Electric Ship Market Expected to Reach $16.2 Billion by 2030 at a CAGR of 14.9% - PowerPoint PPT Presentation

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Electric Ship Market Expected to Reach $16.2 Billion by 2030 at a CAGR of 14.9%

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The global electric ship 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: Electric Ship Market Expected to Reach $16.2 Billion by 2030 at a CAGR of 14.9%


1
Electric Ship Market Expected to Reach
16.2 Billion by 2030 at a CAGR of 14.9 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
of propulsion system in passenger
vessel, Increasing sea borne trade across globe
and growing maritime tourism industry. Browse 501
market data Tables and 64 Figures spread through
370 Pages and in- depth TOC on "Electric Ship
Market - Global Forecast to 2030" Download PDF
Brochure _at_ https//www.marketsandmarkets.com/pdfdo
wnloadNew.asp?id167955093 The electric ship
market includes major players such as Siemens AG
(Germany), General Electric Company (US), ABB
(Switzerland), Wartsila (Norway), and 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. 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
2
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 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. 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
3
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 defense
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. Ask for Sample
Report _at_ https//www.marketsandmarkets.com/request
sampleNew.asp?id167955093
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