The first electric cargo ship was launched by China in 2017 in Guangzhou city. It traveled about 80 km in a single charge. This incorporation of electric ships by governments is boosting the market growth. The maritime industry is an important segment of the transportation sector, as it is responsible for the transportation of 80% of the world's commodities according to, United Nations Conference on Trade and Development. The maritime industry emits 14% of the global Green House Gases (GHGs), making it the fourth-biggest sector in emissions globally responsible for global warming. To reduce the emission and to achieve the low-carbon standards required by global societal needs, the use of electric ships is a boon. Moreover, there has been a rapid increase in the utilization of electric power in ships, for the development of more efficient and environmentally friendlier ships, which further promotes a more flexible ship power system operation and configuration. With the growing international trade and the rising concern towards global warming, electric ships provide a more efficient and greener way for transportation of goods through seaways.
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Global Electric Ship Market Report provides a deep insight into the market 2021, covering all its essential aspects. This generates an in-depth analysis from a social science outline of the worldwide market to the minute little details of the trade performance, recent trends, key market drivers and challenges, Porter’s five forces analysis, SWOT analysis, value chain analysis, contestant analysis, etc. The report provides the user with insights into the manufacturing value, stuff prices, provide chain analysis, etc. The analysis report contains a comprehensive analysis of the market opportunities, import/export details, key makers, market dynamics, and key regions.
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The maritime industry is in the transition stage, utilizing alternative technologies and fuels instead of fossil fuels and aiming to become a zero-emission industry in near future. Moreover, the growing maritime industry in developed and developing countries is supporting the growth of the Electric Ship market thus, promoting the electric ship market expansion. The global electric ship market was estimated at US$ 4.6 Billion in 2020 and is forecasted to reach US$ 9.5 Billion in 2027.
Key Player Mentioned of this Electric Ship Market :
ABB (Switzerland),ECO Marine Power Co Ltd. (UK),Anglo Belgian Corporation NV (Belgium),Bae Systems (UK),Corvus Energy (Canada),Echandia Marine AB (Sweden),EST Floattech (Netherlands),General Dynamics Electric Boat (US),General Electric (US),Kongsberg Gruppen (Norway),Leclanché SA (Switzerland),Man Energy Solutions (Germany),Norwegian Electric Systems (Norway),Siemens (Germany),Wartsila (Finland),and others.
Market Dynamics and Key Factors In Electric Ships Market
Drivers:
The advancements in technology used in electric ships have simplified the propulsion system, including the sophisticated reduction gear used to run the ship thus propelling the expansion of electric ship markets in the period of forecast. Moreover, the incorporation of electric ships has decreased the financial burden of maintenance and repair including life cycle costs due to the fact, electric ship utilizes integrated propulsion motors with power generation motors to support the internal electrical load. Furthermore, electric ships aid in silencing the onboard noise thus reducing the impact caused by the movement of the ship on the marine animals. Additionally, electric ships enhance fuel efficiency during travel owing to the ability to maintain a constant rotational speed that offers good fuel efficiency in the motors used for producing propulsive electric power. All these factors strengthen the growth of the electric ship market during the forecast period.
The revised rules and regulations implemented by International Maritime Organization (IMO) in 2020 have compelled ship operators to use fuels having 0.50% sulfur content. Thus, ship operators are integrating the use of electric or hybrid propulsion systems instead of conventional diesel-driven engines. Such rules and regulations are promoting the diversification of the Electric ship's market.
Restraints:
The cost associated with the installation of an electric propulsion system is very high. Moreover, as the system involved in the electric ship is completely different from the mechanical system, an improvised training program to generate skilled and qualified labor is required. Additionally, this is a time-consuming and costly process, thus negatively impacting the growth of the electric ship market. The distance traveled by electric ships on a single charge is the limiting factor hindering the electric ship's market growth. In addition, the current battery technology doesn't facilitate the energy required for large merchant ships. Electric ships require charging stations to recharge the depleted batteries, as the use of electric ships is limited it will take time for the charging facilities to spread globally. Moreover, the speed offered by the electric propulsion system is low as compared to the conventional diesel engines. In certain instances, the load on the electric propulsion system can cause battery breakdown, thus all these factors are hampering the electric ship market growth during the period of forecast.
