Electric Ships Market Size Worth USD 10.82 Billion, Globally, by 2027 at 11.2% CAGR

Pune, India, Oct. 20, 2022 (GLOBE NEWSWIRE) -- The global Electric Ships Market was USD 5.50 billion in 2019. The global market size is expected to gain momentum by reaching USD 10.82 billion by 2027, exhibiting a CAGR of 11.2% during the forecast period from 2021-2027. This information is provided by Fortune Business Insights, in its report, titled, "Electric Ships Market, 2021-2027."

According to our analysts, the global electric ships market is set to gain impetus from the rising collaborative efforts between numerous prominent manufacturers. Seven Japanese companies, for instance, created a consortium called e5. It would help in commercializing and developing all-electric zero-emission vessels in the next two years.

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Report Highlights:

COVID-19 Impacts:

COVID-19: Disturbances in Supply of Raw Materials for Batteries to Obstruct Growth

The COVID-19 pandemic has compelled original equipment manufacturers (OEMs) and investors to delay their fundings for unique programs, such as autonomous vessel operations. Also, disturbance in the supply of materials for battery systems is a major concern for several manufacturers. Most of the raw materials, such as cobalt, nickel, and lithium are imported from Japan and China. But, these countries are under complete lockdown amid the pandemic. We will help you better understand the current situation to look out for important investment areas.

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Drivers and Restraints:

Implementation of Various Regulations to Surge Demand

The International Maritime Organization deployed the global Sulphur cap in January 2020. Under this rule, ships would require low Sulphur fuels to operate outside the emission control areas (ECAs). As compared to the previous limit of 3.5% or less, ships should use fuels with Sulphur content of 0.5% or less this year. Also, the uncertainties regarding the availability of compliant fuels would also accelerate the electric ships market growth in the coming years. However, the adoption of electric vehicles may decline because of the current battery technology that requires a large amount of energy.

Industry Developments:

November 2020: Hyundai Motors partnered up with Vinssen, a start-up based in Korea to develop a new vessel powered by hydrogen fuel cells by December 2021. Vinssen will supply 95kW hydrogen fuel cells. If the eco-friendly ship reaches the expected level in terms of performance, it will be produced on a large scale.

September 2020: Holland Ship Electric selected Corvus Energy to deliver lithium-ion battery-based energy storage systems (ESS). They are meant for five new all-electric ferries developed by Holland Shipyards Group for GVB, the municipal public transport operator for Amsterdam.

List of Key Players Mentioned in the Report:

• Kongsberg (Norway)
• Leclanche (Switzerland)
• Corvus Energy (Canada)
• Echandia Marine AB (Sweden)
• Siemens (Germany)
• Vard (part of Fincantieri SpA) (Norway)
• Norwegian Electric Systems (Norway)
• General Dynamics Electric Boat (U.S.)
• MAN Energy Solutions SE (Germany)
• Wartsila (Finland)
• Schottel Group (Germany)
• Anglo Belgian Corporation NV (Belgium)
• Eco Marine Power (Japan)
• Akasol AG (Germany)

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Segments:

Hybrid Segment to Grow Rapidly Stoked by Ability to Reduce Fuel Consumption

Based on power source, the hybrid segment earned 81.25% in terms of the electric ships market share and dominated in 2019. Hybrid technology is capable of reducing the fuel consumption by approximately 20%. It also lowers around 15% of carbon dioxide emissions from ships. Additionally, the environmental sustainability and reduced risk of failure would drive the demand for hybrid electric ships.

Key Benefits for Electric Ships Market:

• The Electric Ships market analysis covers in-depth information of major industry participants.
• Porter's five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• Major countries have been mapped according to their individual revenue contribution to the regional market.
• The report provides an in-depth analysis of the Electric Ships market during the forecast period (2022–2027).
• The report outlines the current market trends and future scenario of the global Electric Ships market to understand the prevailing opportunities and potential investment pockets.
• The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.

Regional Insights:

Increasing Government Initiatives to Spur Growth in Europe

Geographically, in 2019, Europe generated USD 1.93 billion in terms of revenue. It is expected to remain at the forefront backed by the rising government initiatives to encourage the adoption of electric ships. Also, the increasing awareness programs about the harmful effects of maritime emissions, especially in Hamburg and Rotterdam would boost growth.

Asia Pacific, on the other hand, is expected to grow significantly because of the ongoing regulatory developments in China and Japan, such as the global Sulphur cap to enhance electrification in large-sized vessels. In North America, the rising usage of all-electric vessels, such as USS Zumwalt by the U.S. Navy is set to augment growth.

Competitive Landscape:

Key Players Focus on Winning New Contracts from Renowned Firms to Compete in Market

The market for electric ships houses a large number of reputed companies that are focusing on bagging new orders and signing contracts with government bodies and other firms to either deliver their in-house products or co-develop novel electric ships.

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Global Electric Ships Market Size Segmentation:

By Power Source       

• Less than 75 kW
• 75-745 kW
• 746-7560 kW
• More than 7560 kW

By Vessel Type

• Commercial Vessel
• Defense Vessel

By Level of Autonomy

• Semi-Autonomous
• Fully Autonomous

Table of Contents

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology and Assumptions
• Executive Summary
• Market Dynamics
  • Drivers, Restraints and Opportunities
• Key Insights
  • Macro and Micro Economic Factors
  • Key Technological Trends and Developments
  • Price Trend Analysis
  • Porters Five Forces Analysis

Continued…

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