About Electric Ships
Electric ships include an integrated power system (IPS) connecting sources, energy storage systems, loads, and electric propulsion modules (EPM) in a zonal electrical distribution system. It is mainly ferries and small passenger ships on inland waterways that sail completely with electricity. Growing demand for fully electric ships with electric propulsion is the major factor driving the market growth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Global Electric Ships is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching Products. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Electric Ships market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
PortLiner (Netherlands), ABB (Switzerland), Corvus Energy (Canada), Asahi Tanker (Japan), Norwegian Electric Systems AS (Norway) and Guangzhou Shipyard (China) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are AIDA Cruises (Germany) and Wartsila (Finland).
Segmentation Overview
AMA Research has segmented the market of Global Electric Ships market by Type (Plug-in and Conventional), Application (Work and Leisure) and Region.
On the basis of geography, the market of Electric Ships has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Battery Type, the sub-segment i.e. Li-ion batteries will boost the Electric Ships market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Power, the sub-segment i.e. 1,000kWh will boost the Electric Ships market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Pioneering in Electric Transportation and Awareness about Environmental Safety
Market Growth Drivers:
Increase in Recreational Activities across Well-Developed Countries
Challenges:
Technical Challenges and Acceptance of an Electric Boat and Poor Charging Infrastructure
Restraints:
Volatile Raw Material Prices coupled with High Prices of Electric Ships
Opportunities:
Rising Demand for Environmentally Friendly Vessels in Marine Industry and Government Supports Regarding Reducing Reliability over Fossil Fuels
Market Leaders and their expansionary development strategies
In June , 2018 Hyundai Motor Group (HMG) has selected Wärtsilä for a technology and commercial partnership designed to utilize second-life electric vehicle (EV) batteries for the growing energy storage market. The global partnership will combine HMG’s expansion in electric vehicles with Wärtsilä’s growing energy business, which includes 67 GW of installed power plants and advanced energy storage technologies and software created through the acquisition of Greensmith Energy.
On November 2021, Wartsila has launched the Two-Stroke Future Fuels Conversion platform. The new platform enables the fast and cost-effective conversion of two-stroke main engines to operate on clean-burning future fuels.
Key Target Audience
Electric Ships Manufacturers, Electric Ships Distributors and Suppliers, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.