Top companies covered in the electric ships market report are Kongsberg (Norway), Leclanche (Switzerland), Corvus Energy (Canada), Echandia Marine AB (Sweden), Siemens (Germany), Vard (part of Fincantieri SpA) (Norway), Norwegian Electric Systems (Norway), General Dynamics Electric Boat (U.S.), Other key players and more players profiled
Pune, India, Dec. 10, 2020 (GLOBE NEWSWIRE) — The global electric ships market is set to gain impetus from the rising collaborative efforts between numerous prominent manufacturers. Seven Japanese companies, for instance, created a consortium called e5. It would help in commercializing and developing all-electric zero-emission vessels in the next two years. This information is given by Fortune Business Insights™ in a new report, titled, “Electric Ships Market Size, Share & COVID-19 Impact Analysis, By Power Source (Fully Electric, Hybrid), By Power Output (Less than 75 kW, 75-745 kW, 746-7560 kW, More than 7560 kW), By Vessel Type (Commercial Vessel, Defense Vessel), By Level of Autonomy (Semi-Autonomous, Fully Autonomous) and Regional Forecast, 2020-2027.” The report further mentions that the electric ships market size was USD 5.50 billion in 2019 and is projected to reach USD 10.82 billion by 2027, exhibiting a CAGR of 11.2% during the forecast period.
COVID-19: Disturbances in Supply of Raw Materials for Batteries to Obstruct Growth
The COVID-19 pandemic has compelled original equipment manufacturers (OEMs) and investors to delay their fundings for unique programs, such as autonomous vessel operations. Also, disturbance in the supply of materials for battery systems is a major concern for several manufacturers. Most of the raw materials, such as cobalt, nickel, and lithium are imported from Japan and China. But, these countries are under complete lockdown amid the pandemic. We will help you better understand the current situation to look out for important investment areas.
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List of the Leading Companies Profiled in the Global Electric Ships Market are:
Corvus Energy (Canada)
Echandia Marine AB (Sweden)
Vard (part of Fincantieri SpA) (Norway)
Norwegian Electric Systems (Norway)
General Dynamics Electric Boat (U.S.)
MAN Energy Solutions SE (Germany)
Schottel Group (Germany)
Anglo Belgian Corporation NV (Belgium)
Eco Marine Power (Japan)
Akasol AG (Germany)
How Did Our Analysts Develop This Report?
Our highly skilled analysts have conducted thorough secondary research to gather data on the market. Various sources, such as Global Firepower, United Nations Conference on Trade and Development (UNCTAD), SEC filings, International Maritime Organization (IMO), investor presentations, BusinessWeek, and certified publications were referred to for collecting and identifying information about the demand for electric ships in the market globally.
Drivers & Restraints
Implementation of Various Regulations to Surge Demand
The International Maritime Organization deployed the global Sulphur cap in January 2020. Under this rule, ships would require low Sulphur fuels to operate outside the emission control areas (ECAs). As compared to the previous limit of 3.5% or less, ships should use fuels with Sulphur content of 0.5% or less this year. Also, the uncertainties regarding the availability of compliant fuels would also accelerate the electric ships market growth in the coming years. However, the adoption of electric vehicles may decline because of the current battery technology that requires a large amount of energy.
Hybrid Segment to Grow Rapidly Stoked by Ability to Reduce Fuel Consumption
Based on a power source, the hybrid segment earned 81.25% in terms of the electric ships market share and dominated in 2019. Hybrid technology is capable of reducing fuel consumption by approximately 20%. It also lowers around 15% of carbon dioxide emissions from ships. Additionally, environmental sustainability and reduced risk of failure would drive the demand for hybrid electric ships.
Increasing Government Initiatives to Spur Growth in Europe
Geographically, in 2019, Europe generated USD 1.93 billion in terms of revenue. It is expected to remain at the forefront backed by the rising government initiatives to encourage the adoption of electric ships. Also, the increasing awareness programs about the harmful effects of maritime emissions, especially in Hamburg and Rotterdam would boost growth.
Asia Pacific, on the other hand, is expected to grow significantly because of the ongoing regulatory developments in China and Japan, such as the global Sulphur cap to enhance electrification in large-sized vessels. In North America, the rising usage of all-electric vessels, such as USS Zumwalt by the U.S. Navy is set to augment growth.
Key Players Focus on Winning New Contracts from Renowned Firms to Compete in Market
The market for electric ships houses a large number of reputed companies that are focusing on bagging new orders and signing contracts with government bodies and other firms to either deliver their in-house products or co-develop novel electric ships.
Below are the two latest industry developments:
November 2020: Hyundai Motors partnered up with Vinssen, a start-up based in Korea to develop a new vessel powered by hydrogen fuel cells by December 2021. Vinssen will supply 95kW hydrogen fuel cells. If the eco-friendly ship reaches the expected level in terms of performance, it will be produced on a large scale.
September 2020: Holland Ship Electric selected Corvus Energy to deliver lithium-ion battery-based energy storage systems (ESS). They are meant for five new all-electric ferries developed by Holland Shipyards Group for GVB, the municipal public transport operator for Amsterdam.
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