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Electric Ship Market to Reach $23.8 Billion, Globally, by 2032 at 18.0% CAGR: Allied Market Research

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Allied Market Research

01 Sep, 2023, 14:07 GMT

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The growth of the global electric ship market is driven by factors such as environmental regulations, an increase in demand for high efficiency and less life cycle cost, and a surge in the retrofitting of hybrid systems in ships. 

PORTLAND, Ore., Sept. 1, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric Ship Market by Propulsion Type (Fully Electric, and Hybrid), Mode of Operation (Autonomous, and Non-autonomous), and System (Energy Storage, Power Conversion, Power Generation, and Power Distribution: Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global electric ship industry generated $4.6 billion in 2022 and is anticipated to generate $23.8 billion by 2032, witnessing a CAGR of 18.0% from 2023 to 2032.


Download Sample Pages
- https://www.alliedmarketresearch.com/request-sample/9538

An electric ship relies on electricity for both generating power and propelling themselves, contrasting with traditional ships that employ fossil fuel engines like diesel or steam. With the growing awareness and concern regarding climate change and environmental pollution, there is an increasing demand for transportation solutions that are cleaner and more sustainable. Electric-powered ships contribute to this by decreasing fuel usage and minimizing emissions from oil-based sources. Furthermore, the compact design of electric propulsion systems takes up less space, creating additional cargo capacity on the ship. Moreover, electric ships offer cost savings over their lifetime due to lower fuel consumption and reduced maintenance expenses. 

Prime determinants of growth  

The growth of the global electric ship market is driven by factors such as environmental regulations, an increase in demand for high efficiency and less life cycle cost, and a surge in the retrofitting of hybrid systems in ships. However, limited infrastructure and charging facilities, and high initial investment costs hamper the growth of the market. On the contrary, technological advancements and the growing popularity of autonomous electric ships are expected to offer remunerative opportunities for the expansion of the electric ship market during the forecast period. 

Report coverage & details: 

Report Coverage 

Details 

Forecast Period 

2023–2032 

Base Year 

2022

Market Size in 2022 

$4.6 billion 

Market Size in 2032 

$23.8 billion 

CAGR 

18.0 %

No. of Pages in Report 

231

Segments Covered 

Propulsion Type, Mode of Operation, System, and Region. 

Drivers  

Environmental regulations  

Increase in demand for high efficiency and less life cycle cost  

Surge in the retrofitting of hybrid systems in ships 

Opportunities 

Technological advancements 

Growing popularity of autonomous electric ships 

Restraints 

Limited infrastructure and charging facilities 

 High initial investment costs 

 
 Covid-19 Scenario 

  • The electric ships industry was severely impacted during the pandemic due to the decline in global trade and shipping activity, resulting in lower demand for new ships, including electric ships. 
  • However, Supportive policies encourage ship owners and operators to invest in electric propulsion systems. Moreover, Governments across the globe prioritize sustainable development and green initiatives as part of their recovery plans, which boosts market growth. 

Interested to Procure the Research Report? Inquire Before Buying - https://www.alliedmarketresearch.com/purchase-enquiry/9538

The hybrid segment to maintain its leadership status throughout the forecast period. 

Based on propulsion type, the hybrid segment held the highest market share in 2022, accounting for around two-thirds of the global electric ship market revenue, and is estimated to maintain its leadership status throughout the forecast period, as there is a rise in the adoption of hybrid electric ships owing to its benefits such as reduced emissions compared to conventional vessels. However, the fully electric segment is projected to manifest the highest CAGR of 19.0% from 2023 to 2032, owing to the rise in the demand for electric ships in ports for environmental and economic benefits.  

The non-autonomous segment 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 2022, accounting for more than two-thirds of the global electric ship market revenue, and is estimated to maintain its leadership status throughout the forecast period as there is a surge in the redesigning of vessels and ferries with electric or hybrid propulsion system. However, the autonomous segment is projected to manifest the highest CAGR of 19.5% from 2023 to 2032, owing to rise in the number of contracts and agreements of shipyards with manufacturers to design autonomous electric ships for the transportation of goods with low greenhouse gas emissions. 

The energy storage segment to maintain its lead position during the forecast period 

Based on system, the energy storage segment accounted for the largest share in 2022, accounting for around one-third of the global electric ship market revenue, and is estimated to maintain its leadership status throughout the forecast period as there is a growing interest in electric ships and energy storage systems due to stricter environmental regulations and a push toward sustainable transportation solutions. However, the power distribution segment is projected to manifest the highest CAGR of 19.8% from 2023 to 2032, owing to a incorporation of advanced control systems and algorithms in power distribution system to optimize power flow and manage electrical loads efficiently. 

Asia-Pacific to maintain its dominance by 2032 

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the electric ship market revenue, and is likely to dominate the market during the forecast period, as public transport agencies and departments in various countries of the region aim to reduce the carbon footprint and environmental impact of their fleet with an investment in low-emission ferries. However, the LAMEA region is expected to witness the fastest CAGR of 20.3% from 2023 to 2032, owing to a rise in the adoption of advanced electric ferry technology to meet the growing demand for efficient and environmentally friendly marine transport.  

Leading Market Players: - 

  • Leclanché SA 
  • Siemens 
  • Wartsila 
  • ECHANDIA AB 
  • KONGSBERG 
  • ABB 
  • Corvus Energy 
  • HOLLAND SHIPYARDS GROUP 
  • Brodrene Aa 
  • Norwegian Electric Systems. 

Procure Complete Research Report Now - https://www.alliedmarketresearch.com/electric-ships-market/purchase-options

The report provides a detailed analysis of these key players in the global electric ship market. These players have adopted various strategies such as product development, expansion, agreement, contract, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

Similar Reports We Have on Ship/ Boat Industry:

Electric Boat Market Research Report 2023-2035

Cruise Ship Market Research Report 2023-2035

Superyacht Market Research Report 2023-2035

Yacht Charter Market Research Report 2023-2035

Hydrogen-Powered Yacht Market Research Report 2023-2035

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
USA/Canada (Toll Free):
+1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

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