Electric Ship Market Size, Share, Forecast Report, 2020-2027

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The report provides rational insights along with historical and forecast data to aid in better understanding of the Global Electric Ship Market. The report provides a comprehensive analysis of key factors that are expected to drive the growth of the Electric Ship market. This study also provides a detailed overview of the opportunities along with the current trends observed in the target market.

The global electric ship market size was valued at USD 6.45 billion in 2019 and is expected to register a compound annual growth rate (CAGR) of 11.2% from 2020 to 2027. The market is in its introduction stage and has enormous scope for growth in the forecast period. Rising need for reduction of carbon footprints as well as lower fuel wastage has led to the need for an electric operated marine ship. Furthermore, increasing focus of shipbuilders on reducing the noise generated from the marine vessel propulsion systems is supporting the growth of the market. According to the Environmental Protection Agency (EPA), transportation was responsible for more than 29% of greenhouse emissions in U.S in the year 2017. The transportation sector is one of the prominent sources of increasing greenhouse emissions across the globe. These emissions from transportation primarily come from burning fossil fuel in aircraft, trains, ships, and vehicles.

Approximately 90% of the fuel used for transportation is petroleum-based, which primarily includes diesel and gasoline. Besides, several initiatives taken by the government for the reduction of carbon emission, such as subsidies on the purchase of electric operated transportation ships, are expected to boost the growth of the market over the forecast period.



Moreover, installation of engine-generator (Genset, electric generator) with diesel engine optimizes the overall ship efficiency even at high load factor. This arrangement also consumes less fuel as compared to the conventional internal combustion engine (diesel engine) used in a marine ship.



Furthermore, growing competition among various end users, such as trade, transportation, and logistics industry, has compelled the service providers to reduce their operational costs, such as fuel consumption and large crew,in order to increase their profit margin and reach the breakeven. This move by the logistics and transportation service providers to decrease operational cost is expected to support the growth of the market.



Earlier, in conventional propulsion engines, the prime movers of the ship were directly coupled with the shaft, which creates vibration and friction, thereby reducing the efficiency of the electric ship. However, in the electric propulsion engine, the prime movers are not directly connected, which reduces the vibration and increases the effectiveness of the system. Additionally, the space required for the installation of electric propulsion machinery is much lesser and compact as compared to conventional propulsion systems. The space that is occupied by these machines can be used for some other purposes to earn more income.

The report covers major players operating in the market along with the key strategies implemented to achieve a competitive edge against a majority of the vendors which provides a competitive outlook of the industry. The competitive landscape further includes details about different players and their position on a global and a local level is also explained in detail in this compiled study. These insights were prepared through mapping business strategies and products that offer high revenue generation capacities. Key players of the global Electric Ship market are included as given below:

BoeschMotorboote



Bureau Veritas



Canadian Electric Boat Company



Corvus Energy Ltd.



YaraBirkeland



Duffy Electric Boat



General Dynamics( Electric Boat)



Kongsberg Gruppen ASA



Electrovaya Inc.



Triton Submarines



Vard (FINCANTIERI S.p.A.)



Baltic Workboats AS

The global Electric Ship market has been segmented as below:

� Power Source Outlook (Revenue, USD Million, 2016 - 2027)

� Fully Electric

� Hybrid

� Power Output Outlook (Revenue, USD Million, 2016 - 2027)

� <75 kW

� 75-745 kW

� 746-7,560 kW

� >7,560 kW

� Autonomy Level Outlook (Revenue, USD Million, 2016 - 2027)

� Semi-Autonomous

� Fully Autonomous

� Vessel Type Outlook (Revenue, USD Million, 2016 - 2027)

� Commercial Vessel

o Passenger Cruise

o Bulk Carrier & Container Ships

o Tankers

o Others

� Defense Vessel

o Aircraft Carrier

o War Ship

o Submarine

o Others

� Special Vessel

� Regional Outlook (Revenue, USD Million, 2016 - 2027)

� North America

o U.S.

o Canada

� Europe

o U.K.

o Germany

o France

o Nordic Countries

� Asia Pacific

o China

o India

o Japan

o South Korea

� Latin America

o Brazil

o Mexico

� Middle East & Africa

Reasons to Purchase this Report:

Estimates Electric Ship development trends with SWOT analysis

� Detailed business profiles including product offerings, recent developments, key financial information, and strategies employed by main market players

� Analysis of various regions and countries that includes the demand and supply based actions, which consequently have a major influence on the market's expansion

� Market dynamics scenario, along with growth opportunities for players in the years to come

� Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the mentioned forecast period

� Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects