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Europe Electric Ships Market Forecast till 2030
Market
Europe Electric Ships Market is accounted to register a CAGR of 11.05% during the assessment period of 2020 to 2030. Electric ships include electric ships and hybrid ships and are specially used for commercial and defense applications. Electric Ships have various advantages over conventional ships such as improved maneuverability, lower fuel consumption and emissions, maximum torque at zero speed, and high redundancy. Traditional ships can be co9verted into electrical ships by retrofitting electrical systems in the existing system and newly built ships and can be operated manually, remotely, or automatically.
The European electric ship market has exhibited an incredible market lift in recent years owing to an increase in seaborne trade and implementation of the IMO Sulfur 2020 regulation. The expanding maritime tourism industry and the rising seaborne trade are expected to propel the growth of the market during the forecast period.
Market Segmentation
The Europe Electric Ships Market has been segregated by Type, System, Ship Type, Power, Range, Operation, End-Use, and Country. Based on the type segment, the market has been segregated into fully electric and hybrid. In terms of the system, the market has been divided into energy storage systems, power generation, power conversion, and power distribution systems. Based on the ship segment, the European market has been categorized into commercial and defense. Based on power type, the market has been divided into <75 kW, 75–150 kW, 151–745 kW, and 746–7,560 kW. Based on range, the market has been segregated into <50 km, 50–100 km, 101–1,000 km, and >1,000 km. Based on the operation category, the market has been bifurcated into manned, remotely operated, and autonomous. By the end-use industry, the market has been classified into new build & line fit and retrofits.
Regional Analysis
Region-specific analysis of the Europe electric ships market has been divided, into the UK, Germany, France, Russia, Italy, Norway, Turkey, Sweden, Greece, and the rest of Europe.
In 2018, the UK accounted for 11.39% of the European electric ships market followed by Germany. Germany is estimated as the fastest-growing market for electric ships during the forecast period. France is valued for the third-largest market share in 2018.
Norway is likely to drive the considerable market of the European electric ship market owing to the presence of prominent electric ship companies such as KONGSBERG MARITIME, Vard, and Norwegian Electric Systems. Additionally, the investments made by major companies such as Siemens for the development of electric ships in the country are also expected to propel the growth of the market in Norway. Moreover, the rising Norwegian government support for the development of environment-friendly maritime solutions is also expected to drive the electric ship's market in Norway. According to the study, the electric ship's market in Norway is evaluated to register a CAGR of 10.75% during the review period.
Major Players
The Key companies covered in the Europe Electric Ships Market are BAE Systems plc (UK), Kongsberg Maritime (Norway), Wärtsilä (Finland), Siemens (Germany), ABB (Switzerland), General Electric (US), Leclanché (Switzerland), AKASOL AG (Germany), Norwegian Electric Systems (Norway), and Volvo Penta (Sweden).
COVID 19 Impacts
We are continuously tracking the impact of COVID-19 pandemic on various industries and verticals within all domains. Our research reports include the same and help you understand the drop and rise, owing to the impact of COVID-19 on the industries. Also, we help you to identify the gap between the demand and supply of your interested market. Moreover, the report helps you with the analysis, amended government regulations, and many other useful insights.
Market
Snapshot
Europe Electric Ships Market is accounted to register a CAGR of 11.05% during the assessment period of 2020 to 2030. Electric ships include electric ships and hybrid ships and are specially used for commercial and defense applications. Electric Ships have various advantages over conventional ships such as improved maneuverability, lower fuel consumption and emissions, maximum torque at zero speed, and high redundancy. Traditional ships can be co9verted into electrical ships by retrofitting electrical systems in the existing system and newly built ships and can be operated manually, remotely, or automatically.
The European electric ship market has exhibited an incredible market lift in recent years owing to an increase in seaborne trade and implementation of the IMO Sulfur 2020 regulation. The expanding maritime tourism industry and the rising seaborne trade are expected to propel the growth of the market during the forecast period.
Market Segmentation
The Europe Electric Ships Market has been segregated by Type, System, Ship Type, Power, Range, Operation, End-Use, and Country. Based on the type segment, the market has been segregated into fully electric and hybrid. In terms of the system, the market has been divided into energy storage systems, power generation, power conversion, and power distribution systems. Based on the ship segment, the European market has been categorized into commercial and defense. Based on power type, the market has been divided into <75 kW, 75–150 kW, 151–745 kW, and 746–7,560 kW. Based on range, the market has been segregated into <50 km, 50–100 km, 101–1,000 km, and >1,000 km. Based on the operation category, the market has been bifurcated into manned, remotely operated, and autonomous. By the end-use industry, the market has been classified into new build & line fit and retrofits.
Regional Analysis
Region-specific analysis of the Europe electric ships market has been divided, into the UK, Germany, France, Russia, Italy, Norway, Turkey, Sweden, Greece, and the rest of Europe.
In 2018, the UK accounted for 11.39% of the European electric ships market followed by Germany. Germany is estimated as the fastest-growing market for electric ships during the forecast period. France is valued for the third-largest market share in 2018.
Norway is likely to drive the considerable market of the European electric ship market owing to the presence of prominent electric ship companies such as KONGSBERG MARITIME, Vard, and Norwegian Electric Systems. Additionally, the investments made by major companies such as Siemens for the development of electric ships in the country are also expected to propel the growth of the market in Norway. Moreover, the rising Norwegian government support for the development of environment-friendly maritime solutions is also expected to drive the electric ship's market in Norway. According to the study, the electric ship's market in Norway is evaluated to register a CAGR of 10.75% during the review period.
Major Players
The Key companies covered in the Europe Electric Ships Market are BAE Systems plc (UK), Kongsberg Maritime (Norway), Wärtsilä (Finland), Siemens (Germany), ABB (Switzerland), General Electric (US), Leclanché (Switzerland), AKASOL AG (Germany), Norwegian Electric Systems (Norway), and Volvo Penta (Sweden).
COVID 19 Impacts
We are continuously tracking the impact of COVID-19 pandemic on various industries and verticals within all domains. Our research reports include the same and help you understand the drop and rise, owing to the impact of COVID-19 on the industries. Also, we help you to identify the gap between the demand and supply of your interested market. Moreover, the report helps you with the analysis, amended government regulations, and many other useful insights.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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