Europe Electric Ship Market Key Players, Growth, Trends, Share, Opportunities, Forecast 2028

The Europe electric ship market is expected to grow from US$ 1867.68 million in 2021 to US$ 3273.91 million by 2028; it is estimated to grow at a CAGR of 8.3% from 2021 to 2028.

Several marine industry associations 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 April 2018, the International Maritime Organization (IMO) adopted a plan to reduce greenhouse gas emissions from international shipping by at least 50% by the end of 2050 compared with the level in 2008. Additionally, the IMO strategy includes ambitions 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 at least 40% by 2030 and further towards 70% by 2050, according to report published by the Norwegian Ministry of Climate and Environment. Also, in January 2020, according to IMO 2020 regulation, the IMO 2020 rule limits the use of Sulphur in the fuel oil used on board ships operating outside designated emission control areas to 0.50% m/m (mass by mass), a significant reduction from the previous limit of sulfur content by 3.50%. This has also resulted in the ship integrators and owners switching the existing diesel-driven engines with electric or hybrid propulsion systems.

📚 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐂𝐨𝐩𝐲@ https://www.businessmarketinsights.com/sample/BMIRE00025198

 With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe electric ship market. The Europe electric ship market is expected to grow at a good CAGR during the forecast period.

📚𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭 𝐋𝐢𝐧𝐤 @ https://www.businessmarketinsights.com/reports/europe-electric-ship-market

Europe Electric Ship Strategic Insights

Strategic insights for the Europe Electric Ship provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

𝐓𝐡𝐞 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬

BAE System

Fjellstrand AS

X Shore

General Dynamic Electric Boat

Hurtigruten

MAN Energy Solution

PortLiner

Siemens Energy

Vard AS

 

Segments Covered         

By Type

•             Battery Electric ships

•             Plug-In Hybrid Electric ships

•             Hybrid Electric Ships

By Power

•             Less than 75 Kw

•             75-150 Kw

•             151-745 Kw

•             746-7560 Kw

•             More than 7560 Kw

By Range

•             Less than 50 Km

•             50-100 Km

•             101-1000 Km

•             More than 1000 Km

By Ship Type

•             Cruise Ships

•             Ferries

•             Tankers

•             Bulk Carriers

•             Fishing Vessels

•             Destroyers

•             Aircraft Carriers

Driving Forces and Market Dynamics:

• Environmental Regulations:
• The European Union's commitment to reducing greenhouse gas emissions is a primary driver. Regulations like the IMO 2020 rule, which limits sulfur content in ship fuel, are pushing ship owners to seek cleaner alternatives.
• Emphasis on reducing carbon footprints and air pollution in port cities is accelerating the adoption of electric propulsion.
• Technological Advancements:
• Improvements in battery technology, including increased energy density and reduced costs, are making electric ships more viable.
• Advancements in electric propulsion systems, power management, and charging infrastructure are contributing to the market's growth.
• The development of hydrogen fuel cell technology is also coming into play, and will be a large part of the future of this market.
• Economic Factors:
• While initial investment costs may be higher, electric ships offer lower operating costs due to reduced fuel consumption and maintenance.
• Government incentives and subsidies are encouraging the adoption of electric vessels.
• The growing maritime tourism sector, and the need for quite clean vessels in that sector, is also a large economic driving factor.
• Market Segmentation:
• The market can be segmented by ship type (ferries, cargo ships, yachts, etc.), propulsion type (fully electric, hybrid), power output, and range.
• Short-range vessels, such as ferries operating in inland waterways and coastal areas, are leading the way in electrification.
• The commercial sector is witnessing the highest growth, driven by the need for efficient and sustainable transportation.

• 𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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