The global electric ships market size is projected to grow from USD 4.7 Billion in 2021 to USD 16.2 Billion by 2030, at a CAGR of 14.9% from 2021 to 2030. Two forecast periods, i.e., 2017 to 2025 and 2025 to 2030, are considered in this market report, as the adoption of electric propulsion systems is estimated to grow at a higher rate post-2025. The growth of the market can be attributed to the increase in seaborne trade across the globe, the development of lithium-ion batteries, and hybrid and electric propulsion technology catering to the retrofit market, among others.
Kongsberg (Norway), ABB (Switzerland), Wartsila (Finland), Norwegian Electric Systems AS (Norway), Corvus Energy (Canada), General Dynamics Electric Boat (US), MAN Energy Solutions SE (Germany) Vard (Norway), Siemens (Germany), and Leclanché SA (Switzerland), among others are some of the leading players operating in the electric ships market. These players have adopted growth strategies such as new product developments, contracts, partnerships, joint ventures agreements, collaborations, and acquisitions to expand their presence in the market further.
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Kongsberg (Norway) is one of the leading players in the electric ships market. The company offers integrated marine automation systems, engine monitoring systems, propulsion systems, and bridge systems. It has an excellent geographic footprint and channel strategies. The company has adopted the strategy of partnerships and contracts to enhance its position in the market. Over 50% revenue of the company is generated from outside Norway, indicating its strong position in the international market. In July 2018, Kongsberg Gruppen acquired the Rolls-Royce Commercial Marine segment to improve its marine solutions offerings. Through its high-quality and fuel-efficient hybrid solution, energy storage systems, Kongsberg has become a significant player across various platforms such as passenger ships, cargo vessels, and cruise ships
ABB (Switzerland) ranks second in the electric ships market and has a strong presence in the market. The company designs, engineers, builds and supplies automation and electrical systems for marine power generation, power distribution, electric propulsion, and turbochargers through its industrial automation segment. Major customers of the company include various shipping companies. It offers an 800XA system (a combination of electrical control systems and safety systems) that increases efficiency, operator performance, and asset utilization of ships. ABB is investing increasingly in the development of new generation automation systems to cater to the growing demand for ships across the globe. The company majorly focuses on its direct sales force as well as third-party channel partners, such as distributors, system integrators, and original equipment manufacturers (OEMs).
Wartsila (Finland) secures the third position in the electric ships market. Wartsila is one of the leading providers of advanced marine solutions across the globe. The company operates through various subsidiaries in over 70 countries and 200 locations across the world. Through its high-quality and fuel-efficient electrical propulsion, energy storage systems, and DC grid systems, Wartsila has become a significant player in energy solutions, services, and marine solutions.
Corvus Energy (Canada) is another major organization when it comes to vessels and its electrical battery and solution. The company is a very well known energy storage system solution provider in the Europe and North American region. It majorly provides electrical solutions and services specifically for commercial vessels. They have a very strong R&D due to which they are able to deliver new products along with innovations. The company has also been working with ABB, Corvus Energy announced that it has been selected by ABB Marine & Ports to supply the energy storage system for the all-electric tug eWolf by Crowley Maritime Corporation. The vessel will be installed with 6.2 MWh of Corvus Orca Energy battery, which will become an essential part of the complete integrated electrical propulsion system delivered by ABB.
Siemens (Germany) is the leading player in the electric ships market. The company has a global presence and is currently focusing on increasing and gaining clients worldwide, and because of this they have made an partnership with Powercell Sweden AG (Sweden) by which they are working together in producing fuel cell with advanced and cutting edge technology. With this partnership they are targeting towards producing most efficient fuel cells for electric ships such as ferries, yachts, and cruise ships, which is the currently in demand worldwide.
Electric Ship Market by Type (Fully Electric, Hybrid), System, Mode of Operation (Manned, Remotely Operated, Autonomous), Ship Type (Commercial, Defense), Power, Range, Tonnage, End Use (Linefit and Retrofit), and Region - Global Forecast to 2030
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