LONDON, July 19, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the electric ships market, the rise in the adoption of hybrid and electric propulsion for retrofitting ships is anticipated to drive the growth of the electric ships market. An eco-friendly ship’s electric propulsion system is a hybrid system that uses dual-fuel engines, batteries, and fuel cells as multiple power sources. However, technologies such as fuel storage facilities, gas vaporizers, and battery thermal runaway avoidance must all be developed concurrently to apply these power sources to ships.

For instance, in February 2021, the 2030 Green Ship-K Promotion Strategy, which is a key component of South Korea’s aim to become carbon-neutral by 2050, focuses on the advancement and widespread use of low-carbon ship technologies, such as hydrogen fuel cells and propulsion systems. The initiative’s goal is to reduce the country’s shipping greenhouse gas emissions by 40% in the next 25 years and 70% by 2050. Furthermore, Kawasaki has received its first order for large-capacity battery propulsion systems for coastal ships. Large-capacity lithium-ion (Li-ion) marine batteries, a propulsion control system, and an electric power management system are all part of the battery propulsion system. In addition, in February 2019, Wartsila signed a contract for a hybrid retrofit installation with Hagland Maritime AS, an international shipping firm. The ship’s environmental performance will be greatly improved with the installation of a Wartsila battery hybrid propulsion technology, which will reduce pollutants, fuel consumption, and noise.

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The global electric ships market size is expected to grow from $6.39 billion in 2021 to $7.12 billion in 2022 at a compound annual growth rate (CAGR) of 11.4%. The electric ships market share is expected to grow to $11.06 billion in 2026 at a CAGR of 11.6%.

Technological advancements are shaping the electric ships market. The welding consumables market is increasing its demand by introducing and applying new technologies and their updated software to the industry. The automotive industry is increasingly focusing on integrating smarter and safer safety systems into vehicles for better safety in different terrains and conditions. For instance, in November 2021, the Yara Birkeland, the world’s first electric and self-propelled container ship with zero emissions, made its first voyage in the Oslo fjord. Yara Birkeland is a multi-actor project in which KONGSBERG is in charge of the development and delivery of all newly created technologies on the ship. Massterlys’ monitoring and operations center in Horten will be in charge of the ship. KONGSBERG and Wilhelmsen have teamed up to form Massterly.

Major players in the electric ships market are ABB Ltd., Wartsila, Kongsberg, Norwegian Electric Systems AS, Corvus Energy, General Dynamics Electric Boat, MAN Energy Solutions SE, Leclanche SA, Siemens AG, General Electric Company, Bureau Veritas, Canadian Electric Boat Company, Electrovaya Inc., Triton Submarines, Duffy Electric Boats, and Akasol AG.

The global electric ships market segmentation is categorised by type into fully electric, hybrid; by mode of operation into manned, remotely operated, autonomous; by system into energy storage systems, power conversion, power generation, power distribution; by power into less than 75KW, 75 to 150KW, 151 to 745KW, 746 to 7,560KW, greater than 7,560KW; by range into less than 50Km, 50 to 100Km, 101 to 1000Km, greater than 1,000Km.

Western Europe was the largest region in the electric ships market in 2021. The regions covered in the electric ships industry analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Electric Ships Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide electric ships market overviews, analyze and forecast market size and growth for the whole market, electric ships market segments and geographies, electric ships market trends, electric ships market drivers, electric ships market restraints, electric ships market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Source: https://www.globenewswire.com/news-release/2022/07/19/2482088/0/en/Electric-Ships-Market-Size-To-Reach-11-Billion-Due-To-The-Rise-In-Adoption-Of-Hybrid-And-Electric-Propulsion-For-Retrofitting-Ships-As-Per-The-Business-Research-Company-s-Electric-.html