Marine Electric Vehicle Market Size, Share, Industry Report, Revenue Trends 2030

1
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CONTACT US (/CONTACTUS.ASP) HOME (/) ? TOP MARKET
REPORTS (/TOP-MARKET-REPORTS.ASP) ? MARINE
ELECTRIC VEHICLE MARKET 7500 COMPANIES WORLDWIDE
APPROACH US EVERY YEAR FOR THEIR REVENUE GROWTH
INITIATIVES MKNOaWriMnOeREEle(c/KtnrowicledVgeesth
oreic.asleprMequaesrtk_fereet_btriayl)
Technology (Fully electric, Hybrid), Ship Type
(Commercial, Defense, UMV), Mode of Operation
(Manned, Remotely Operated, Autonomous), Vessel
Transport (Seafaring, Inland), Range and Region -
Global Forecast to 2030 FREE BROCHURE
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Report Code AS 8728Jul, 2023, by
marketsandmarkets.com DESCRIPTION TABLE OF
CONTENTS METHODOLOGY DOWNLOAD PDF
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Report The Marine Electric Vehicle Market size
is projected to grow from USD 10.1 Billion in
2023 to USD 29.1 Billion by 2030, at a CAGR of
16.4 from 2023 to 2030. The rise in global
regulations aimed at mitigating emissions and
promoting sustainable maritime solutions is a
pivotal factor driving the growth in Marine
Electric Vehicle Market
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Marine Electric Vehicle Market Forecast to
2030 To know about the assumptions considered for
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arket Dynamics e tourism, including underwater
and surface water sport industry
Marine Electric Vehicle M Driver Growing
maritim The growth of the global m
aritime tourism industry has led to an increased
demand for cruises, ferries,
(/)
motorboats, and other marine passenger transport
vessels. In 2022, according to UNWTO (United
Nations World Tourism Organization),
international tourism receiptsSisgnurIng(ehdttpps
a//wswt wth.meaUrkeStsDan1dmtrairlklieotsn.cmoma/s
rikg,nirne.agsips)tering a remarkable
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R5E0SEARgCroH wEXthPEiRnTSre(/aRlEtSeErAmRCs
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inCteArRnEaEtRioS n(/CaAl RtrEaEvRe.AlSfPu)eled
the resurgence CoOfNinTAteCTrnUaSti(o/CnOaNlTAvCi
sTiUtoSr.AsSpP)ending, which reached 64 of
pre-pandemic levels, representing a decline of
36 compared to 2019. Europe emerged as the
top-performing region, generating nearly USD 550
billion (EUR 520 billion) in tourism receipts,
equivalent to 87 of pre-pandemic levels. Africa,
the Middle East, and the Americas also showcased
significant recovery rates, achieving 75, 70,
and 68 of their pre-pandemic receipts. However,
Asian destinations faced greater challenges due
to prolonged border closures, resulting in a
modest 28 of pre-pandemic earnings. These
figures underscore the resilience and gradual
revitalization of the global tourism industry.
Restraints Limited resources of raw materials
used in the manufacturing of batteries The
production of batteries for MEVs requires
significant quantities of certain raw materials,
such as lithium, cobalt, and nickel. The
availability of these materials can be limited,
and their extraction and processing can face
environmental and social challenges. Dependence
on a limited number of geographic sources for
these raw materials can create supply chain
vulnerabilities and price fluctuations, impacting
the cost and availability of batteries for
MEVs. Some raw materials used in batteries, such
as cobalt, are associated with environmental and
social challenges. Environmental concerns arise
from the extraction and processing of raw
materials, such as the carbon emissions and
water pollution associated with lithium mining.
Democratic Republic of the Congo (DRC) is the
world's top cobalt producer, providing a sizable
percentage of the market. However, because of
worries about child labor, hazardous working
conditions, and environmental degradation, cobalt
mining in the nation has come under attention.
