Market Research Future (MRFR) anticipates that the Europe electric ships market 2020 can register a decent CAGR of 11.05% over the evaluation period (2018 to 2030). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Key Boosters and Challenges
The need to reduce carbon footprints as well as fuel wastage has surged considerably over the years, thereby giving rise to the demand for electric ships in Europe. Shipbuilders in the region are increasingly focusing on bring down the noise level that is generally generated from marine vessels, which also favors the market. The carbon emissions generated during transportation mainly arise from the burning fossil fuel, which is commonly petroleum-based, such as gasoline and diesel. To address these challenges, the government is taking up several initiatives to bring down the carbon emission level, including subsidies offered while purchasing electric ships and more.
Furthermore, intensifying competition between end users, such as transportation, logistics and trade industries is encouraging service providers to cut their operational costs, including large crew and fuel consumption to boost their profit margin and attain a breakeven. This move adopted by the end-users is bound to enhance the European electric ships market size in the near future. Besides, the rising popularity of electric leisure and recreational vessels in water adventures, fishing activities and marine tourism has been extremely favorable for the regional market.
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Many of the prominent firms in the region are adopting strategies like acquisitions, mergers and are collaborating with other electric ship vendors to attain a bigger share in the market. An increasing number of market vendors are tying up with key manufacturers to focus on advancements in automation technology to gain a higher impetus. For instance, in September 2020, ABB was hired to install a vast range of digital, connected and electric solutions in China’s first ever hybrid emergency rescue vessel called Shenhai 01. The electric ship features energy storage system, automation and control solutions and Azipod electric propulsion that help optimize the operational efficiency.
Europe Electric Ships industry has been considered for type, system, ship type, power, range, operation and end-use.
The type-wise segments covered in the report are fully electric as well as hybrid.
The key systems studied in the report include power generation, energy storage systems, power distribution systems and power conversion.
The market, depending on ship type, caters to commercial and defense. Out of these, the commercial segment took the lead in 2018, accounting for a share of 64.29% and touching USD 1,702 million.
The power-based categories mentioned in the market study are <75 kW, 75–150 kW, 151–745 kW, and 746–7,560 kW.
The ranges covered in the study are <50 km, 50–100 km, 101–1,000 km, and >1,000 km.
Remotely operated, autonomous and manned are the key operation types outlined in the report.
Retrofit and newbuild & line fit are the significant end-users analyzed in the MRFR study.
The Europe electric ships market is primarily spread across a few countries, namely Turkey, France, the UK, Norway, Russia, Italy, Germany, Greece, Sweden, and the rest of Europe.
The electric ships market has performing tremendously in Norway and can record a growth rate of 10.75% in the upcoming years. The country has been replacing traditional passenger ferries with fully electric passenger ferries in recent years, which has bolstered the market growth. Increased advancements in autonomous electric ships that make use of fuel cells as well as and remotely controlled electric vessels also benefit the Norwegian market. The surging number of government-backed initiatives for the development of eco-friendly maritime solutions can also offer exciting opportunities to the key firms in the electric ships market.
In other countries like Germany, Greece and more, digitalization has become a major part of the shipping industry, as it has led to a stronger demand for automation systems. The soaring demand for autonomous ships has emerged as a significant trend in the European market. The fact that many of the tanker companies in the region are boosting their spending capacity to adopt digitalization also favors the market.
Some of the highly eminent firms in the European market are Norwegian Electric Systems (Norway), ABB (Switzerland), Leclanché (Switzerland), Kongsberg Maritime (Norway), AKASOL AG (Germany), Siemens (Germany), Volvo Penta (Sweden), BAE Systems plc (UK), General Electric (US), Wärtsilä (Finland), to name a few.