The electric ships market is anticipated to witness noteworthy growth on account of growing environmental concerns regarding carbon and Sulphur emissions. Ship manufacturers are diligently focusing on incorporating advanced technological solutions to improve their operational efficiency as well as curb negative impacts over the environment.
Electric ships have low maintenance and operational cost compared to traditional fossil fueled ships. Increasing demand for passenger and cargo containers ships across the globe may stimulate product’s adoption. Autonomous ships may also observe exponential growth on account of proliferating demand for unmanned marine vehicles in the defense sector.
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In terms of end-use, the retro fit segment is slated to foresee massive growth with an impressive CAGR of more than 8% over the coming years. The segment was valued at more than $3 billion in 2019. The projected growth can be attributed to changing government regulation towards the reduction of carbon emissions by the shipping sector, as per the Sulphur 2020 rule.
In addition, growing efforts by market players to upgrade currently operating ships to hybrid electrical ships should further propel the electric ships market growth. Taking March 2020 for instance, PSA Polaris completed its sea trials for an autonomous ship. This ship was retrofitted with numerous computing and navigational components like long-range sensors and GPS.
With respect to the platform, the commercial sector is anticipated to account for over 95% of the entire electric ships market share in 2026. More specifically, passenger vessels are projected to observe massive growth due to the growing efforts from corporations towards the development of several electric passenger vessel offerings.
Passenger vehicles like ferries need lower amount of energy, have an operation span that is limited, and also requires a less complex mechanism. These properties remove a lot of technological issues faced by firms producing electric ships. Massive demand in terms of volume owing to lower acquisition cost further increases the company’s revenue cycle, which is further expected to positively influence the overall market share.
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On the regional front, Europe is considered as a lucrative market for electric ship companies as it has a rich presence of numerous multinational organizations as well as local, home-bred electric ship manufacturers.
As per reports, the Europe market is likely to record a compound annual growth rate of 10% by 2026. Factors like availability of developed infrastructure to facilitate the production of electric ship and evolving perception towards electric ships will massively improve product penetration.
The competitive landscape of the Europe electric ships market is inclusive of players like Saft, EST Floattech, Akasol AG, ECO Marine Power Co Ltd., Visedo, Schottel GmbH, Anglo Belgian Corporation (ABC) NV, Echandia Marine AB, Bae Systems, Leclanché SA, Siemens, MAN Energy Solutions SE, General Dynamics Electric Boat, Corvus Energy, Norwegian Electric Systems AS, Wartsila, and Kongsberg Gruppen ABB.
Major Key Points from Table of Content:
Chapter 5. Electric Ships Market, By Power Source
5.1. Key trends, by power source
5.2.1. Market estimates and forecast, 2017 - 2026
5.3.1. Market estimates and forecast, 2017 - 2026
Chapter 6. Electric Ships Market, By System
6.1. Key trends, by system
6.2. Energy storage
6.2.1. Market estimates and forecast, 2017 - 2026
6.3. Power conversion
6.3.1. Market estimates and forecast, 2017 - 2026
6.4. Power generation
6.4.1. Market estimates and forecast, 2017 - 2026
6.5. Power distribution
6.5.1. Market estimates and forecast, 2017 - 2026
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