The growth of the global electric ship market size is driven by factors such as environmental regulations, an increase in demand for high efficiency and less life cycle cost, and a surge in the retrofitting of hybrid systems in ships. Electric ships are water-based vessels that utilize electric motors, eliminating the need for conventional combustion engines and resulting in zero emissions. This makes them a highly sustainable option for urban transportation. In addition to their eco-friendly nature, electric ferries provide several distinct advantages over conventional ferries, which includes cost-effectiveness, reduced noise and vibration, enhanced efficiency, improved passenger experience, and lower maintenance requirements.
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Retrofitting refers to the process of upgrading existing ships with new technologies or systems to improve their performance, efficiency, or compliance with environmental regulations. Retrofitting allows ship owners to gradually adopt electric propulsion technology without the need for a complete fleet replacement. Retrofitting a hybrid system provides a more cost-effective approach to transition towards electric ships. This lower barrier to entry makes electric propulsion more accessible and attractive to ship owners.
Leading Key Players:
- Leclanché SA
- Siemens
- Wartsila
- ECHANDIA AB
- KONGSBERG
- ABB
- Corvus Energy
- HOLLAND SHIPYARDS GROUP
- Brodrene Aa
- Norwegian Electric Systems.
The report provides a detailed analysis of these key players in the global electric ship market. These players have adopted various strategies such as product development, expansion, agreement, contract, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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Regional Analysis:
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the electric ship market revenue, and is likely to dominate the market during the forecast period, as public transport agencies and departments in various countries of the region aim to reduce the carbon footprint and environmental impact of their fleet with an investment in low-emission ferries. However, the LAMEA region is expected to witness the fastest CAGR of 20.3% from 2023 to 2032, owing to a rise in the adoption of advanced electric ferry technology to meet the growing demand for efficient and environmentally friendly marine transport.
