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Global Electric Ship Market: Overview

The global electric ship market is still in its infancy, but it has a lot of room to develop over the next few years to come. The need for an electric-powered marine ship has grown in response to the growing need to reduce carbon footprints and reduce fuel waste. In addition to that, shipbuilders' increased attention on decreasing noise created by marine vessel propulsion systems is likely to aid expansion of the market. Transportation has been responsible for more than 29% of greenhouse gas emissions in the US in 2017, as per the Environmental Protection Agency (EPA). The transportation industry is a major contributor to rising greenhouse gas emissions across the world. Transportation-related emissions are largely caused by the combustion of fossil fuels in ships, trains, airplanes, and automobiles.

This study from Transparency Market Research (TMR) provides a complete insight of the global electric ship market. It provides well-researched data on a variety of market aspects in order to provide useful business input for profit generation.

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Global Electric Ship Market: Notable Developments

To get a larger market share, key industry players are forming partnerships and acquiring other electric ship businesses through acquisitions and mergers. In addition to that, industry actors are concentrating their efforts on developing automation technologies in order to get a competitive advantage over their rivals. In the value chain of electric marine ships, system manufacturers like Siemens and ABB are also taken into account.

The noted players that are operational in the global electric ship market are Canadian Electric Boat Company, Kongsberg Gruppen ASA, Baltic Workboats AS, Corvus Energy Ltd, Triton Submarines, and Duffy Electric Boat.

Global Electric Ship Market: Key Trends

Below-mentioned market trends and opportunities mark the global electric ship market:

Demand for Electric Ship to Ride on the Back of Rising Need to Reduce Operational Cost by transportation and Logistics Sector

Around 90% of transportation fuel is petroleum-based, with gasoline and diesel being the most common. Moreover, many government efforts aimed at reducing carbon emissions, such as incentives for the acquisition of electric-powered transportation ships, are projected to drive growth of the global electric ship market throughout the forecast period, from 2021 to 2031.

Furthermore, combining diesel engines with an engine-generator (electric generator, Genset) improve total effectiveness of the ship, especially at high loading condition. In comparison to a traditional internal combustion engine (diesel engine) utilized in a maritime ship, this configuration uses less fuel.

In addition, increasing competitiveness amongst different end users, such as commerce, logistics, and transportation, has pushed service providers to lower their operating expenses, such as huge crews and fuel consumption. This is in order to raise their profit margin and attain breakeven. The expansion of the global electric ship market is likely to be aided by transportation and logistics service providers' efforts to reduce operating costs.

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Global Electric Ship Market: Geographical Analysis

Europe held substantial chunk of the market in 2019, and it is expected to expand significantly throughout the forecast period, from 2021 to 2031. Due to growing environmental consciousness among the general public and government measures to encourage electrically driven transportation modes, Germany has come up as a key contributor to the growth of the Electric Ship market in Europe. Furthermore, the rising prevalence of leisure vessels and electric recreational in the region's fishing activities, aquatic adventures, and marine tourism, is projected to drive expansion of the regional market. The outbreak of COVID-19, which has lately swept across Europe, particularly in the UK, Germany, Italy, and Spain, is likely to have a detrimental influence on regional market's development.

Asia Pacific is expected to be the second fastest-growing regional market over the forecast period. Strong economic developments combined with strong manufacturing rates are projected to help the area maintain its status as a global industrial powerhouse.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Electric Ship Market