The global electric ships market revenue was around US$ 4.6 billion in 2022 and is estimated to reach US$ 23.8 billion by 2032, growing at a compound annual growth rate (CAGR) of 18% during the forecast period from 2023 to 2032.
Electric ships are water-based vessels that use electric motors, eliminating the requirement for traditional combustion engines and resulting in zero emissions. This gives them a highly sustainable alternative for urban transportation. In addition to their eco-friendly qualities, electric ferries deliver several distinct benefits over conventional ferries, which have cost-effectiveness, decreased vibration and noise, improved efficiency, enhanced passenger experience, and lower maintenance needs.
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Factors Influencing Market Growth
– Factors like environmental regulations, the rise in demand for high efficiency and low life cycle cost, and a surge in the retrofitting of hybrid systems in ships propel the growth of the electric ships market.
– The high initial investment costs and limited charging facilities and infrastructure hamper the growth of the electric ship market.
– The growing popularity of autonomous electric ships and technological improvements deliver remarkable growth opportunities for the players performing in the electric ships industry.
Impact of COVID-19
The outbreak of the COVID-19 pandemic resulted in economic tension and disturbances to global supply chains that led to holds in projects and investments related to electric ships. Shipping companies and shipbuilders have delayed or scaled back their plans for retrofitting or developing electric vessels due to financial restrictions and market uncertainties.
In 2022, Europe dominated the global electric ships market in terms of revenue and is anticipated to grow at the fastest growth rate during the forecast period. One of the most important drivers is the strict environmental regulations implemented by the European Union (EU). As part of their responsibility to fight climate differences and decrease greenhouse gas emissions, the EU has been driving for more sustainable and cleaner transportation solutions, including maritime transport. This has pressured the shipping industry to explore alternative technologies like electric ships, to comply with these regulations and remain competitive.
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The leading prominent companies profiled in the global electric ships market are: –
– Leclanch? SA
– ECHANDIA AB
– Corvus Energy
– HOLLAND SHIPYARDS GROUP
– Brodrene Aa
– Norwegian Electric Systems.
– Other prominent key players
The global electric ships market segmentation focuses on Propulsion Type, Mode of Operation, System, and Region.
Segmentation based on Propulsion Type
– Fully Electric
Segmentation based on Mode of Operation
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Segmentation based on System
– Energy Storage
– Power Conversion
– Power Generation
– Power Distribution
Segmentation based on Region
– North America
– The U.S.
– Rest of Europe
– South Korea
– Rest Of Asia-Pacific
– Latin America
– Middle East
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
Key Questions Market Research and Analysis Report
What is the current market size, both in terms of value and volume?
What is the historical growth rate of the market, and what are the projected growth rates for the future?
Who are the major players in the market, and what is their market share?
What are the market trends and dynamics influencing the industry?
What are the key drivers of market growth?
What are the challenges and barriers faced by market participants?
What are the emerging opportunities in the market?
What is the competitive landscape of the market?
What are the consumer preferences, behaviors, and buying patterns within the market?
What is the market segmentation, and how are different market segments performing?
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(*Note: The historical years and projected period in the report are flexible and can be tailored upon request. Additionally, the scope of the published report is adjustable to meet specific requirements, and customized analyses based on particular geographies or countries can be included as part of the customization.)
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