Electric Ships Market Report by Technology, Industry Share and Size Expansion to 2027 | Fortune Business Insights™
The global ''electric ships market'' is set to gainimpetus from the rising collaborative efforts between numerous prominentmanufacturers. Seven Japanese companies, for instance, created a consortiumcalled e5. It would help in commercializing and developing all-electriczero-emission vessels in the next two years. This information is given byFortune Business Insights™ in a new report, titled, “Electric Ships MarketSize, Share & COVID-19 Impact Analysis, By Power Source (Fully Electric,Hybrid), By Power Output (Less than 75 kW, 75-745 kW, 746-7560 kW, More than7560 kW), By Vessel Type (Commercial Vessel, Defense Vessel), By Level ofAutonomy (Semi-Autonomous, Fully Autonomous) and Regional Forecast, 2020-2027.”The report further mentions that the electric ships market size was USD 5.50billion in 2019 and is projected to reach USD 10.82 billion by 2027, exhibitinga CAGR of 11.2% during the forecast period.
COVID-19: Disturbances in Supply of RawMaterials for Batteries to Obstruct Growth
The COVID-19 pandemic has compelledoriginal equipment manufacturers (OEMs) and investors to delay their fundingsfor unique programs, such as autonomous vessel operations. Also, disturbance inthe supply of materials for battery systems is a major concern for severalmanufacturers. Most of the raw materials, such as cobalt, nickel, and lithiumare imported from Japan and China. But, these countries are under completelockdown amid the pandemic. We will help you better understand the currentsituation to look out for important investment areas.
List of the Leading Companies Profiledin the Global Electric Ships Market are:
- Kongsberg (Norway)
- Leclanche (Switzerland)
- Corvus Energy (Canada)
- Echandia Marine AB (Sweden)
- Siemens (Germany)
- Vard (part of Fincantieri SpA) (Norway)
- Norwegian Electric Systems (Norway)
- General Dynamics Electric Boat (U.S.)
- MAN Energy Solutions SE (Germany)
- Wartsila (Finland)
- Schottel Group (Germany)
- Anglo Belgian Corporation NV (Belgium)
- Eco Marine Power (Japan)
- Akasol AG (Germany)
How Did Our Analysts Develop ThisReport?
Our highly skilled analysts haveconducted thorough secondary research to gather data on the market. Varioussources, such as Global Firepower, United Nations Conference on Trade andDevelopment (UNCTAD), SEC filings, International Maritime Organization (IMO),investor presentations, BusinessWeek, and certified publications were referredto for collecting and identifying information about the demand for electricships in the market globally.
Drivers & Restraints
Implementation of Various Regulationsto Surge Demand
The International Maritime Organizationdeployed the global Sulphur cap in January 2020. Under this rule, ships wouldrequire low Sulphur fuels to operate outside the emission control areas (ECAs).As compared to the previous limit of 3.5% or less, ships should use fuels withSulphur content of 0.5% or less this year. Also, the uncertainties regardingthe availability of compliant fuels would also accelerate the electric shipsmarket growth in the coming years. However, the adoption of electric vehiclesmay decline because of the current battery technology that requires a largeamount of energy.
Segment
Hybrid Segment to Grow Rapidly Stoked byAbility to Reduce Fuel Consumption
Based on a power source, the hybridsegment earned 81.25% in terms of the electric ships market share and dominatedin 2019. Hybrid technology is capable of reducing fuel consumption byapproximately 20%. It also lowers around 15% of carbon dioxide emissions fromships. Additionally, environmental sustainability and reduced risk of failurewould drive the demand for hybrid electric ships.
Regional Analysis
Increasing Government Initiatives toSpur Growth in Europe
Geographically, in 2019, Europegenerated USD 1.93 billion in terms of revenue. It is expected to remain at theforefront backed by the rising government initiatives to encourage the adoptionof electric ships. Also, the increasing awareness programs about the harmfuleffects of maritime emissions, especially in Hamburg and Rotterdam would boostgrowth.
Asia Pacific, on the other hand, isexpected to grow significantly because of the ongoing regulatory developmentsin China and Japan, such as the global Sulphur cap to enhance electrificationin large-sized vessels. In North America, the rising usage of all-electricvessels, such as USS Zumwalt by the U.S. Navy is set to augment growth.
Competitive Landscape
Key Players Focus on Winning NewContracts from Renowned Firms to Compete in Market
The market for electric ships houses alarge number of reputed companies that are focusing on bagging new orders andsigning contracts with government bodies and other firms to either delivertheir in-house products or co-develop novel electric ships.
Below are the two latest industrydevelopments:
- November 2020: Hyundai Motors partnered up with Vinssen, a start-up based in Korea to develop a new vessel powered by hydrogen fuel cells by December 2021. Vinssen will supply 95kW hydrogen fuel cells. If the eco-friendly ship reaches the expected level in terms of performance, it will be produced on a large scale.
- September 2020: Holland Ship Electric selected Corvus Energy to deliver lithium-ion battery-based energy storage systems (ESS). They are meant for five new all-electric ferries developed by Holland Shipyards Group for GVB, the municipal public transport operator for Amsterdam.
Browse Detailed Summary of ResearchReport with TOC:
https://www.fortunebusinessinsights.com/electric-ships-market-104444
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Electric Ships Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Power Source
- Fully Electric
- Hybrid
- Market Analysis, Insights and Forecast – By Power Output
- Less than 75 kW
- 75-745 kW
- 745-7560 kW
- More than 7560 kW
- Market Analysis, Insights and Forecast – By Vessel Type
- Commercial Vessel
- Defense Vessel
- Market Analysis, Insights and Forecast – By Level of Autonomy
- Semi-Autonomous
- Fully Autonomous
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
TOC Continued…!
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