From 2022 to 2030, the electric ship market is expected to develop at a compound annual growth rate (CAGR) of 13.0%.
In contrast to conventional ships powered by diesel engines, electric ships are referred to as ships that are electrically propelled. These ships are made to perform marine operations using an electric motor that is powered by a battery bank rather than a fuel source. Small passenger or container ships on inland rivers that travel only short distances frequently need to dock, and these ships are typically ferries. Electric and hybrid ships have a reputation for emitting fewer pollutants into the environment.

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GROWTH DRIVERS:
The growing conversion of propulsion systems in passenger ships along with the rising adoption of electric propulsion systems, the rising demand for environmentally friendly transport systems, the escalating emphasis of governments on encouraging citizens to adopt eco-friendly ships in order to comply with environmental rules and regulations, the increasing investment in advanced lithium, and other factors such as the expanding seaborne trade and maritime tourism industry worldwide,
The development of new, cutting-edge electric ships with cutting-edge features for the market has become a top priority for the electric ship market players in recent years. Many potential are opening up for the expansion of the global electric ships market, including the use of fuel cells, solar power, remotely operated and autonomous modes of operation, and totally electric propulsion for large ships.
In order to encourage the use of electric ships and cut emissions, governments and organizations are also increasingly supporting the acquisition of electric-operated transportation ships through initiatives and subsidies. The South Korean government's announcement of a $870.0 million project in 2020 to support the development of environmentally friendly shipping as a means of reducing the pollution created by the country's marine sector might serve as an illustration of this.

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ELECTRIC SHIP MARKET SEGMENTATION:
By Type:
• Fully Electric
• Hybrid

By Battery Type:
• Lead-Acid
• Lithium-Ion
• Nickel-based Batteries
By System:
• Energy Storage Systems
• Power Conversion
• Power Generation
• Power Distribution

By Carriage Type:
• Passenger
• Cargo
By Mode of Operation:
• Manned
• Remotely Operated
• Autonomous

By Ship Vessel Type:
• Commercial Vessel
o Passenger Cruise
o Bulk Carrier & Container Ships
o Tankers
o Others
• Defense Vessel
o Aircraft Carrier
o War Ship
o Submarine
o Others
• Special Vessel

By Power:
• 7,560KW

By Range:
• 1,000Km

By Tonnage:
• 15,000DWT

By End Use:
• New Build and Line fit
• Retrofit

By Region:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

KEY COMPANIES IN ELECTRIC SHIP MARKET:
• MAN Energy Solutions SE
• Vard
• Leclanché SA
• ABB Limited
• Siemens AG
• Wartsila
• Norwegian Electric Systems
• Corvus Energy
• General Dynamics Electric Boat
• Kongsberg Gruppen
• AKASOL AG
• Anglo Belgian Corporation NV
• Corvus Energy
• Scandia Marine AB
• EST-Floattech
• Schottel
• General Electric
• Eco Marine Power
• BAE Systems
• Other Players

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