Electric Ship Market Growth in Finland
Increasing focus on green marine technologies driving growth in the Electric Ship market.
Shipping is part of Finland's sizeable maritime sector. As of 2021, the industry accounts for over USD 17 billion in turnover and over USD 5 billion in value-added benefits. This sector has experienced tremendous growth within the last five years in Finland because of increased maritime trade worldwide, emphasis on innovation, and advancements in green technologies. Finland is rated as a front-runner in sustainable shipping practices, with its naval sector embracing frontier solutions that respond to the impact on the environment and global emissions.
The Finnish marine industry has set aside the development of green maritime technology, such as hybrid battery propulsion systems. Emissions of sulfur oxide have practically decreased to near nil, whereas nitrogen oxides are as low as 85 percent. As a central technological hub, Finland can rely on its strengths in ship and vessel manufacturing, which supports and propels a commitment towards more sustainable practices in the world's maritime industry.
The region houses the best technology providers and shipbuilders making electric and hybrid vessels into the future. Wärtsilä is, for instance, a world leader in marine electric propulsion solutions, while shipbuilding companies like Rauma Marine Constructions focus on creating high-performance vessels for different use cases. The strong tech development, manufacturing, and supply chain ecosystem has made Finland a hub for green and electric shipping around the globe.
The Organisation for Economic Co-operation and Development (OECD) considers Finland's strong network of companies operating on dual-fuel propulsion and energy-efficient marine systems a significant strength that provides further competitive advantage. Given the increased demand for electric ships, this synergy between the technology providers and the shipbuilders in the region will likely spur further growth, establishing Finland at the forefront of sustainable maritime innovation.
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