Report Id: SNS/A&D/1114 | May 2022 | Region: Global | 125 Pages
Report Scope & Overview:
Electric Ship Market Size was valued at USD 5.63 billion in 2022 and is expected to reach USD 17.23 billion by 2030, and grow at a CAGR of 15% over the forecast period 2023-2030.
Various reasons are driving the market, including an increase in the conversion of propulsion systems in passenger vessels, increased seaborne trade around the globe, and developing marine tourist industry. The growing commercial marine sector in many nations throughout various regions, together with the increased need for commercial boats, will fuel the demand for electric ships. Commercial vessels are becoming an important element of the electric ship sector, with countries such as the United States, China, Norway, Greece, and others investing extensively in commercial electric shipping operations.
Expansion in Seaborne.
Maritime Tourism Industry growing.
Electric Ships development.
Electric Ships Market development.
renewable energy utilization
Hybrid propulsion technology.
Country’s major supply chain.
Failure to maintain vessels.
THE IMPACT OF COVID-19
The COVID-19 pandemic has forced original equipment manufacturers and financial sponsors to postpone financing for revolutionary ventures such as autonomous vessel operations. Furthermore, the disturbing impact on the inventory of materials for battery frameworks has long been a source of concern. The vast majority of raw materials, such as cobalt, nickel, and lithium, are imported from Japan and China. Nonetheless, some countries are completely shut down due to the epidemic. However, because the issue is not under control, the Electric Ships Market is likely to expand in a post-covid space.
IMPACT OF UKRAINE AND RUSSIA CRISIS:
The Russia-Ukraine conflict is causing significant disruptions in maritime and aviation freight. Russian soldiers are closing trade lanes, logistical companies are ceasing operations, and air freight charges are soaring.
KEY MARKET PLAYERS:
The major players in the electric ship market are Siemens, Kongsberg, General Dynamics Electric Boat, ABB, Wartsila, Norwegian Electric Systems AS, Corvus Energy, MAN Energy Solutions SE Vard, and Leclanché SA, among others. These players have adopted various growth strategies such as contracts, acquisitions, expansions, new product launches, and partnerships & agreements to expand their presence in the electric ship's market further
KEY MARKET SEGMENTS:
By Power Source
According to a regional analysis report, the US Navy is monitoring the Electric Ships Market in North America with strategic equipment. Rely on the development of the Electric Ships Market during the research period. In addition, the presence of major energy producers, such as Corvus Energy, facilitates market development in North America. Europe dominated the Electric Ships Industry in 2020. This pattern is expected to be maintained during speculation due to the business of prominent players, such as AKASOL AG, BAE Systems, EST-Floattech, KONGSBERG, and Siemens to develop electric vessels.
The Electric Ships Asia-Pacific Market in the region is expected to register the highest CAGR in the limited period. Increasing defense use in India and China as well as the growing interest in new and improved marine vessels is driving the development of the local market. Increased defense spending in Saudi Arabia, the UAE, and Israel is driving the development of the business sector in the Middle East and Africa.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2022||US$ 5.63 Billion|
|Market Size by 2030||US$ 17.23 Billion|
|CAGR||CAGR of 15.1% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By End-Use (Line fit, Retrofit)
• By Range (<50Km, 50-100Km, 101-1000Km, >1,000Km)
• By Power Source (Electric, Hybrid)
• By System (Energy storage, Power conversion, Power generation, Power distribution)
• By Tonnage (<500DWT, 500-5,000DWT, 5,001-15,000DWT, >15,000DWT)
• By Operation (Manned, Autonomous)
• By Platform (Commercial, Defense)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Airbus, Yuneec Holding Limited, Pipistrel Group, Bye Aerospace, Digisky S.R.L, Leonardo S.p.A., Groupe Gorgé, EHang Holdings Limited, Faradair Aerospace Limited, and Boeing are among the market's major players.|
|Key Drivers||• Environment pollution control.
• Carbon-dioxide emissions.
|RESTRAINTS||• Low energy density of batteries.
• Time Consuming
Frequently Asked Questions (FAQ) :
According to SNS insiders, the Electric ship market size was USD 4.9 billion in 2021 and is expected to reach USD 13 billion by 2028 with a CAGR of 15% over the forecasted period.
The COVID-19 pandemic has forced original equipment manufacturers and financial sponsors to postpone financing for revolutionary ventures such as autonomous vessel operations. Furthermore, disturbing impact on the inventory of materials for battery frameworks has long been a source of concern.
Europe dominated the Electric Ships Industry in 2021. This pattern is expected to be maintained during speculation due to the business of prominent players
Expansion in Seaborne and Maritime Tourism Industry growing and Electric Ships development.
The sample for the Electric ship market report is available on the website upon request. To obtain the sample report, you can also use the 24*7 chat support and direct call services.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of Ukraine War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Electric Ship Market, By Range
9. Electric Ship Market, By Power Source:
10. Electric Ship Market, By System:
10.1 Energy storage
10.2 Power conversion
10.3 Power generation
10.4 Power distribution
11. Electric Ship Market, By Tonnage
12. Electric Ship Market, By Operation:
13. Electric Ship Market, By Platform:
14. Electric Ship Market, By End-Use:
14.1 Line fit
14.2 Retro fit
15. Regional Analysis
15.2 North America
15.3.6 The Netherlands
15.3.7 Rest of Europe
15.4.2 South Korea
15.4.6 Rest of Asia-Pacific
15.5 The Middle East & Africa
15.5.3 South Africa
15.6 Latin America
15.6.3 Rest of Latin America
16. Company Profiles
16.1 HITACHI LTD.
16.1.2 Products/ Services Offered
16.1.3 SWOT Analysis
16.1.4 The SNS view
16.2 AB VOLVO
16.3 CATTERPILLAR INC.
16.4 CNH INDUSTRIAL N.V
16.5 DEERE AND COMPANY
16.6 DOOSAN INFRACOE CO.LTD
16.7 J C BAMFORD EXCAVATORS. LTD.
16.8 KOMATSU LTD.
16.9 Liebherr-international AG
16.10 XCMG GROUP
17. Competitive Landscape
17.1 Competitive Benchmark
17.2 Market Share Analysis
17.3 Recent Developments
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of a good and accurate research report and selecting the best methodology to complete the research is the toughest part. Since the research reports, we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach a stage wherein we can provide our clients best and most accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brainstorming sessions to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research as the name suggests is a research process wherein, we collect data through readily available information. In this process, we use various paid and unpaid databases to which our team has access and gather data through the same. This includes examining listed companies’ annual reports, Journals, SEC filling, etc. Apart from this, our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various universities as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content-specific facts that can be sued to solve specific problems. Since the collected data is fresh and first-hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply sides of the industry to make sure we land an accurate judgment and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses, and observation of on-field participants. The below-mentioned chart should give a better understanding of part 1 of the primary interview.
Part 2: In this part of the primary research the data collected via secondary research and part 1 of the primary research is validated with the interviews with individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence center, our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real-time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but is not limited to getting rid of the many typos, duplication of numbers, or missing any important information. The people involved in this process include technical content writers, research heads, and graphics people. Once this process is completed the title gets uploaded on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.