A new Report by Delvens, titled "Electric Ships market” offers a comprehensive analysis of the industry, which comprises insights on the Global analysis. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global Electric Ships market size was estimated at USD 5.2 billion in 2023 and is projected to reach USD 12.2 billion in 2030 at a CAGR of 13% during the forecast period 2024-2030.
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The electric ship market is undergoing a transformative shift, propelled by environmental regulations, technological advancements, and a growing emphasis on sustainable transportation solutions. Unlike conventional ships powered by diesel engines, electric ships utilize electricity to drive their motors, primarily through various types of battery banks, such as lead-acid batteries, lithium-ion batteries, and gas cells.
Each battery type provides distinct advantages in terms of efficiency, storage capacity, and environmental impact. In certain cases, lightweight vessels with lower energy demands can even utilize solar power, highlighting the potential for renewable energy in maritime applications.
Key Findings:
On the basis of Propulsion Type, the hybrid electric segment is anticipated to lead the electric ship market during the forecast period. This dominance is largely driven by the inherent challenges associated with fully electric propulsion systems, such as limited range and battery capacity.
On the basis of Ship Type, the commercial segment is projected to dominate the market share during the forecast period. The electric ship market, segmented into commercial and defence categories, shows significant traction in the commercial sector.
On the basis of Mode of Operation, the non-autonomous segment is expected to maintain its leadership status throughout the forecast period. Based on the mode of operation, the non-autonomous segment held the highest market share in 2023, accounting for more than two-thirds of the global electric ship market revenue.
The Report helps to identify the opportunities in Global Regions:
· North America (the United States, Canada, and Mexico)
· Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
· Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
· South America (Brazil etc.)
· The Middle East and Africa (North Africa and GCC Countries)
Competitive Landscape
· Kongsberg
· Leclanche
· ABB
· Corvus Energy
· Echandia Marine AB
· Siemens
· Vard (part of Fincantieri SpA)
· Norwegian Electric Systems
· General Dynamics Electric Boat
· MAN Energy Solutions SE
· Wartsila
· Schottel Group
· Anglo Belgian Corporation NV
· Eco Marine Power
· Akasol AG
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Recent Developments
In May 2023, PowerX, Inc., a Japan-based energy company, unveiled plans for the first-ever Battery Tanker. Scheduled for completion in 2025, the ship, named 'X', is set to undergo extensive testing both domestically and internationally starting in 2026.
In February 2023, the Electric Ship Innovation Alliance (CESIA) was established with the support of COSCO SHIPPING Development and COSCO SHIPPING, solidifying China's global leadership in advancing the electrification of the shipping industry.
The Electric Ships Market is segmented into various segments such as Propulsion Type, Mode of Operation, Ship Type, System, and Region:
Based on Propulsion Type
· Hybrid
· Fully Electric
Based on Mode of Operation
· Autonomous
· Non-autonomous
Based on Ship Type
· Commercial
· Defence
Key Features of Global Market Report:
· Analyze competitive developments like expansions, deployments, new product launches, and acquisitions.
· Identify growth opportunities for stakeholders by pinpointing high-growth segments.
· Study global industries status and forecast, focusing on key regions.
· Conduct an in-depth analysis of product segments and applications, offering strategic recommendations for competitive advantage.
· Provide a comprehensive analysis of key regions, including SWOT and Porter's Five Forces analyses.
· Assist in making strategic business decisions and investment plans.
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