Electric Ships Market Share Will Hit USD 23.8 Billion by 2032 | Growth With Recent Trends & Demand

Electric ships are water-based vessels that utilize electric motors, eliminating the need for conventional combustion engines and resulting in zero emissions.

WILMINGTON, NEW CASTLE, DELAWARE, UNITED STATES, August 22, 2024 /EINPresswire.com/ -- 𝐓𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐞𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐬𝐡𝐢𝐩𝐬 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐢𝐳𝐞 𝐰𝐚𝐬 𝐯𝐚𝐥𝐮𝐞𝐝 𝐚𝐭 $𝟒.𝟔 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟐, 𝐚𝐧𝐝 𝐢𝐬 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐫𝐞𝐚𝐜𝐡 $𝟐𝟑.𝟖 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟑𝟐, 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐚𝐭 𝐚 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟏𝟖% 𝐟𝐫𝐨𝐦 𝟐𝟎𝟐𝟑 𝐭𝐨 𝟐𝟎𝟑𝟐. 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.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/A09173

Retrofitting refers to the process of upgrading existing ships with new technologies or systems to improve their performance, efficiency, or compliance with environmental regulations. Retrofitting allows ship owners to gradually adopt electric propulsion technology without the need for a complete fleet replacement. Retrofitting a hybrid system provides a more cost-effective approach to transition towards electric ships. This lower barrier to entry makes electric propulsion more accessible and attractive to ship owners.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

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

There is a rise in the adoption of advanced electric ferry technology to meet the growing demand for efficient and environmentally friendly marine transport. Moreover, Dubai authorities plan to explore innovative and eco-friendly transportation options to enhance the city's infrastructure and sustainability efforts. For instance, in October 2022, Artemis Technologies, a UK-based company reportedly engaged in discussions with Dubai authorities to introduce high-speed electric ferries in the region. The company aims to leverage its expertise in electric propulsion systems and fast-charging technology to deliver efficient and sustainable transportation solutions. The proposed electric ferries would offer high-speed capabilities, potentially revolutionizing marine transport in Dubai. The use of electric propulsion systems would ensure zero-emission operations, reducing environmental impact and improving air quality in the region. Such developments are expected to drive the growth of the market in the region.

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.

𝐁𝐮𝐲 𝐍𝐨𝐰 𝐭𝐡𝐞 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/efa32469054774bda47470382effa159

For instance, the adoption of the revised GHG Strategy during the 80th session of the IMO's Marine Environment Protection Committee (MEPC 80) in July 2023, marks a significant step towards curbing greenhouse gas (GHG) emissions from international shipping. The new targets aim to progressively reduce GHG emissions from international shipping. By 2030, the target is to achieve a 20% reduction in emissions compared to 2008 levels. This reduction will be further increased to 70% by 2040. Such ambitious targets encourage the shipping industry to adopt cleaner and more sustainable alternatives to traditional fossil fuel-powered ships which is expected to drive the growth of fully electric ships.

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.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

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.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A09173

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.

On the basis of propulsion type, the global electric ships market is segmented into fully electric and hybrid. Fully electric ships are ships that completely rely on electric power for propulsion and onboard systems, eliminating the requirement for conventional fossil fuel engines. These ships utilize energy from different sources, such as batteries or fuel cells, to drive the ship forward and fulfill all electrical needs during its operation.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A09173

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