Electric Ship Market Surges: Projected Worth of $14.2 Billion by 2030

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The Global Electric Ship Market is anticipated to witness significant growth, reaching a valuation of USD 14.2 Billion by 2030, with a remarkable Compound Annual Growth Rate (CAGR) of 20.0% from 2022 to 2030. The surge in market expansion is primarily driven by the escalating demand for both hybrid and fully electric vessels.

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Key Findings:

  1. Power Segment Dominance:The 75-150 kW segment is expected to dominate the market share in the power segment during the forecast period. This can be attributed to the electrification of medium-size passenger ferries, aligning with the growing need for reduced or zero-emission transport systems worldwide.
  2. Energy Storage System Leadership:The Energy Storage System segment is projected to dominate the Electric Ship market during the forecast period. The use of energy storage systems in various ship types, including ferries, yachts, cruise ships, container ships, and cargo ships, has gained prominence, especially with the prevalent use of lithium-ion batteries in fully electric zero-emission ferries.
  3. Manned Segment Dominance:In terms of mode of operation, the manned segment is expected to lead the market during the forecast period. Traditional crewed vessels with human operators making decisions onshore and offshore are anticipated to dominate the electric ships market. This is driven by the retrofitting of diesel-driven ships with electric and hybrid propulsion systems.
  4. Geographical Insights:Europe is projected to account for the largest market share in 2022 and is expected to witness the highest CAGR during the forecast period. The market in Europe is set to benefit from increasing trade activities, the electrification of marine vessels, and heightened geopolitical tensions globally, leading major economies to enhance military capabilities.
  5. Key Market Players:Major players operating in the Electric Ship market include ABB (Switzerland), Leclanché S.A. (Switzerland), Siemens AG (Germany), Wartsila (Finland), and Kongsberg Gruppen (Norway).

The industry has been thoroughly analyzed across regions, including North America, Europe, Asia Pacific, and the Rest of the World. Europe's dominance is attributed to factors such as increasing trade activities, electrification of marine vessels, and geopolitical tensions, which prompt major economies to invest in defense vessels' modernization.

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