Electric Ship Market Size Worth $19.89 Billion By 2032 | CAGR: 9.2%

The global electric ship market size is expected to reach USD 19.89 billion by 2032 according to a new study by Polaris Market Research. The report “Electric Ship Market Share, Size, Trends, Industry Analysis Report, By Power Source (Fully Electric, Hybrid); By Vessel (Commercial, Defense, Special); By Power Output; By Autonomy Level; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Perceptible factors esteeming the market growth include the increasing rate of adoption of the products with an ever-increasing transportation and logistics companies, the surge in incentives on environment-friendly and fuel-efficient vehicles offered by the government bodies and growing maritime industry due to increasing seaborne trade are the few integral factors accelerating the market growth during the forecasting years.

Based on vessel, the commercial vessels accounted for a maximum stake, owing to its rising government norms and regulations to mandate the adoption of zero-emission vehicles in the marine trade, whereas the defense vessel segment is projected to witness the fastest growth rate in the overall industry. Factors such as the reduced maintenance cost, increased fuel economy, and quiet operation of the system are responsible.

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With a surge in government initiative for promoting the adoption of the vehicle since the last few years, the products have witnessed a higher preference over conventional vessels due to no noise pollution and promote environmental safety. According to the government of the United Arab Emirates, by 2020, the central government expected to lessen 15% carbon emissions & a nearly 20% adoption of the products. With the rising rate of electronic vehicles adoption, shipping companies are interested in promoting environmental friendliness and safety; in turn, the adoption of the product is growing at a healthy rate considering the global scenario.

Major Participants such as MAN Energy Solutions SE, Boesch Motorboote AG, ABB, Bureau Veritas, Yara Birkeland, Baltic Workboats AS, Corvus Energy, Duffy Electric Boat, Electrovaya Inc., Kongsberg, Leclanché SA, Wärtsilä, Norwegian Electric Systems AS, Siemens, Triton Submarines, Vard AS, and  Canadian Electric Boat Company are some of the key players operating in the global market.

Polaris Market Research has segmented the electric ship market report on the basis of power source, power output, autonomy level, vessel, and region:

Electric Ship, Power Source Outlook (Revenue, USD Billion, 2019-2032)

• Battery Ships
• Hybrid

Electric Ship, Power Output Outlook (Revenue, USD Billion, 2019-2032)

• <75 kW
• 75-745 kW
• 746-7,560 kW
• >7,560 kW

Electric Ship, Autonomy Level Outlook (Revenue, USD Billion, 2019-2032)

• Semi-Autonomous
• Fully Autonomous

Electric Ship, Vessel Type Outlook (Revenue, USD Billion, 2019-2032)

• Commercial Vessel
• Defense Vessel
• Special Vessel

Electric Ship, Regional Outlook (Revenue, USD Billion, 2019-2032)

• North America
  • U.S.
  • Canada
• Europe
  • France
  • Germany
  • UK
  • Italy
  • Spain
  • Netherlands
  • Austria
• Asia Pacific
  • China
  • India
  • Japan
  • Malaysia
  • South Korea
  • Indonesia
• Latin America
  • Mexico
  • Brazil
  • Argentina
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa