The global electric ships market size is expected to grow to USD 6.45 billion in 2019 with an average annual growth rate (CAGR) of 11% from 2021 to 2027. The market is in the introductory stage and the breadth of growth is wide. Forecast period. The increasing demand for reduced carbon footprint and reduced fuel waste has led to the need for electric powered ships. In addition, shipbuilders’ interest in reducing the noise generated by ship propulsion systems is increasing, supporting the market growth. Transportation accounted for more than 29% of greenhouse gas emissions in the United States in 2017, according to the Environmental Protection Agency (EPA). The transportation sector is one of the leading drivers of increasing greenhouse gas emissions worldwide. These emissions from transportation are primarily from burning fossil fuels in aircraft, trains, ships and vehicles.
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Electric Ships Market Segmentation
By Product Type
• Hybrid
• Pure Electric
By Battery Type
• Lead-acid
• Lithium-ion
• Nickel-based Batteries
By Carriage Type
• Passenger
• Cargo
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