Asia Pacific Electric Ship Market

The APAC electric ship market is expected to grow from US$ 738.31 million in 2021 to US$ 1655.59 million by 2028; it is estimated to grow at a CAGR of 12.2% from 2021 to 2028.

Nowadays, hybrid propulsion technology is commonly used for small vessels, such as ferries. However, with the development of marine electric propulsion technology and alternative fuels such as fuel cells, there is a massive opportunity for manufacturers to work on hybrid-electric propulsion systems for larger ships. The stricter emissions targets encouraged shipbuilders to install a hybrid propulsion system on existing or new vessels. The research & development (R&D) department for ABB’s marine activities in Norway stated that the hybrid propulsion systems significantly reduce fuel consumption and emissions, according to the article published by the Institution of Engineering and Technology in January 2019. In addition, the hybrid marine engines can be fueled by diesel, LNG, or hydrogen and use a fuel cell, batteries, or an electric motor. This capability makes hybrids particularly suitable for large ships in the deep sea. The new 3600 TDW[AA3]  cargo vessels are meant to boast a future-proof design, in the sense that not only are they ready to operate with clean energy alternatives, but the cargo vessels can also be adapted for additional green modification in the future. Additionally, in December 2021, e5 Lab Inc. (Tokyo-based firm) and Mitsubishi Shipbuilding Co., Ltd., a part of Mitsubishi Heavy Industries Group, agreed to provide the design for ROBOSHIP, a standard hybrid-electric propulsion vessel that the two companies are seeking to promote as a vision for the future of ships, for a 499-tonne [AA4] biomass fuel carrier being built by Honda Heavy Industries Co., Ltd. Therefore, with the growing emission control norms, the adoption of hybrid-electric propulsion systems is increasing among larger ships, creating a massive opportunity for manufacturing larger ships using hybrid-electric propulsion systems.

  
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC electric ship market. The APAC electric ship market is expected to grow at a good CAGR during the forecast period.

APAC Electric Ship Market Revenue and Forecast to 2028 (US$ Million

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Asia Pacific Electric Ship Strategic Insights

Strategic insights for the Asia Pacific Electric Ship provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

Asia Pacific Electric Ship Report Scope

Asia Pacific Electric Ship Regional Insights

The geographic scope of the Asia Pacific Electric Ship refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

APAC Electric Ship Market Segmentation   

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 km - 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.