Global Electric Ships Market expected to reach $10.94 billion by 2026

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The Global Electric Ships market is expected to reach $10.94 billion by 2026 growing at a CAGR of 15.2% from 2018 to 2026 says the report of ResearchAndMarkets.com. Electric ships are the ships attached with batteries and operate on electricity rather than fuel. These ships support environmental safety measures as they do not harm any aquatic animals as they do not release harmful gases. The invention of these boats is very beneficial as there is a crisis for fuels. The batteries can be recharged easily and the main charger allows the boat to be charged in the shore side stations.

Factors such as growing maritime industry, increasing disposable income, and development of Lithium-ion batteries are driving the market growth. Though, the less capacity of electric ships restrains the market growth. Moreover, hybrid propulsion technologies are the opportunities for the Electric Ships market.

Based on mode of operation, the manned segment is going to have a lucrative growth during the forecast period, due to the increasing demand for electric and hybrid propulsion systems by commercial ships. There is huge market potential for manned cargo vessels, as almost all cargo vessels presently operate with a crew.

Companies Mentioned

  • General Electric
  • ABB
  • Siemens
  • Wartsila
  • Bae Systems
  • Kongsberg Gruppen
  • General Dynamics Electric Boat
  • Corvus Energy
  • Vard (Fincantieri)
  • Schottel GmbH
  • Anglo Belgian Corporation (ABC) N.V.
  • Leclanch S.A.
  • Man Energy Solutions SE (Traton Group)
  • Norwegian Electric Systems as (Havyard Group ASA)
  • Echandia Marine AB

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