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Rising Environmental Concern Is A Key Factor Driving The Electric Ships Market Growth In The Forecast Period – By The Business Research Company



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The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, May 29, 2023 /PRNewswire/ — As per The Business Research Company’s Electric Ships Global Market Report 2023, the global electric ships market size will grow from $7.1 billion in 2022 to $8.1 billion in 2023 at a compound annual growth rate (CAGR) of more than 12%. The electric ships market size is then expected to grow to $12.9 billion in 2027 at a CAGR of more than 12%.

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The increasing environmental concerns will propel the growth of the electric ships market during the forecast period. Electric ships are a suitable way to drastically lower water pollution because they do not use any fuel and use very little oil, which makes them far less likely to harm aquatic life or other users of the water. According to a 2022 study from the Royal Institute of Technology in Stockholm, ships with electric hydrofoil technology could reduce emissions from marine transport by 97.5% compared to diesel vessels. The major element in reducing emissions is the combination of using hydrofoils and being driven by electricity.  Therefore, the increasing environmental concerns are expected to drive the growth of the electric ships market going forward.

Learn More On The Electric Ships Market Report – 

The global electric ships market is moderately fragmented with a large number of players operating in the market. ABB Limited was the largest competitor with 11.2% share of the market, followed by Siemens Energy with 10.5%, BAE Systems, Wärtsilä, Kongsberg Gruppen ASA, MAN Energy Solutions SE with, Schottel GmbH, Corvus Energy, Anglo Belgian Corporation (ABC) NV, and Leclanché SA.

Companies operating in electric ships market are focusing on electric foiling water taxis to strengthen their position in the market. Electric water taxis enable both drivers and passengers to travel in luxury while causing the least amount of environmental damage. For example, in April 2023, Artemis Technologies, a UK-based provider of engineering services to high-performance and commercial clients, launched its electric foiling water taxi, Artemis EF-12 Escape. The Artemis EF-12 Escape is a high-end, zero-emission water taxi that offers environmentally conscious cities and upscale resorts throughout the world on-demand travel that is safe, effective, and convenient. With the help of cutting-edge electric foiling technology, the new water taxi offers a smooth and comfortable ride while using less energy and emitting fewer emissions. The yacht, which was built with luxury in mind, has high-end finishes and plush seating for up to 12 guests.  

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The global electric ships market is segmented –

1) By Type: Fully Electric, Hybrid

2) By Mode of Operation: Manned, Remotely Operated, Autonomous

3) By System: Energy Storage Systems, Power Conversion, Power Generation, Power Distribution

4) By Power: Less Than 75 KW, 75 to 150 KW, 151 to 745 KW, 746 to 7,560 KW, Greater Than 7,560 KW

5) By Range: Less Than 50 km, 50 to 100 km, 101 to 1000 km, Greater Than 1,000 km

According to electric ships market analysis, the top opportunities in the electric ships market segmented by type will arise in the hybrid segment, which will gain $2.4 billion of global annual sales by 2027. The electric ships market size will gain the most in USA at $814.54 million.

The Business Research Company recommends players in the electric ships industry to adopt strategies such as securing new contracts, and launching new solutions, and seeking strategic acquisitions to stay competitive in the market

View More Similar Market Reports:

Autonomous Ships Global Market Report 2023

Ship Repairing Global Market Report 2023

Ship Building Global Market Report 2023

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