Insights on the Electric Ships Global Market to 2028 – Surge in the Adoption of Hybrid-electric Propulsion Technology for Large Ships Presents Opportunities – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Electric Ships Market to 2028 – COVID-19 Impact and Global Analysis – by Type, Power, Range and Ship Type” report has been added to ResearchAndMarkets.com’s offering.
According to this report the market is expected to grow from US$ 3.82 billion in 2021 to US$ 7.76 billion by 2028; it is estimated to grow at a CAGR of 10.3% from 2021 to 2028.
Increasing Regulatory Support from Government Authorities and Industry Associations to Favor Market Growth
Several marine industry associations are focusing on reducing the gas emission from the shipping industry. As per a report published by the Norwegian Ministry of Climate and Environment, in April 2018, International Maritime Organization (IMO) adopted a plan to reduce greenhouse gas emissions from international shipping by ~50% compared with the level in 2008 by the end of 2050.
Additionally, the IMO strategy aims to improve the energy efficiency of each ship and to reduce the carbon intensity of the whole marine industry by reducing emissions per unit of transport work done by ~40% by 2030, and further toward 70% by 2050, according to a report published by the Norwegian Ministry of Climate and Environment. Further, several governments are focusing on reducing the gas emission from the shipping industry.
For instance, according to a report published by the Norwegian Ministry of Climate and Environment, in 2019, the Norway government’s focus is on reducing greenhouse gas emissions from domestic shipping and fishing ships by half by 2030 and promoting the development of zero- and low-emission solutions for all vessel categories. For this, the government had allocated NOK 7 million (US$ 0.77 million) to the Green Shipping Programme in the 2019 budget. Therefore, the increasing regulatory support from government authorities and industry associations for reducing greenhouse gas emissions in the shipping industry supports the growth of electric ships by adopting electric or hybrid propulsion systems.
North America has the highest adoption rate of advanced technologies due to governments’ favorable policies to boost innovation and strengthen infrastructure capabilities. The COVID-19 pandemic forced the US government to impose several limitations on industrial, commercial, and public activities in the initial phases to control the spread of COVID-19. The record-long US economic expansion came to an end as a result of the COVID-19 pandemic, with effect of a deep recession in 2020. The outlook remains highly uncertain, as it is difficult to determine the social and economic impact of the COVID-19 pandemic, which will depend on the success of containing the outbreak and the measures to restart economic activities.
In 2020, the COVID-19 pandemic adversely affected the growth of the global electric ship market due to the shutdown of manufacturing facilities and trade restrictions. Ship manufacturers had faced short-term operational issues due to supply chain disruption caused by several government initiatives to slow the spread of COVID-19. The shipping industry had become a significant part of several countries’ supply chains; it was significantly affected by the COVID-19 pandemic.
The shipping industry depends on production, which was discontinued to prevent people from being affected by SARS-CoV-2, resulting in significant challenges. A South Florida-based cruise ship was affected for the third time, as Florida recorded its highest number of COVID-19 cases. SARS-CoV-2 infected an undisclosed number of passengers and crew of the Carnival Freedom cruise, so the ship was denied entry to Bonaire and Aruba.
The growing maritime tourism industry helps in supporting the electric ships market growth. Thus, during 2021 and 2022, the COVID-19 pandemic will positively impact the market growth. This is expected to normalize the electric ships market growth over the forecast period of 2021-2028.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the electric ships market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the electric ships market thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
- Rise in Adoption of Hybrid and Electric Propulsion Systems for Retrofitting Ships
- Increasing Regulatory Support from Government Authorities and Industry Associations
- Limited Range and Capacity of Fully Electric Ships
- Surge in the adoption of Hybrid-Electric Propulsion Technology for Large Ships
- Technological Advancements in Energy Storage Devices
- BAE Systems
- Duffy Electric Boat Company
- Fjellstrand As
- X Shore
- General Dynamic Electric Boat
- Man Energy Solutions
- Siemens Energy
- VARD As
For more information about this report visit https://www.researchandmarkets.com/r/7gjnni
Laura Wood, Senior Press Manager
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