Opportunities:
Recently there has been a rise in investments by governments in electric ships, to make them compatible for long-distance transportation and to deploy charging stations at numerous points. Moreover, advancements in technology have improvised the efficiency of hybrid-electric propulsion systems utilized in electric ships. Maritime tourism has observed significant growth in recent years. The increasing popularity of cruises, yachts, personalized boats and small boats is proving a vital opportunity for the market players to develop electric ships according to need. Furthermore, the rapid rise in the integration of electric or hybrid propulsion systems to reduce carbon emission and to preserve the natural flora and fauna of the marine ecosystem is instigating market players to manufacture electric motors.
Challenges:
To increase the capacity of the batteries and to make them lightweight are some of the major challenges faced by the manufacturers of electric ships. Current technologies used in the manufacturing of electric ship does not guarantee zero-emission standard thus, to make them emission-free is a vital challenge as major of commodity transportation takes place through ships.
Electric Ships Market Segmentation:
By Source, Electric Ships Market has been segmented into:
Electric,And Hybrid
By Mode of Operation , Electric Ships Market has been segmented into:
Autonomous,Manned,Remotely Operated
By Battery Type Electric Ships Market has been segmented into:
Lead-Acid,Lithium-Ion,and Nickel-Based Batteries
By System , Electric Ships Market has been segmented into:
Energy Storage,Power Generation,Power Conversion,and Power Distributions
By Vessel Type, Electric Ships Market has been segmented into:
Commercial,Defense,and Cargo
Following regions are highlighted in Electric Ships Market report:
· North America
· Asia Pacific
· Europe
· Middle East & Africa
Regional Analysis of Electric Ships Market:
The European region is forecasted to have the highest share of the electric ship market during the forecast period. The growing demand in this region is attributed to the rising awareness of emissions from the maritime industry. Moreover, the incentives offered by the governments to the manufacturing companies in this region are further boosting the growth of the electric ship market. To make maritime transportation environmentally friendly countries such as Denmark, Norway, and the UK are actively incorporating the use of electric ships for inland passenger and goods transportation.
The North American region is expected to have a significant growth rate owing to the advancements and developments in the technology used for the manufacturing of electric ships. Moreover, the United States has adopted the use of electric propulsion ships in defense, thus enhancing the growth of the electric ship market.
Asia-Pacific region is anticipated to have a high growth rate owing to countries such as China, and Japan which are extensively integrating the use of commercial electric ships for ferries, maritime tourism, and transportation of goods. Japan is having the highest technological advancement as the majority of its activities are dependent on sea routes. Countries such as India, Sri Lanka, and China are increasing the use of electric ships for tourism as well as strengthening the navy.
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Key Industry Developments In Electric Ships Market
In September 2021, ABB launched its innovative technology the Containerized Energy Storage System (ESS) to meet the rapidly rising demand of low and zero-emission from ships. Containerized ESS provides a complete, plug-in solution to install sustainable marine energy storage at scale housed in a 20ft high-cube ISO container and ready to incorporate with the vessel's main power distribution system. It further provides safety during operation and maintenance.
In September 2021, BAE Systems will use its expertise in providing integrated solutions in electric propulsion and power management, alongside its experience in vessel autonomy by working in two separate projects in the city with Cory, waste to the energy management company, and Uber Boat by Thames Clippers, a ferry operator. This collaboration is expected to deliver connected solutions to increase efficiency and to reduce the power demands of vessels, in conjunction with their design
In January 2021, Corvus Energy received the contract to supply the Energy Storage System (ESS), for the first-ever manufactured zero-emission electric "e5 tanker" currently under construction for Asahi Tanker Co., Ltd. of Tokyo, Japan. Kawasaki Heavy Industries has selected Corvus Energy for this project.
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Important Facts About the Global Electric Ships Market Report:
• The report combines the essential historical data and analysis required for a comprehensive research report.
• This research report includes Global Electric Ships market overview, market share, demand and supply ratios, supply chain analysis and import/export details.
• In this report, there are various approaches and procedures approved by key market players that enable efficient business decisions.
• Electric Ships Market report provides information such as production values, strategies adopted by market players and the products/services they offer.s
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