The market growth is attributed to the growing focus towards limiting the sulphur emission generated by the heavy powertrain system in ships vehicles due to use of fuel oils for powering the ship. The shipowners are focusing towards automation and integration of newbuild ships and retrofit the existing ships with hybrid and electric propulsion, which in turn accelerating the demand for for electric propulsion and battery storage systems. The standard government regulation for eliminating the sulphar emission by adopting mendatory measures has augumented the adoption of electric ships in shipping sectors. For inatnce, IMO 2020 rule limits the sulphur in the fuel oil used on board ships operating outside designated emission control areas to 0.50% m/m (mass by mass) a significant reduction from the previous limit of 3.5%. Furthermore, electric ships offer tremendiouse advantages such as low-costoperation, easy-to-maintain, high cargo capacity due to small powertrain system makes them best replacement for traditional fuel-based ships.
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On the basis of type, hybrid segment is likely to hold the prominent market share in the global electric ships market. Hybrid electric ships can reduce CO2 emissions by 15% and fuel consumption by approximately 20%. Environment sustainability and reduced risk of operational failure will lead the growth of this segment in the market. Moreover, market players are focusing on developing hybrid electric ships and energy storage devices along with integrated electric power sources. For instance, in November 2019, Corvus Energy entered into an agreement with Norwegian Electric Systems (NES) to deliver for the largest marine battery package for installation of hybrid powered vessel. The system is adopted by using hydrogen fuel cells.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Electric Ships Market Report by Segment
By Type
- Fully Electric
- Hybrid
By Mode of Operation
- Manned
- Autonomous
By Vessel Type
- Commercial
- Defense
By Range
- < 50 KM
- 50 – 100 KM
- 101 – 1000 KM
- >1000 KM
By End Use
- Linefit
- Retrofit
Global Electric Ships Market Report by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global electric ships market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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