The Marine Electric Vehicle size is projected to grow from USD 10.1 billion in 2022 to USD 29.1 billion by 2030, at a CAGR of 16.4 % from 2022 to 2030. The market growth is set to be propelled by the upsurge in global seaborne trade and the growing adoption of hybrid and electric vessels.
Marine Electric Vehicles (MEVs) represent a significant advancement in the field of marine transportation, offering a cleaner and more sustainable alternative to traditional fossil fuel-powered vessels. MEVs utilize electric propulsion systems and energy storage technologies to operate efficiently while minimizing environmental impact. These vehicles are designed to navigate various bodies of water, including rivers, lakes, coastal areas, and even open seas, depending on their capabilities. MEVs are powered by electric motors that draw energy from onboard batteries or fuel cells. They eliminate the need for fossil fuels such as gasoline or diesel, resulting in zero direct emissions of greenhouse gases and pollutants during operation. This makes MEVs an attractive option for reducing air and water pollution, mitigating climate change, and promoting sustainable practices in the maritime sector.
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The shipping industry plays a vital role in the expansion of business and trade. It is the most effective mode of trading and has a significant influence on the global economy. For years, shipping companies have transported cargo effortlessly.
The MEV market has gained traction in recent years due to increasing concerns over climate change, environmental sustainability, and the desire to reduce dependence on fossil fuels. The advancement of battery technologies, including improvements in energy density and cost reduction, has enabled the development of more efficient and longer-range electric propulsion systems for marine applications. Additionally, supportive government policies and regulations, along with incentives for clean transportation, have stimulated investment and innovation in the MEV sector. Key players such as ABB (Switzerland), Siemens AG (Germany), BAE Systems (UK), General Electric (US), and Kongsberg Gruppen (Norway) are working toward developing alternative fuels and hybrid and electric propulsion systems to reduce emissions.
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. It formed a partnership with Powercell Sweden AG (Sweden) to produce fuel cells with advanced and cutting-edge technology for electric ships such as ferries, yachts, and cruise ships, which currently witness high demand worldwide.
ABB (Switzerland) is ranked second in the electric ships market. It has a global chain of customers; the major strength of the company is its electrification business segment. ABB is also focused on developing both propulsion and electric solutions for the electric shipping industry, which is touted to be in demand in the future. It is also focusing on expanding its business in rapidly growing economies such as China and India. It has received multiple contracts from companies such as Global Mercy (Switzerland), Orange Marine (France), Oceano (Netherlands), and others for its electric propulsion system, Azipod.
Kongsberg Gruppen (Norway) held the leading position in the market. Kongsberg Maritime is one of the leading companies in the market and a leading manufacturer of marine electric vehicles. This is primarily due to the company’s large number of contracts with other leading stakeholders in this market.
BAE Systems: The company is focused on the R&D of new technologies. It has developed high-tech unmanned ground vehicles and is a key supplier to the US, European, and Asian Pacific countries.
General Electric (GE) (US): The company offers electric propulsion systems that are designed to enhance efficiency and reduce emissions in marine vessels. They have collaborated with multiple stakeholders to explore innovative solutions for electric propulsion, energy storage systems, and power management solutions in the marine industry.
Marine Electric Vehicle Market by Technology (Fully electric, Hybrid), Ship Type (Commercial, Defense, UMV), Mode of Operation (Manned, Remotely Operated, Autonomous), Vessel Transport (Seafaring, Inland), Range and Region – Global Forecast to 2030
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