Dublin, Feb. 14, 2020 (GLOBE NEWSWIRE) -- The "Electric Ships Market by Power Source, Autonomy, Ship Type, and Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global electric ships market size is projected to grow from USD 5.2 billion in 2019 to USD 15.6 billion by 2030, at a CAGR of 13.2% from 2025 to 2030.
Two forecast periods, i.e., 2019 to 2025 and 2025 to 2030, are considered in this market report, as the adoption of electric propulsion systems is projected to grow at a higher rate post-2025.
Broad adoption of fully electric passenger vessels and inland cargo ships, among others, are expected to fuel the growth of the electric ships market across the globe.
Increase in seaborne trade across the globe, development of lithium-ion batteries, and hybrid and electric propulsion technology catering to the retrofit market, among others, are some of the factors that are expected to fuel the growth of the market.
The newbuild & line-fit segment is estimated to grow at a higher CAGR during the forecast period.
Based on end-use, the newbuild & line-fit segment is estimated to grow at a higher CAGR during the forecast period as compared to the retrofit segment. The growth of the newbuild & line-fit segment can be attributed to the increased demand for fully electric ships by countries in North America and Europe.
Fully electric ferries are becoming increasingly important in North America and Europe as these ferries reduce emissions and help port authorities save on operational costs. Passenger ferries travel short distances and are suitable for being operated as fully electric as they are closer to ports and can be charged easily.
The hybrid segment is estimated to lead the electric ships market in 2019.
Based on type, the hybrid segment is estimated to account for a majority of the global electric ships market share in 2019 as compared to the fully electric ships. There is a large retrofit potential of ships such as ferries, cruise ships, tugs, container vessels, general cargo ships, and tankers, among others.
Shipowners choose to retrofit vessels with a hybrid-electric propulsion system or a fully electric propulsion system as it is relatively cheaper than purchasing a new ship. Additionally, ships can resume operations faster, as opposed to ordering a new vessel, which could take a few years to be delivered.
The remotely operated segment is expected to grow at the highest CAGR during the forecast period.
Based on the mode of operation, the remotely operated segment is projected to grow at the highest CAGR during the forecast period. Advancements in technology have enabled the shipping industry to explore technologies such as autonomous shipping and remotely operated shipping. Developments in the field are already underway, with ABB testing a remotely piloted passenger vessel near the Helsinki harbor, Finland, in December 2018.
Europe is estimated to account for the largest share of the electric ships market in 2019.
Europe is expected to lead the electric ships industry in 2019. The market in the region is highly competitive, owing to the presence of a large number of original component manufacturers (OCMs) and original equipment manufacturers (OEMs) such as Norwegian Electric Systems AS (Norway), Vard (Norway), among others.
The high adoption rate of electric ferries, yachts, tugs, and cruise ships in this region, and the high commitment from companies such as Norway, Denmark, and Germany, among others to reduce emissions are major factors contributing to the growth of the electric ships market in Europe during the forecast period.
Report Scope and Competitive Landscape
This market study covers the electric ships market across various segments and subsegments. It aims at estimating the market size and growth potential of this market across different segments based on type, ship type, end-use, mode of operation, system, range, power, and region.
This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
Major players operating in the electric ships market are Norwegian Electric Systems AS (Norway), Corvus Energy (Norway), General Dynamics Electric Boat (US), MAN Energy Solutions SE (Germany), Vard (Norway), Siemens (Germany), and Leclanch SA (Switzerland), among others.
Market Dynamics
Drivers
- Implementation of Sulfur 2020 Rule
- Hybrid and Electric Propulsion Technology Catering to the Retrofit Market
- Increase in Seaborne Trade Across the Globe
- Growing Maritime Tourism Industry
- Development of Lithium-Ion Batteries
Restraints
- Long Downtime During Retrofitting Ships Causes High Cost and Loss Revenue
- Limited Range and Capacity of Fully-Electric Ships
Challenges
- Inadequate Charging Infrastructure
- High Initial Capital Expenditure Cost
Opportunities
- Potential for Marine Battery Manufacturers to Manufacture High Powered Batteries
- Potential for Battery Charging Via Renewable Sources of Energy for Onboard Ship
- Hybrid Propulsion Technology for Large Ships
Companies Profiled
- ABB
- Wartsila
- Kongsberg Gruppen
- General Electric (GE)
- Vard (Fincantieri)
- Siemens
- Leclanch S.A.
- Bae Systems
- Norwegian Electric Systems as (Havyard Group ASA)
- Man Energy Solutions SE (Traton Group)
- Corvus Energy
- Echandia Marine AB
- General Dynamics Electric Boat
- Anglo Belgian Corporation (ABC) N.V.
- Schottel GmbH
- Visedo (Danfoss)
- ECO Marine Power Co. Ltd.
- Akasol AG
- EST Floattech
- Saft (Total)
For more information about this report visit https://www.researchandmarkets.com/r/g2nd24
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.