The global electric ships market is anticipated to grow at a considerable CAGR of 11% during the forecast period (2021-2027). Rise in adoption of fully electric and hybrid propulsion for retrofitting the existing ships will propel the market growth. This is in response to the compliance of International Maritime Organization (IMO) ruling on reducing sulfur emissions. This ruling came into effect from January 01, 2020, and it mandates that the fuels used by ship operators should not surpass 0.50% sulfur against the previous limit of 3.50%. Thus, ship owners and integrators are shifting from conventional diesel driven engines towards the automation and integration through hybrid or complete electric propulsion. Several ship owners of China, Greece, Japan, Norway, France and the US are retrofitting their existing ship fleet with emerging technologies. For instance, in February 2019, Wartsila has commenced the delivery of first hybrid retrofit that can reduce greenhouse emissions, noise and fuel consumption. Wartsila has collaborated with Hagland Shipping AS to install hybrid retrofit. It is expected that the retrofit will lead to the reduction in NOx emissions upto 80% - 90% and overall fuel savings to be 5% - 10%.
Browse the full report description of "Global Electric Ships Market Size, Share & Trends Analysis Report by Type (Fully Electric and Hybrid), by Mode of Operations (Manned and Autonomous), by Vessel Type (Commercial and Defense), by Range (<50 KM, 50 -100 KM, 101 – 1000 KM, > 1000 KM), and by End Use (Linefit and Retrofit) Forecast Period (2021-2027)" at https://www.omrglobal.com/industry-reports/electric-ships-market
Furthermore, in November 2020, Wartsila got approval to supply engines and various electric solutions for two ships that are under construction in China. The ships are being designed to embrace the evolution of technology and are built for Finnlines. It is expected that the vessels will enter into operations in 2023. They will operate between Swedan and Finland. Vessels will feature Wartsila thrusters, 46F main engines and an electric package. A hybrid shaft system generator is also included.
Market Coverage
• The market number available for – 2020-2027
• Base year- 2020
• Forecast period- 2021-2027
• Segment Covered-
o By Type
o By Mode of Operation
o By Vessel Type
o By Range
o By End Use
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Damen Shipyards Group, General Dynamics Electric Boat, MAN Energy Solutions Group, Echandia Marine AB, Eco Marine Power, Corvus Energy, VARD, Siemens, AKASOL AG, Norwegian Electric Systems and others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Electric Ships Market Report by Segment
By Type
• Fully Electric
• Hybrid
By Mode of Operation
• Manned
• Autonomous
By Vessel Type
• Commercial
• Defense
By Range
• < 50 KM
• 50 – 100 KM
• 101 – 1000 KM
• >1000 KM
By End Use
• Linefit
• Retrofit
Global Electric Ships Market Report by Region
North America
• US
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa