Europe Electric Ship Market

Historic Data: 2019-2020   |   Base Year: 2021   |   Forecast Period: 2022-2028

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)


No. of Pages: 84    |    Report Code: BMIRE00025198    |    Category: Automotive and Transportation

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Europe Electric Ship Market
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The Europe electric ship market is expected to grow from US$ 1867.68 million in 2021 to US$ 3273.91 million by 2028; it is estimated to grow at a CAGR of 8.3% from 2021 to 2028.

Several marine industry associations are focusing on reducing the gas emission from the shipping industry. For instance, according to a report published by the Norwegian Ministry of Climate and Environment, in April 2018, the International Maritime Organization (IMO) adopted a plan to reduce greenhouse gas emissions from international shipping by at least 50% by the end of 2050 compared with the level in 2008. Additionally, the IMO strategy includes ambitions to improve the energy efficiency of each ship and to reduce the carbon intensity of the whole marine industry by reducing emissions per unit of transport work done by at least 40% by 2030 and further towards 70% by 2050, according to report published by the Norwegian Ministry of Climate and Environment. Also, in January 2020, according to IMO 2020 regulation, the IMO 2020 rule limits the use of Sulphur in the fuel oil used on board ships operating outside designated emission control areas to 0.50% m/m (mass by mass), a significant reduction from the previous limit of sulfur content by 3.50%. This has also resulted in the ship integrators and owners switching the existing diesel-driven engines with electric or hybrid 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 Europe electric ship market. The Europe electric ship market is expected to grow at a good CAGR during the forecast period.


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

)

Europe Electric Ship Market Revenue and Forecast to 2028 (US$ Million)
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Europe Electric Ship Strategic Insights

Strategic insights for the Europe 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.

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Europe Electric Ship Report Scope

Report Attribute Details
Market size in 2021 US$ 1867.68 Million
Market Size by 2028 US$ 3273.91 Million
Global CAGR (2021 - 2028) 8.3%
Historical Data 2019-2020
Forecast period 2022-2028
Segments Covered By Type
  • Battery Electric ships
  • Plug-In Hybrid Electric ships
  • Hybrid Electric Ships
By Power
  • Less than 75 Kw
  • 75-150 Kw
  • 151-745 Kw
  • 746-7560 Kw
  • More than 7560 Kw
By Range
  • Less than 50 Km
  • 50-100 Km
  • 101-1000 Km
  • More than 1000 Km
By Ship Type
  • Cruise Ships
  • Ferries
  • Tankers
  • Bulk Carriers
  • Fishing Vessels
  • Destroyers
  • Aircraft Carriers
Regions and Countries Covered Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Market leaders and key company profiles
  • BAE System
  • Fjellstrand AS
  • X Shore
  • General Dynamic Electric Boat
  • Hurtigruten
  • MAN Energy Solution
  • PortLiner
  • Siemens Energy
  • Vard AS
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    Europe Electric Ship Regional Insights

    The geographic scope of the Europe 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.

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    Europe Electric Ship Market Segmentation

     

    The Europe electric ship market is segmented based on type, power, range, ship type, and country. Based on type, the Europe 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 Europe electric ship market in 2020. Based on power, the Europe 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 Europe electric ship market in 2020. Based on range, Europe 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 Europe electric ship market in 2020. Based on ship type, Europe electric ship market is segmented into cruise ships, ferries, tankers, bulk carriers, fishing vessels, destroyers, aircraft carriers, and others. The ferries segment dominated the Europe electric ship market in 2020. Based on country, the Europe electric ship market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The Rest of Europe segment dominated the Europe electric ship market in 2020.  

      

    BAE System; Fjellstrand AS; X Shore; General Dynamic Electric Boat; Hurtigruten; MAN Energy Solution; PortLiner; Siemens Energy; and Vard AS are among the leading companies in the Europe electric ship market.

     

    The List of Companies - Europe Electric Ship Market

    1. BAE System
    2. Fjellstrand AS
    3. X Shore
    4. General Dynamic Electric Boat
    5. Hurtigruten
    6. MAN Energy Solution
    7. PortLiner
    8. Siemens Energy
    9. Vard AS
    Frequently Asked Questions
    How big is the Europe Electric Ship Market?

    The Europe Electric Ship Market is valued at US$ 1867.68 Million in 2021, it is projected to reach US$ 3273.91 Million by 2028.

    What is the CAGR for Europe Electric Ship Market by (2021 - 2028)?

    As per our report Europe Electric Ship Market, the market size is valued at US$ 1867.68 Million in 2021, projecting it to reach US$ 3273.91 Million by 2028. This translates to a CAGR of approximately 8.3% during the forecast period.

    What segments are covered in this report?

    The Europe Electric Ship Market report typically cover these key segments-

    • Type (Battery Electric ships, Plug-In Hybrid Electric ships, Hybrid Electric Ships)
    • Power (Less than 75 Kw, 75-150 Kw, 151-745 Kw, 746-7560 Kw, More than 7560 Kw)
    • Range (Less than 50 Km, 50-100 Km, 101-1000 Km, More than 1000 Km)
    • Ship Type (Cruise Ships, Ferries, Tankers, Bulk Carriers, Fishing Vessels, Destroyers, Aircraft Carriers)

    What is the historic period, base year, and forecast period taken for Europe Electric Ship Market?

    The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Electric Ship Market report:

  • Historic Period : 2019-2020
  • Base Year : 2021
  • Forecast Period : 2022-2028
  • Who are the major players in Europe Electric Ship Market?

    The Europe Electric Ship Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:

  • BAE System
  • Fjellstrand AS
  • X Shore
  • General Dynamic Electric Boat
  • Hurtigruten
  • MAN Energy Solution
  • PortLiner
  • Siemens Energy
  • Vard AS
  • Who should buy this report?

    The Europe Electric Ship Market report is valuable for diverse stakeholders, including:

    • Investors: Provides insights for investment decisions pertaining to market growth, companies, or industry insights. Helps assess market attractiveness and potential returns.
    • Industry Players: Offers competitive intelligence, market sizing, and trend analysis to inform strategic planning, product development, and sales strategies.
    • Suppliers and Manufacturers: Helps understand market demand for components, materials, and services related to concerned industry.
    • Researchers and Consultants: Provides data and analysis for academic research, consulting projects, and market studies.
    • Financial Institutions: Helps assess risks and opportunities associated with financing or investing in the concerned market.

    Essentially, anyone involved in or considering involvement in the Europe Electric Ship Market value chain can benefit from the information contained in a comprehensive market report.