Electric Ship Market Growth in South Korea
The presence of key Shipbuilders and the adoption of fuel cells for the development of ships driving Electric Ship market growth
South Korea is among the leaders globally in shipbuilding and is well known worldwide for having the best-advanced vessel production. In Korea, nine shipbuilding companies exist. KOSHIPA mentioned four leading companies: Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, Samsung Heavy Industries, and STX Offshore & Shipbuilding. These shipyards are at the forefront of the traditional construction of ships. They are highly advancing in developing electric and hybrid ships, thus placing South Korea in an essential position in the global transition toward sustainable shipping.
Further interest in innovation and sustainability gives the country dominance in shipbuilding. South Korea leads the maritime industry in electric propulsion systems and fuel cells, which the government heavily backs. The government has promised USD 870 million to green shipping in 2020 and to cut greenhouse gas emissions from shipping by 40% by 2050.
Technically, the South Korean shipbuilding yards set standards in initiatives that include hydrogen-electric vessel launching, for instance, in the presentation of Vinssen's boat back in 2021. Again, these advancements ensure that South Korea stays the world center for cutting-edge shipbuilding and environmental innovations.
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