September 03, 2020
According to the research report titled ‘Electric Ships Market Size By Power Source, By System, By Operation, By Platform, By End-Use Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020-2026’, available with Market Study Report LLC, global electric ships market is expected to showcase commendable growth during 2020-2026.
Advancements in technology pertaining to energy storage solutions along with strict regulations pertaining to environmental conservation are major factors driving the growth of worldwide electric ships market. Electric ships consume less fuel which in turn lowers the need of using fossil fuel, thereby stimulating the industry outlook.
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Electrical propulsion machinery system also requires relatively less and compact space as compared to conventional propulsion systems. This allows to create additional loading capacity on the vessel, which in turn is further aiding the market expansion. Furthermore, reduced life cycle costs of ship owing to low fuel consumption and maintenance costs is facilitating the business scenario.
In terms of power source, the report states that electric segment is expected to register substantial growth by the year 2026. Technological advancements in batteries as well as in other energy storage devices are contributing towards the popularity of the electric power source across the globe.
Moving on to system type, the energy conversion segment is anticipated to witness high CAGR through 2026, owing to growing demand for energy efficient conversion systems. Development of improved solar panels and hydrogen cells is also favoring the market outlook.
In terms of operation type, the manned segment is poised to garner appreciable returns in the ensuing years. Increasing incorporation of advanced technologies in human operated electric ships are fueling the segmental share.
Considering the geographical landscape, Latin America electric ships market is expected to witness considerable growth during the forecast period, primarily driven by rapid urbanization.
Meanwhile, electric ships market in Middle East & Africa is likely to experience significant growth in the subsequent years. Increasing investments by public entities towards acquiring naval vessels are favoring the market scenario in MEA.
Wärtsilä Oyj Abp, Visedo Oy, Vard Group AS, Siemens AG, SCHOTTEL GmbH & Co. KG, Saft Groupe S.A., Norwegian Electric Systems AS, MAN Energy Solutions SE, Leclanché SA, Kongsberg Gruppen, General Dynamics Electric Boat, EST Floattech BV, ECO Marine Power Co Ltd., Echandia Marine AB, Corvus Energy Ltd., BAE Systems plc, Anglo Belgian Corporation (ABC) NV, Akasol AG, ABB Ltd. are the major companies in global electric ship market.