Electric Ship Market Research Report Analysis
Electric Ship Market size, market analysis, Market Revenue, trends, identifies new revenue opportunity in Electric Ships system, Regional Outlook.
As per the GMI Research's latest analysis, Global Electric Ship Market reveals that the market is slated to register a significant CAGR over the forecast period. This is attributed to the introduction of the Sulfur 2020 Rule, the growing marine time tourism sector, the high adoption of hybrid and electric propulsion for retrofitting of ships, rising seaborne trades, and increasing development of lithium-ion batteries.
The introduction of the Sulfur 2020 Rule, the growing marine time tourism sector, the high adoption of hybrid and electric propulsion for retrofitting of ships, growing seaborne trades, and increasing development of lithium-ion batteries are the key drivers contributing to the growth of the electric ship market. The increasing emphasis on decreasing harmful emissions from ships worldwide is a major factor surging the growth of the electric ship market. For example, the European Union published a study on compliance with the sulfur needs for marine fuels in 2018 to decrease the sulfur content of all liquid fuels. The reforms seek to confirm the 0.5 percent of the sulfur cap in marine fuels will be imposed by 2020. These amendments emphasizing decreasing contaminants at sea and in the air will further propel the growth of the electric ship market in the upcoming years. Furthermore, potential in charging of batteries through renewable energy resources like wind or solar energy, the high adoption of hybrid propulsion technologies in hybrid ships, and increasing development of high powered batteries are expected to bring various growth opportunities in the market. However, the factor hindering the growth of the market include the limited capacity of fully-electric ships and high downtime in retrofitting of ships.System Segment Drivers
Based on the system, the power conversion is projected to increase at a faster CAGR over the coming years. This is mainly due to the growing transportation of cargo and passengers on electric ships, which will bolster the demand for the power semiconductor devices as they need to sail the ship electrically. Electric and hybrid propulsion players like Siemens, ABB, Wartsila, and other market manufacturers are utilizing convertors with their components to change direct current from batteries to alternate current for engines.Electric Ship Market Segmentation: Segmentation by Type:
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