Europe Electric Ships Market Overview
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).
We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
There has been significant development of hybrid cruise ships in the last few years to reduce acoustic pollution, emission, and vibrations. In February 2018, Hurtigruten, a Norwegian expedition cruise company, unveiled the world's first hybrid cruise ship. It reduces fuel consumption and CO2 emissions on ships by 20% by sailing with electrical propulsion.
Eminent Firms
Some of the highly eminent firms in the Europe Electric Ships Market Players are Norwegian Electric Systems (Norway), ABB (Switzerland), Leclanché (Switzerland), Kongsberg Maritime (Norway), AKASOL AG (Germany), Siemens (Germany), Volvo Penta (Sweden), BAE Systems plc (UK), General Electric (US), Wärtsilä (Finland), to name a few.
Key Boosters and Challenges
The need to reduce carbon footprints as well as fuel wastage has surged considerably over the years, thereby giving rise to the demand for Europe electric ships. Shipbuilders in the region are increasingly focusing on bringing down the noise level that is generally generated from marine vessels, which also favors the market. The carbon emissions generated during transportation mainly arise from the burning fossil fuel, which is commonly petroleum-based, such as gasoline and diesel. To address these challenges, the government is taking up several initiatives to bring down the carbon emission level, including subsidies offered while purchasing electric ships and more.
Furthermore, intensifying competition between end users, such as transportation, logistics and trade industries is encouraging service providers to cut their operational costs, including large crew and fuel consumption to boost their profit margin and attain a breakeven. This move adopted by the end-users is bound to enhance the Europe electric ships market size in the near future. Besides, the rising popularity of electric leisure and recreational vessels in water adventures, fishing activities and marine tourism has been extremely favorable for the regional market.
Segmental Insight
Europe Electric Ships Market has been considered for type, system, ship type, power, range, operation and end-use.
The type-wise segments covered in the report are fully electric as well as hybrid.
The key systems studied in the report include power generation, energy storage systems, power distribution systems and power conversion.
The market, depending on ship type, caters to commercial and defense. Out of these, the commercial segment took the lead in 2018, accounting for a share of 64.29% and touching USD 1,702 million.
The power-based categories mentioned in the market study are <75 kW, 75–150 kW, 151–745 kW, and 746–7,560 kW.
The ranges covered in the study are <50 km, 50–100 km, 101–1,000 km, and >1,000 km.
Remotely operated, autonomous and manned are the key operation types outlined in the report.
Retrofit and newbuild & line fit are the significant end-users analyzed in the MRFR study.
Regional Outlook
The Europe Electric Ships Market is primarily spread across a few countries, namely Turkey, France, the UK, Norway, Russia, Italy, Germany, Greece, Sweden, and the rest of Europe.
The electric ships market has performing tremendously in Norway and can record a growth rate of 10.75% in the upcoming years. The country has been replacing traditional passenger ferries with fully electric passenger ferries in recent years, which has bolstered the market growth. Increased advancements in autonomous electric ships that make use of fuel cells as well as and remotely controlled electric vessels also benefit the Norwegian market. The surging number of government-backed initiatives for the development of eco-friendly maritime solutions can also offer exciting opportunities to the key firms in the electric ships market.
In other countries like Germany, Greece and more, digitalization has become a major part of the shipping industry, as it has led to a stronger demand for automation systems. The soaring demand for autonomous ships has emerged as a significant trend in the European market. The fact that many of the tanker companies in the region are boosting their spending capacity to adopt digitalization also favors the market.
Key Developments
In January 2020, Norwegian Electric Systems signed a contract with Fjord1 ASA, a global transport company to provide battery systems, and electrical and automation packages for the latter’s three ferries.
In December 2019, Volvo Penta provided its marine engines to GS Marine Production AS for its three hybrid ferries. This contract enabled the company to strengthen its customer base.
In December 2017, Wärtsilä signed a Memorandum of Understanding (MOU) with Mitsubishi Heavy Industries Marine Machinery & Equipment Co., Ltd to develop advanced power and propulsion systems for ships.
Table of Contents
1 Executive Summary
2 Scope of The Report
3 Market Landscape
4 Market Dynamics
5 Global Stealth Warfare Market, By Platform
6 Market Factor Analysis
7 Europe Electric Ships Market, By Type
8 Europe Electric Ships Market, By System
9 Europe Electric Ships Market, By Ship Type
10 Europe Electric Ships Market, By Power
11 Europe Electric Ships Market, By Range
12 Europe Electric Ships Market, By Operation
13 Europe Electric Ships Market, By End Use
14 Europe Electric Ships Market, By Country
15 Competitive Landscapes
16 Company Profiles
17 Other Prominent Players in The Market
18 Industry Insights
19 Appendices
20 Related Reports
21 List of Tables
Europe Electric Ships Market Research Report Information By Type (Fully Electric, Hybrid), By System (Energy Storage Systems, Power Generation, Power Conversion, Power Distribution Systems),By Ship Type (Commercial, Defense), By Power (<75 kW,75–150 kW,151–745 kW,746–7,560 kW),By Range (<50 km,50–100 km,101–1,000 km,>1,000 km)And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2030.Related Link:
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