As per the recent research conducted at Market Research Future (MRFR), the global electric ship market is anticipated to procure the market value of USD 15.7 billion, thriving at a CAGR of 10.8% during the forecast period from 2019 to 2030.
The invention of electric ships has proven to be extremely propitious owing to its environment-friendly nature, which is estimated to be one of the most crucial factors driving the global electric ships market 2020. Further, to make the electric drive system more efficient, there has been an uninterrupted development in rechargeable batteries. In addition, prospering maritime industry, flexibility in installation, higher redundancy, improved maneuverability, high performance in harsh ice conditions, lesser maintenance required, and reduced space requirements are some of the other vital factors propelling the global electric ships market.
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Conversely, the exorbitant costs associated with installation, limited range, and capacity of fully electric ships are projected to hold back the market from growing. However, increased payload capacity reduced vibration, and noise, along with the above stated driving constituents, is predicted to combat the impeding factors.
The segment analysis of the global electric ship market is done by technology and component.
The component based segments of the global electric ships market are Fully electric and hybrid. The hybrid segment is estimated to record higher growth during the review period.
The technology based segments of the global electric ships market are commercial and defense. The commercial segment is projected to record a higher CAGR during the review period. The commercial segment comprises of tankers, container vessels, bulk carriers, and general cargo ships; yachts, passenger vessels such as cruise ships, and ferries; and other vessels like fishing vessels, dredgers, tugs and workboats, research vessels, and submarines. The defense segment comprises of frigates, destroyers, corvettes, aircraft carriers, offshore support vessels, and submarines.
Based on geography, the global market is segmented into North America, Asia-Pacific, North America, Middle East & Africa, and Latin America.
As per the analysis, the global market is likely to be dominated by Europe during the review period. The regional market is propelling owing to the massive investments made by the renowned players.
As per the study, North America is likely to grow significantly during the forecast period owing to the increased adoption of electric propulsion naval vessels by the US Navy for tactical missions. Further, the presence of key players in the region is likely to fuel the market further.
The APAC region is likely to show an exponential growth during the forecast period, thriving at the maximum CAGR. The participation of developing countries such as India and China and their increased expenditure on defense is estimated to be the most significant factor steering the regional market. Further, the increased demand for the latest and developed naval vessels in further intensifying the market growth.
The MEA region is estimated to exhibit moderate growth owing to increased defense expenditure in Saudi Arabia, Israel, and the UAE.
Latin America is projected to display a decent growth on account of increased naval expenditure in countries such as Brazil.
The most eminent players of the global electric ships market are AKASOL AG (Germany), Wärtsilä (Finland), Anglo Belgian Corporation NV (Belgium), VARD (Norway), BAE Systems (UK), Siemens (Germany), BAE Systems (UK), Schottel (Germany), Corvus Energy (Canada), Norwegian Electric Systems (Norway), ECO Marine Power (Japan), KONGSBERG (Norway), General Dynamics Electric Boat (US), EST-Floattech (Netherlands), Echandia Marine AB (Sweden), and a few more.
Table of Contents
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.2 RESEARCH OBJECTIVE
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1 PORTER’S FIVE FORCES ANALYSIS
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
5 Global Drones Market, BY PLATFORM
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