Electric Ships Set to Revolutionize the Maritime Industry, Market Size to Reach USD 14.2 Billion by 2030

1. Electric Ships Set to Revolutionize the Maritime Industry, Market Size to Reach USD 14.2 Billion by 2030 TheElectricShipMarketisprojectedtogrowfromUSD3.3billionin2022toUSD 14.2 billion by 2030, at a CAGR of 20.0% from 2022 to 2030. The global rise in sea- bornetradeislikelytodrive growth in the Electric Ship market across many categories. Furthermore,the demand for hybrid and fully electric maritime vessels is boosting the adoption of electrical systems, whichare aimedat decreases reducingand forend to costs users, as compared conventionalsystems. Inquiry Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=167955 093 BasedonShipType,thecommercialsegmentisexpectedtodominatemarketshare during the forecast period. Increasing adoption of hybrid and fully ship systemsthat are being adopted to replace conventional ships on the account of rising environmental concerns and focusing on reducing fuel and operationalcosts. Based on Type, the fully electric segment is projected to have the highest CAGR duringtheforecastedperiod.Theincreasingfleetexpansionintermsoffullyelectric- driven ships is a measure adopted by the marine industry to counter the effects of emissions. The growth of the fully electric segment can also be attributed to the increasing demand for fully electric small and medium passenger and cargo ships. Several manufacturers are jointly investing in the manufacturing of ships adhering to the IMO 2020rule. BasedonShipPower,the75-150kWsegmentisexpectedtohavethelargermarket share during the forecast period. Owing to lower cost of retrofitting the vessels,such assmallinlandcargovessels,medium-sizedpassengerferriesandcontainervessels, to hybrid-propulsion systems this segment is witnessing highergrowth. Based on Region, Europe accounted for the largest market share in 2022, and it is alsoprojectedtowitnessthehighestCAGRduringtheforecastperiod.Thegrowthof the shipbuilding industry in Europe is one of the most significant factors contributingtothedemandforshipswithhybridpropulsionintheregion.Increasing investments in the electrification of ships and the restructuring efforts undertaken by ship manufacturing companies are additional factors driving the growth of the Electric Ship market inEurope.

2. Key MarketPlayers Major players operating in the Electric Ship market include ABB (Switzerland), Leclanché S.A. (Switzerland), Siemens AG (Germany), Wartsila (Finland) and Kongsberg Gruppen (Norway). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and AsiaPacific. Request for Customization@ https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=1679550 93 AboutMarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth forclients. TheB2Beconomyiswitnessingtheemergenceof$25trillionofnewrevenuestreams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 DundeeRoad Suite 430 Northbrook, IL60062 USA:1-888-600-6441