Report : Asia Pacific Electric Ship Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Battery Electric Ships, Plug-In Hybrid Electric Ships, and Hybrid Electric Ships), Power (Less than 75 Kw, 75 - 150 Kw, 151 - 745 Kw, 746 - 7560 Kw, and More than 7560 Kw), Range (Less than 50 Km, 50 - 100 Km, 101 - 1000 Km, and More than 1000 Km), and Ship Type (Cruise Ships, Ferries, Tankers, Bulk Carriers, Fishing Vessels, Destroyers, Aircraft Carriers, and Others)
Ferries Ships Segment to Dominate APAC Electric Ship Market During 2021–2028
According to a new market research study on “Asia-Pacific Electric Ship Market to 2028 – Regional Analysis and Forecast by Type, Power, Range, Ship Type, and Country” is expected to reach US$ 1655.59 million by 2028 from US$ 738.31 million in 2021. The market is estimated to grow at a CAGR of 12.2% from 2021 to 2028. The report provides trends prevailing in the APAC electric ship market along with the drivers and restraints pertaining to the market growth. Surge in adoption of hybrid and electric propulsion systems for retrofitting ships and expansion of regulatory support from government authorities and industry associations are the major factor driving the growth of the APAC electric ship market. However, narrow range and capacity of fully electric ships hinders the growth of APAC electric ship market.
The APAC electric ship market is segmented based on type, power, range, ship type and country. Based on type, the APAC electric ship market is segmented into battery electric ships, plug-in hybrid electric ships, and hybrid electric ships. The hybrid electric ships segment dominated the APAC electric ship market in 2020. Based on power, the APAC electric ship market is segmented into Less than 75 Kw, 75 - 150 Kw, 151 - 745 Kw, 746 - 7560 Kw, and more than 7560 Kw. The 746 - 7560 Kw segment dominated the APAC electric ship market in 2020. Based on range, APAC electric ship market is segmented into Less than 50 Km, 50 - 100 Km, 101 - 1000 Km and More than 1000 Km. The 101 - 1000 Km segment dominated the APAC electric ship market in 2020. Based on ship type, APAC electric ship market is segmented into cruise ships, ferries, tankers, bulk carriers, fishing vessels, destroyers, aircraft carriers, and others. The ferries segment dominated the APAC electric ship market in 2020. Based on country, the APAC electric ship market is segmented into Australia, China, India, Japan, South Korea, and Rest of APAC. The China segment dominated the APAC electric ship market in 2020.
BAE System; MAN Energy Solution; Siemens Energy; and Vard AS are among the leading companies in the APAC electric ship market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Cochin Shipyard Ltd., a first greenfield and largest shipbuilding yard has selected Siemens Energy to provide advanced marine solutions for the country’s first fleet of 23 boats to be equipped with electric propulsion drive trains. This contract had helped the company to strengthen its product offerings.
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