Standards are being raised, and responsible
sourcing methods are being followed. Opportunity
Increasing adoption of electric propulsion
technologies into the UUV market Improved
operational capabilities, increased endurance,
and improved environmental sustainability may
result from the adoption of electric technology
in the UUV market. In fields including
environmental monitoring, offshore energy,
underwater exploration, defense, and others, this
creates chances for cooperation, knowledge
transfer, and market expansion. UUVs are used
for a variety of purposes in defense and
security, such as submarine detection, underwater
surveillance, mine countermeasures, and
intelligence gathering. Utilizing electric
technologies allows UUVs to operate for extended
periods of time, increasing their efficacy and
lowering the logistical difficulties related to
refueling or changing power sources while on
missions. Defense contractors, IT companies, and
military organizations can benefit from the
integration of MEV capabilities in UUVs. Electric
technology innovations and developments can be
used for UUVs and vice versa, promoting
cross-domain cooperation and information
sharing. This partnership has the potential to
quicken the pace of innovation and support the
overall expansion of the MEV and UUV sectors.
Both sectors call for effective energy
management, navigation and control algorithms,
and underwater communication systems.
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apital expenditure marine boats, MEVs may have
higher initial expenditures, including the
purchase of s and related infrastructure.
Particularly, the price of batteries continues to
represent a s(/i)zeable amount of the overall
cost of MEVs. Although the costs are anticipated
to decline with time, it is currently difficult
to match the costs of conventional boats.
Particularly, the price of batteries continues to
represent a HsOizMeEa(/b) leAaBOmUoTuUnSt(/oAfBOt
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mCaAnRyEEpRrSos(/CpAeRcEtiEvRe.AuSsP)ers. CONTACT
US (/CONTACTUS.ASP) Due to the necessity for
vessel modifications, infrastructure integration,
and potential electrical system constraints,
retrofitting existing vessels with electric
propulsion systems can be difficult. Some vessel
owners may be discouraged from making the switch
to MEVs by the complicated and expensive
retrofitting process. Marine Electric Vehicle
Market Ecosystem Prominent companies in this
market include well-established, financially
stable manufacturers of Marine Electric
Vehicles. These companies have established a
strong foothold in the market through diversified
product portfolios, advanced technologies, and
robust global sales and marketing networks. The
prominent companies are ABB (Switzerland),
Siemens AG (Germany), BAE Systems (UK), General
Electric (US), and Kongsberg Gruppen (Norway).
Commercial Passenger vessel operators, Cargo and
tanker operators, defense organizations, private
watercraft users, fishing organizations, oil and
gas exploration companies, and research companies
are some of the major consumers of marine
electric vehicles.
Challenge High initial c Compared to
conventional electric propulsion system
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Commercial Segment to dominate market share
during the forecast period Based on Ship Type,
the Marine Electric Vehicle Market has been
segmented into commercial and defense.
Commercial Segment is witnessing high growth and
market share due to the increasing adoption of
electric vehicles for passenger transportation,
recreational use, and other commercial usage such
as fishing and research. Hybrid electric segment
is expected grow the highest during the forecast
period Based on technology, the hybrid electric
segment is expected to grow the highest during
the forecast period. In larger vessels, it
becomes difficult to provide fully electric
solutions due to lower load-bearing capacity and
lower range. Also, since more adoption is being
made in larger vessels to curb emissions, hybrid
is being considered as the best option in larger
maritime vessels. The inland vessels segment is
to witness higher growth during the forecast
period Based on vessel transport, the Marine
Electric Vehicle Market has been segmented into
seafaring and inland Weveussesecolsok. ieIns
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eyoleu catgrriece otor omuroursee
oufsceoorskieasr.eMoopretiinnfgo for electric
vessels to X (hrttepsdu//wcwewl.omcaarkleiztseadn
demmarkisestsi.oconms/Pinrivwacay-t1e2r.whtamyl).s
closer to civilization.
6
itness the highest market share during the
forecast period. lectric Vehicle
(https//www.marketsandmarkets.com/Market-Reports/
electric-vehicle- 35.html) Market due presence
of key players, vessel manufacturers, and
component m(/)anufacturers, which are a few
factors expected to boost the growth of the
Marine Electric Vehicle Market in the region.
