Electric Ships Market Expected to Witness a Sustainable Growth over 2026
The electric ships market report encompasses an in-depth analysis of the business space in question. All the growth facilitators responsible for furling the revenue scope of this industry are mentioned in the study in conjunction with the competitive and geographical trends characterizing this business. Some of the very pivotal parameters encompassed in the report fall along the lines of industry segmentation, industry ecosystem analysis, vendor matrix, and industry insights.
Changing regulatory norms towards Sulphur and carbon emissions from the shipping industry is projected to drive the global electric ships market share over 2020-2026. Lately, the world is observing an increasing number of passenger ships and cargo containers owing to the growing prominence of seaborne travel, which is further augmenting overall industry outlook.
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Efforts to deliver advanced and sophisticated electric passenger vessels could enhance the business outlook for commercial electric ships. Estimates claim that the commercial segment could conquer over 95% of market share by 2026.
Passenger ships like ferries consume less amount of energy, require less complex mechanism, and have a limited span of operation. This mitigates multiple technological hurdles for electric ship manufacturing companies.
In order to improve overall business and geographical presence, industry players in the electric ships industry are undertaking multiple growth strategies like acquisitions, mergers, technology acquisitions, and long-term collaborations.
These strategies enable firms to penetrate into untapped markets while allowing them to develop a strong consumer base. Taking March 2020 for instance, marine battery supplier dubbed Leoch announced a 100% acquisition of DBS Leoach, enabling it to cater to industrial and leisure segments in the marine sector.
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Europe is a lucrative avenue for electric ships market as it is filled with rich presence of numerous multinational organizations as well as local, home-bred electric ship manufacturers. According to reports, the Europe market is likely to record a compound annual growth rate of 10% by 2026.
Factors like availability of developed infrastructure to facilitate the production of electric ship and evolving perception towards electric ships will massively improve product penetration in Europe.
Companies like Wartsila, Kongsberg Gruppen ABB, Corvus Energy, Norwegian Electric Systems AS, MAN Energy Solutions SE, General Dynamics Electric Boat, Siemens, and Vard are leading the global market.
Major Key Points from Table of Content:
Chapter 5. Electric Ships Market, By Power Source
5.1. Key trends, by power source
5.2. Electric
5.2.1. Market estimates and forecast, 2017 - 2026
5.3. Hybrid
5.3.1. Market estimates and forecast, 2017 - 2026
Chapter 6. Electric Ships Market, By System
6.1. Key trends, by system
6.2. Energy storage
6.2.1. Market estimates and forecast, 2017 - 2026
6.3. Power conversion
6.3.1. Market estimates and forecast, 2017 - 2026
6.4. Power generation
6.4.1. Market estimates and forecast, 2017 - 2026
6.5. Power distribution
6.5.1. Market estimates and forecast, 2017 - 2026
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