June 04, 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 grow considerably during 2020-2026.
Strict regulatory scenario pertaining to environmental conservation along with advancements in energy storage systems are major factors driving the electric ships market growth. Electric powered vessels are eco-friendly since they reduce fuel consumption, which further helps in minimizing emission levels. Moreover, electric propulsion systems are of compact size and require less space as compared to conventional propulsion systems. Longer life cycle with lower maintenance costs are boosting the adoption of electric ships.
Various technologies incorporated in electric ships include fully electric drive, hybrid drive and diesel-electric drive. Fully electric drive does not contain an internal combustion engine since most of the energy is produced through batteries. On the other hand, hybrid drive comprise of an internal combustion engine as well as batteries. Diesel-electric drive uses diesel generators for producing electricity.
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As per the power source, electric segment is projected to expand significantly during the analysis timeframe, primarily due to technological advancements in batteries and other energy storage systems.
Speaking of the system type, energy conversion segment is expected to register considerable growth during the study period. This system not only incurs low operational cost but also provides better efficiency. Meanwhile, development of hydrogen cells as well as solar panels will create lucrative growth opportunities for power generation segment.
In terms of operation spectrum, manned electric ships market segment is predicted to witness substantial growth in the forthcoming years, owing to ready integration of technologies which support manned operations.
Considering the geographical landscape, Latin America electric ships industry is reckoned to accumulate notable revenues by the year 2026, primarily due to swift urbanization in the region.
Parallelly, Middle East & Africa market is slated to record momentous growth during the forecast period. Huge federal expenditure toward acquiring defense naval vessels is promoting the business scenario in MEA.
The major contenders in global electric ships market are Wartsila, Visedo, Vard, Siemens, Schottel GmbH, Saft, Norwegian Electric Systems AS, MAN Energy Solutions SE, Leclanche SA, Kongsberg Gruppen, General Dynamics Electric Boat, EST Floattech, ECO Marine Power Co. Ltd., Echandia Marine AB, Corvus Energy, BAE Systems, Anglo Belgian Corp. (ABC) N.V., Akasol AG and ABB among others.