These players invest in extensive RD to develop
electric maritime solutions with improved
efficiency and HrOeMliaEb(/i)lityA.BMOUaTjoUrS
m(/AaBnOuUfTaUcSt-u8.rHeTrMsL)anLdEAsDuEpRpSlHieIP
rsTEoAfMM(/LaErSAiniDgeEnRIEnSlH(ehIPcttTptrEsiAc
//MwV.wAewSh.Pmi)calrekestsianndthmiasrkreetsg.cio
onm/isnigcnliun.dasep)ABB (Switzerland), RLEeScElA
aRnCcHhEéXPSE.RAT.S((S/RwESitEzAeRrClaHnLdEA),DSER
ieSHmIPe.AnSsP)AGBR(IGEFeINrGmSa(n/AyN)A,LWYSaTBrt
RsIiElaFIN(FGSin.HlaTMnLd)), CaAnRdEEKRoSn(/gCsAbR
eEErgR.AGSrPu) ppen (Norway). CONTACT US
(/CONTACTUS.ASP)
Europe is projected to w Europe leads the Marine
E adhesive-market-1940595
Marine Electric Vehicle Market by Region To know
about the assumptions considered for the study,
download the pdf brochure (https//www.marketsandm
arkets.com/pdfdownloadNew.asp?id67757407) Key
Market Players Major players operating in the
Marine Electric Vehicle companies
(https//www.marketsandmarkets.com/ResearchInsight
/marine-electric-vehicle-market.asp) include ABB
(Switzerland), Siemens AG (Germany), BAE Systems
(UK), General Electric (US), and Kongsberg
Gruppen (Norway).
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Scope of the Report
Report Metric
Details
Market size available for years
2019-2030
Base year considered
2022
Forecast period
2023-2030
Forecast units
Value (USD Million/Billion)
Technology, Ship Type, Mode of Operation, Vessel
Transport, Range, and Region
Segments Covered
Geographies Covered
North America, Europe, Asia-Pacific, Rest of the
World
ABB (Switzerland), Siemens AG (Germany), BAE
Systems (UK), General Electric (US) and
Kongsberg Gruppen (Norway).
Companies Covered
Marine Electric Vehicle Market Highlights This
research report categorizes the Marine Electric
Vehicle Market based on Technology, Ship Type,
Mode of Operation, Vessel Transport, Range, and
Region
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Subsegment
Segment By Ship Type
Commercial Defense Unmanned Maritime Vehicles
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RESEARCH EXPERTS (/RESEARCHLEADERSHIP.ASP)
COBNyTATCeTcUhS n(/CoOloNTgAyCTUS.ASP)
Fully Electric
Manned Remotely Operated Autonomous
By Mode of Operation
Seafaring Vessels Inland Vessels
By Vessel Transport
lt50 km 50100 km 1011,000 km gt1,000 km
By Range
North America Europe Asia Pacific Rest of the
World
By Region
Recent Developments In March 2023, Wärtsilä
supplied the main propulsion machinery along with
a range of other electrical solutions for two
new 110-meter-long amphibious transport vessels
that were built for the Chilean Navy. In February
2023, Kongsberg Maritime (KONGSBERG) announced it
would provide electrical solutions to a newbuild
ship named SDO-SuRS (Special and Diving
Operations - Submarine Rescue Ship) to be built
by the Italian shipyard T.Mariotti for Marina
Militare Italiana (The Italian Navy). In February
2023, GE's subsidiary in India announced that it
had signed a contract with Cochin Shipyard to
provide a digital solutions package to increase
the capabilities of the LM2500 marine gas
turbines that will power the Indian Navy's first
Indigenous Aircraft Carrier-1 (IAC-1) Vikrant,
which was commissioned in August
2022. Frequently Asked Questions (FAQ) What
are your views on the growth prospect of the
Marine Electric Vehicle Market? What are the key
sustainability strategies adopted by leading
players operating in the Marine Electric Vehicle
Market?
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ging technologies and use cases disrupting the
Marine Electric Vehicle
What are the new emer Market?
(/) Who are the key players and innovators in the
ecosystem of the Marine Electric Vehicle
Market? HOMWEh(/i)chABreOgUTioUnS
i(s/ABeOxUpTeUcSt-e8.dHTtMoLh) oLldEAtDhEeRShHigIP
hTeEsAtMm(/LaErSAkiDgeEntRIsnShH(haIPtrtTpeEsAi/n
/Mw.wtAhwSe.Pm)MarakertisnaendEmlaercketrtsi.ccoVm
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