Electric Ships Market Highlights Sustainability Practices and Breakthrough Technology

Comments · 113 Views

The Europe Electric Ships Market is expected to reach USD 9,307.6 Million by 2030 with a CAGR of 11.05% during the forecast period, 2019 to 2030.

Electric Ships Market

The Europe Electric Ships Market is expected to reach USD 9,307.6 Million by 2030 with a CAGR of 11.05% during the forecast period, 2019 to 2030. There has been significant development of hybrid cruise ships in the last few years to reduce acoustic pollution, emission, and vibrations. In February 2018, Hurtigruten, a Norwegian expedition cruise company, unveiled the world's first hybrid cruise ship. It reduces fuel consumption and CO2 emissions on the ships by 20% by sailing with electrical propulsion.


Competitive Analysis

The Key Players in the Europe Electric Ships Market are BAE Systems plc (UK), Kongsberg Maritime (Norway), Wartsila (Finland), Siemens (Germany), ABB (Switzerland), General Electric (US), Leclanché (Switzerland), AKASOL AG (Germany), Norwegian Electric Systems (Norway), and Volvo Penta (Sweden) Canadian Electric Boat Company Market

Key Developments

  • In January 2020, Norwegian Electric Systems signed a contract with Fjord1 ASA, a global transport company to provide battery systems, and electrical and automation packages for the latter’s three ferries.
  • In December 2019, Volvo Penta provided its marine engines to GS Marine Production AS for its three hybrid ferries. This contract enabled the company to strengthen its customer base.
  • In December 2017, Wartsila signed a Memorandum of Understanding (MOU) with Mitsubishi Heavy Industries Marine Machinery Equipment Co., Ltd to develop advanced power and propulsion systems for ships.

Regional Analysis

The country-wise analysis of the Europe electric ships market covers the UK, Germany, France, Russia, Italy, Norway, Turkey, Sweden, Greece, and the rest of Europe.

Germany led the market with a valuation of USD 354.5 million in 2018, and the market is expected to reach USD 1,460.4 Million by 2030 at a CAGR of 12.52% during the forecast period. Market growth in the country is driven by increasing investments by companies such as Siemens, Kongsberg Maritime, and AKASOL AG.

The UK was the second-largest market with a valuation of USD 301.5 million in 2018. The market in the country is projected to exceed USD 1,116 million by 2030 at 11.52% CAGR.  This can be attributed to the presence of major manufacturers such as BAE Systems plc and Rolls-Royce PLC in the country.


Segmental Analysis

The Europe Electric Ships Market has been segmented based on Type, System, Range, Operation, Ship Type, Power, and End-Use.

Based on type, the electric ship's market has been segmented into fully electric and hybrid. The hybrid segment dominated the market with a valuation of USD 1,421.9 million in 2018 and is expected to reach USD 3,966 million by 2030. Ships with hybrid-electric propulsion systems produce less pollution as compared to conventional marine propulsion systems that involve the burning of heavy oil. In this system, the propeller shaft of the ship is connected to large propulsion motor, which can be driven by DC/AC power. The power for the propulsion motor is supplied by a diesel/natural gas generator and prime mover assembly.

Based on ship type, the Europe electric ship market has been classified as commercial and defense. The commercial segment is expected to exhibit a higher CAGR of 11.36% during the forecast period. Factors such as an increase in seaborne trade, rising maritime tourism industry, and implementation of the IMO Sulphur 2020 Regulation, the demand for electric ships for commercial applications is expected to increase during the forecast period. Additionally, the growing development of hydrogen fuel cell power systems for cruise vessels is also likely to drive the growth of the segment.

By end-use, the Europe electric ship market has been divided into newbuild line fit and retrofit. The newbuild line-fit segment is expected to register a higher CAGR of 12.05% during the forecast period. The newly build line fit of electric or hybrid ships includes the design of ships according to its application and integration of electric or hybrid propulsion systems. The demand for newly-built electric or hybrid ships has been increasing in the last few years, but the initial cost of such vessels is very high.

Global Europe Electric Ships Market Research Report: Information by Type (Fully Electric and Hybrid), System (Energy Storage Systems, Power Generation, Power Conversion and Power Distribution Systems), Ship Type (Commercial and Defense), Power (75 kW, 75–150 kW, 151–745 kW and 746–7,560 kW), Range (50 km, 50–100 km, 101–1,000 km and 1,000 km), Operation (Manned, Remotely Operated and Autonomous), End-Use (Newbuild Line Fit and Retrofit) - Forecast to 2030 @ https://www.marketresearchfuture.com/reports/europe-electric-ships-market-9516

Related Link:

  • Flight Tracking System Market Research Report: Information by Type [ADS-B (Terrestrial and Space-Based), ACARS, and FANS], Aircraft Type (Fixed-Wing and Rotary-Wing), End User (Commercial and Military), and Region (North America, Europe, Asia-Pacific, Middle East Africa, and Latin America)—Forecast till 2027
  • Military Navigation Market Research Report: Information by Component (Hardware and Service), Application (Command, Control, Intelligence, Surveillance, Reconnaissance (ISR), Combat Security, Targeting Guidance and Search Rescue (SAR)), Platform (Aviation, Marine, Ground and Space), Grade (Navigation Grade, Tactical Grade, Space Grade and Marine Grade) and Region (North America, Europe, Asia-Pacific and Rest of the World) Forecast till 2030
  • Aircraft Cockpit Display System Market Research Report: Information by Display Type (Primary Flight, Multifunction, Engine-Indicating Crew-Alerting System), Platform (Commercial Military), Display Size (Less Than 5 Inches, 5 Inches to 10 Inches and Greater Than 10 Inches) and Region (North America, Europe, Asia-Pacific, Middle East Africa and Latin America) - Forecast till 2027


About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.


Market Research Future®

99 Hudson Street,5Th Floor

New York, New York 10013

United States of America


+1 628 258 0071(US)

+44 2035 002 764(UK)

Email: sales@marketresearchfuture.com

Website: https://www.marketresearchfuture.com