Electric Ships Market Worth $23.8 Billion by 2032

Electric Ships Market

By mode of operation, the autonomous segment is anticipated to exhibit significant growth in the near future.

PORTLAND, OR, US, February 7, 2024 /EINPresswire.com/ — Allied Market Research published a report, titled, “Electric Ship Market by Propulsion Type (Fully Electric, and Hybrid), Mode of Operation (Autonomous, and Non-autonomous), and System (Energy Storage, Power Conversion, Power Generation, and Power Distribution: Global Opportunity Analysis and Industry Forecast, 2023–2032″. According to the report, the global electric ship industry generated $4.6 billion in 2022 and is anticipated to generate $23.8 billion by 2032, witnessing a CAGR of 18.0% from 2023 to 2032.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/A09173

Electric ships are water-based vessels that utilize electric motors, eliminating the need for conventional combustion engines and resulting in zero emissions. This makes them a highly sustainable option for urban transportation. In addition to their eco-friendly nature, electric ferries provide several distinct advantages over conventional ferries, which includes cost-effectiveness, reduced noise and vibration, enhanced efficiency, improved passenger experience, and lower maintenance requirements. Electric ferries provide cost advantages through lower operational expenses attributed to the relatively inexpensive cost of electricity compared to traditional fossil fuels. Furthermore, they necessitate reduced maintenance and possess fewer components, offering potential long-term cost savings.

Prime determinants of growth

The growth of the global electric ship market is driven by factors such as environmental regulations, an increase in demand for high efficiency and less life cycle cost, and a surge in the retrofitting of hybrid systems in ships. However, limited infrastructure and charging facilities, and high initial investment costs hamper the growth of the market. On the contrary, technological advancements and the growing popularity of autonomous electric ships are expected to offer remunerative opportunities for the expansion of the electric ship market during the forecast period.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/electric-ships-market/purchase-options

For instance, the adoption of the revised GHG Strategy during the 80th session of the IMO’s Marine Environment Protection Committee (MEPC 80) in July 2023, marks a significant step towards curbing greenhouse gas (GHG) emissions from international shipping. The new targets aim to progressively reduce GHG emissions from international shipping. By 2030, the target is to achieve a 20% reduction in emissions compared to 2008 levels. This reduction will be further increased to 70% by 2040. Such ambitious targets encourage the shipping industry to adopt cleaner and more sustainable alternatives to traditional fossil fuel-powered ships which is expected to drive the growth of fully electric ships.

The energy storage segment to maintain its lead position during the forecast period

Based on system, the energy storage segment accounted for the largest share in 2022, accounting for around one-third of the global electric ship market revenue, and is estimated to maintain its leadership status throughout the forecast period as there is a growing interest in electric ships and energy storage systems due to stricter environmental regulations and a push toward sustainable transportation solutions. However, the power distribution segment is projected to manifest the highest CAGR of 19.8% from 2023 to 2032, owing to a incorporation of advanced control systems and algorithms in power distribution system to optimize power flow and manage electrical loads efficiently.

𝐏𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

𝐇𝐎𝐋𝐋𝐀𝐍𝐃 𝐒𝐇𝐈𝐏𝐘𝐀𝐑𝐃𝐒 𝐆𝐑𝐎𝐔𝐏, 𝐂𝐨𝐫𝐯𝐮𝐬 𝐄𝐧𝐞𝐫𝐠𝐲, 𝐋𝐞𝐜𝐥𝐚𝐧𝐜𝐡é 𝐒𝐀, 𝐖𝐚𝐫𝐭𝐬𝐢𝐥𝐚, 𝐀𝐁𝐁, 𝐊𝐎𝐍𝐆𝐒𝐁𝐄𝐑𝐆, 𝐍𝐨𝐫𝐰𝐞𝐠𝐢𝐚𝐧 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐒𝐲𝐬𝐭𝐞𝐦𝐬, 𝐒𝐢𝐞𝐦𝐞𝐧𝐬, 𝐄𝐂𝐇𝐀𝐍𝐃𝐈𝐀 𝐀𝐁, 𝐁𝐫𝐨𝐝𝐫𝐞𝐧𝐞 𝐀𝐚

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A09173

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the electric ship market revenue, and is likely to dominate the market during the forecast period, as public transport agencies and departments in various countries of the region aim to reduce the carbon footprint and environmental impact of their fleet with an investment in low-emission ferries. However, the LAMEA region is expected to witness the fastest CAGR of 20.3% from 2023 to 2032, owing to a rise in the adoption of advanced electric ferry technology to meet the growing demand for efficient and environmentally friendly marine transport.

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

By propulsion type, the fully electric segment is anticipated to exhibit significant growth in the near future.

By mode of operation, the autonomous segment is anticipated to exhibit significant growth in the near future.

By system, the power distribution segment is anticipated to exhibit significant growth in the near future.

By region, LAMEA is anticipated to register the highest CAGR during the forecast period.

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

Electric Bikes Market – https://www.alliedmarketresearch.com/electric-bikes-market

Electric Vehicle Market – https://www.alliedmarketresearch.com/electric-vehicle-market

Electric Two-Wheeler Lithium-Ion Battery Management System Market – https://www.alliedmarketresearch.com/electric-two-wheeler-lithium-ion-battery-management-system-market-A07895

Electric Scooter and Motorcycle Market – https://www.alliedmarketresearch.com/electric-scooter-and-motorcycle-market-A12724

David Correa
Allied Market Research
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