 2021
to 2025 and 2025 to 2030 are considered in this
report, as the adoption of electric propulsion
systems is estimated to grow at a higher rate
post-2025). Download PDF Brochure
_at_ https//www.marketsandmarkets.com/pdfdownloadNew
.asp?id167955093 Based on type, the hybrid
segment of the electric ships market is projected
to grow at a higher CAGR during the forecast
period as compared to the fully electric segment.
The growth of this segment can be attributed to
the adoption of hybrid propulsion systems in
cargo ships, defense ships, and passenger cruise
ships due to the cost benefits of using a hybrid
propulsion system. This could also be attributed
to the fact that the bulk cargo traded and
transported through sea routes across the globe
has increased over the years, as ships are
economical as compared to other means of
transportation. This, in turn, has led to the
growth of the global seaborne trade. For
instance, 90 of the worlds trade is carried out
through seaways as they offer competitive
freight costs and are ideal for
transporting heavy and bulky goods.
Additionally, the International Maritime
Organizations (IMO) new ruling on acceptable
sulfur emissions on ships has made cargo ship
operators retrofit some of their existing fleet
with hybrid propulsion to adhere to the new
decision. Based on ship type, the commercial
segment of the electric ships market is projected
to grow at a higher CAGR during the forecast
period as compared to the defense segment.
Shipbuilders and operators are moving toward
automation and integration of new build ships,
and retrofit the existing ships with the hybrid
and electric propulsion. This is in response to
adhere the IMO 2020 rule. Thus, ship integrators
and owners
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are switching their existing diesel-driven
engines with electric or hybrid propulsion. The
growth of this segment can be attributed to a
large number of ships available for retrofit,
especially in the cargo segment. The IMO 2020
ruling affects the commercial shipping industry
the most, and as such, a significant portion of
the retrofit market is expected to come from the
retrofitting of cargo vessels such as container
vessels, gas tankers, general cargo ships, among
others with electric propulsion systems. Based on
range, the lt50 km segment of the electric ships
market is projected to account for the largest
share of the market during the forecast period.
The growth of this segment can be attributed to
the wide adoption of fully electric ships in
North America and Europe. There is a large luxury
sailing community in these regions. Pollution
caused by emissions due to burning fossil fuels
is a major contributor to the increase in
greenhouse gases. Hence, several yacht owners,
passenger ferry operators, and cruise ship
operators are switching from conventional
propulsion systems to a fully electric or hybrid
propulsion system. Key Market Players The major
players in the electric ships market are
Kongsberg (Norway), ABB (Switzerland), Wartsila
(Finland), Norwegian Electric Systems AS
(Norway), Corvus Energy (Canada), General
Dynamics Electric Boat (US), MAN Energy Solutions
SE (Germany) Vard (Norway), Siemens (Germany),
and Leclanché SA (Switzerland), among others.
These players have adopted various growth
strategies such as contracts, acquisitions,
expansions, new product launches, and
partnerships agreements to expand their
presence in the electric ships market
further. Ask for Sample Report _at_ https//www.marke
tsandmarkets.com/requestsampleNew.asp?id167955093
About MarketsandMarkets MarketsandMarkets
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200,000 markets and entire value chains for
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with market sizing and forecasts of niche
markets. Contact
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Mr.Aashish Mehra MarketsandMarkets INC. 630
Dundee Road Suite 430 Northbrook, IL 60062 USA
1-888-600-6441
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