Europe's Electric Ships Market Set to Surge: Forecasted Growth to Reach USD 15.703 Billion by 2030
Apr 19, 2024
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Europe Electric Ships Market Insights
Europe's Electric Ships Market Size was valued at USD 5.9billion in 2022. The Europe Electric Ships market industry is projected to grow from USD6.78559 billion in 2023 to USD 15.703 billion by 2030, exhibiting compound annual growth rate (CAGR) of 15.01% during the forecast period (2023 - 2030).
The Europe electric ships market refers to the market for ships that use electric propulsion systems, either partially or fully, in European countries. This includes a wide range of vessels such as passenger ships, cargo ships, ferries, yachts, and naval vessels that use electricity as their main source of power. The market encompasses the production, sales, and maintenance of these ships, as well as the supporting infrastructure such as charging stations and power grids that enable their operation. The demand for electric ships in Europe is driven by factors such as increasing environmental regulations, rising fuel costs, and growing interest in sustainable transportation solutions. The COVID-19 pandemic has had a mixed impact on the Europe electric ships market. On one hand, the pandemic has caused disruptions to global supply chains, which has led to delays and shortages in the production and delivery of electric ships. On the other hand, the pandemic has also increased awareness of the need for sustainable transportation solutions, which has led to an increased demand for electric ships. Drivers include Environmental regulations, Cost savings, technological advancements, public awareness, Government incentives, and Long-term sustainability. High upfront costs, Limited range, Infrastructure limitations, Uncertainty around regulatory frameworks, Limited technical expertise, and Competition from alternative technologies are expected to be the key factors restraining the market growth.
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Key Players
Some of the key companies include 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), Volvo Penta (Sweden)
Market Segmentation
The Europe electric ships market can be segmented based on the type, system, ship type, power, range, operation, and end-use. By type of ship, the electric ships market can be segmented into commercial, and defense. By Type, the market is segmented into Fully Electric, and Hybrid. By power, the market can be segmented into <75 kW, 75–150 kW, 151–745 kW, and 746–7560 kW. On the basis of System, the electric ship market is classified into Energy Storage Systems, Power Generation, Power Conversion, and Power Distribution Systems. By range, the market can be segmented into <50 km, 50–100 km, 101–1000 km, and >1000 km.
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Regional Analysis
Norway is a leader in the electric ships market, with the country being home to some of the world's largest electric ferries. The country has set a goal to have all new ships and ferries operating in Norwegian waters to be zero-emission by 2025. Germany is another key player in the electric ships market, with a number of electric ferries and research projects in the sector. The country has set a goal to reduce its shipping emissions by at least 50% by 2050.
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Tags: English, Electric Ships Market