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Electric Ship Market

Electric Ship Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2021-2031

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.

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.

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.

Electric Ship Market

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