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Electric Ships Market Size
- Report ID: GMI4640
- Published Date: Dec 2022
- Report Format: PDF
Electric Ships Market Size
Electric Ships Market size valued at USD 4 billion in 2022 and is expected to grow at a CAGR of 9% from 2023 to 2032. The increasing environmental consciousness will fuel the global market demand.
Rising concerns about carbon emissions from the marine industry prompted ship manufacturers to develop innovative electric ship technologies, which is shaping the industry landscape. As per the International Maritime Organization (IMO), ships release nearly 1 billion metric tons of CO2 into the atmosphere annually, which is likely to restrain the business expansion.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Electric Ships Market Size in 2022: | USD 4 billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 9% |
| 2032 Value Projection: | USD 10 billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 260 |
| Tables, Charts & Figures: | 305 |
| Segments covered: | Power Source, System, Operation, Platform, End-Use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Expensiveness of high-capacity batteries to foster market revenue
High performance in electric ships can be attained through high-capacity batteries. However, the high cost of these batteries increases the overall costs of ships, impeding the electric ships market statistics. Also, hybrid propulsion is highly complex and incurs higher capital costs and knowledge for efficient operation, which may affect the industry negatively. Spare part procurement and maintenance of hybrid propulsion systems may also pose challenges in the long run. However, mounting government expenditure on technological development in the industry is foreseen to help manufacturers combat this restraint.
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Electric Ships Market Scope
