The global electric ship market is predicted to expand at a compounded annual growth rate (CAGR) of 13.0% from 2022 to 2030. In contrast to conventional ships powered by diesel engines, electric ships are referred to as ships that are electrically propelled. These ships are made to perform marine operations using an electric motor that is powered by a battery bank rather than a fuel source. Small passenger or container ships on inland rivers that travel only short distances frequently need to dock, and these ships are typically ferries. Electric and hybrid ships have a reputation for emitting fewer pollutants into the environment.

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GROWTH DRIVERS:
The development of new, cutting-edge electric ships with cutting-edge characteristics for the market has been a top priority for the electric ship market players in recent years. Numerous potential are opening up for the expansion of the global electric ships market, including the use of fuel cells, solar power, remotely operated and autonomous modes of operation, and totally electric propulsion for large ships.
In order to encourage the use of electric ships and cut emissions, governments and organizations are also increasingly supporting the acquisition of electric-operated transportation ships through initiatives and subsidies. The South Korean government's announcement of a $870.0 million project in 2020 to support the development of environmentally friendly shipping as a means of reducing the pollution created by the country's marine sector might serve as an illustration of this.
Other factors include the increasing adoption of fully electric passenger vessels, the expanding use of renewable energy for battery charging along with advancements in hybrid propulsion technology, the growing competition among various end users, the expanding research into energy storage devices, the significant military spending on the improvement of new and advanced battle vessels, and the increasing emphasis of shipbuilders on decreasing the noise generated from the propulsion systems.
ELECTRIC SHIP MARKET SEGMENTATION:
By Type:
· Fully Electric
· Hybrid

By Battery Type:
· Lead-Acid
· Lithium-Ion
· Nickel-based Batteries
By System:
· Energy Storage Systems
· Power Conversion
· Power Generation
· Power Distribution

By Carriage Type:
· Passenger
· Cargo
By Mode of Operation:
· Manned
· Remotely Operated
· Autonomous

By Ship Vessel Type:
· Commercial Vessel
o Passenger Cruise
o Bulk Carrier & Container Ships
o Tankers
o Others
· Defense Vessel
o Aircraft Carrier
o War Ship
o Submarine
o Others
· Special Vessel

By Power:
· 7,560KW

By Range:
· 1,000Km

By Tonnage:
· 15,000DWT

By End Use:
· New Build and Line fit
· Retrofit

By Region:
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East and Africa

KEY COMPANIES IN ELECTRIC SHIP MARKET:
· MAN Energy Solutions SE
· Vard
· Leclanché SA
· ABB Limited
· Siemens AG
· Wartsila
· Norwegian Electric Systems
· Corvus Energy
· General Dynamics Electric Boat
· Kongsberg Gruppen
· AKASOL AG
· Anglo Belgian Corporation NV
· Corvus Energy
· Scandia Marine AB
· EST-Floattech
· Schottel
· General Electric
· Eco Marine Power
· BAE Systems
· Other Players

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