Latest Electric Vessel Market Research on Industry Growth, Trends, Major Players and Key Regions by 2027 | Grand View Research, Inc.
According to a new report released by Grand View Research, the increasing focus of shipbuilders on reducing noise generated by ship propulsion systems is supporting market growth.
The Global electric boat market the size should reach $ 14.64 billion by 2027, by registering a 11.2% CAGR from 2020 to 2027, according to a new report from Grand View Research, Inc. The growing sensitivity of various international maritime authorities to a cleaner environment has supported the demand for a zero emission marine electric vessel. Moreover, the increasing adoption of electric powered vessel for domestic freight and passenger transportation is expected to drive the market growth during the forecast period.
Vessels equipped with conventional internal combustion engine propulsion and propeller systems are directly connected to the engine with the shaft, which creates a high level of friction and vibration, thus decreasing the overall efficiency of the vessel. In addition, the vibrations created by this connection generate structural fatigue in the structure of the ship and discomfort for the crew / passengers.
However, in the electric propulsion of ships, there is no physical connection of the power source to the propeller, which reduces the noise, vibrations and friction generated by this connection. In addition, the increased attention of international maritime authorities to limit noise and vibrations in the ship has forced shipbuilders to invest and adopt alternative technologies in accordance with environmental regulations. In addition, the high adoption of low vibration propulsion system in luxury cruises and yachts is expected to significantly boost the market growth during the forecast period.
The conventional internal combustion engine encapsulates a lot of space compared to an electric propulsion system due to its machines physically connected from the power source and the propeller through a shaft. Switching from conventional engines to electric propulsion system can save a lot of space in the ship, which can further be used to carry additional cargo and passengers to generate more profit in this competitive era. In addition, the internal combustion engine of large ships runs on bunker fuel due to its low cost, although it generates a high volume of sulfur emissions. However, the increased focus of shipbuilders on reducing sulfur emissions, along with increased effectiveness and efficiency, are expected to positively impact the growth of the market during the forecast period.
In addition, the increasing adoption of electric defense technology in naval defense, such as laser cannons and rail cannons, is expected to boost the electrically powered ship. The energy requirements of technologies, such as laser cannons and medium to large caliber rail cannons, are in the millions of amperes. These systems cannot be installed on conventional ships due to their huge power requirement and none of the ships can generate or store such an amount of energy. Moreover, in an electric boat, the energy generated can be diverted to these new technology weapons, which has led to the adoption of these ships in the naval defense forces.
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Highlights of the Electric Vessels Market Report
• By power source, the hybrid segment is expected to have the highest CAGR during the forecast period due to the presence of an additional propulsion option, reducing the risk on long trips.
• On the basis of power output, the under 75 kW segment is expected to experience the fastest growth throughout the forecast period due to its adoption in maritime tourism, border patrol and utility vessels. specialized
• Based on the level of autonomy, a fully autonomous vessel is expected to be marketed by 2020. As a result, the market is mainly focused on semi-autonomous technologies.
• Asia Pacific is expected to register the second highest CAGR during the forecast period due to the high rate of manufacturing and industrialization coupled with huge trade volume of this region across the world.
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Segmentation of the electric vessel market
Grand View Research has segmented the global electric vessel market on the basis of power source, power output, range level, vessel type, and region:
Electric Ships Power Source Outlook (Revenue, USD Million, 2016 – 2027)
• Fully electric
Electric Vessels Power Output Outlook (Revenue, USD Million, 2016 – 2027)
• 75-745 kW
• 746-7 560 kW
•> 7,560 kW
Electric Ships Autonomy Level Outlook (Revenue, USD Million, 2016-2027)
• Fully autonomous
Electric Vessel Type Outlook (Revenue, USD Million, 2016 – 2027)
• Commercial vessel
• Passenger cruise
• Bulk carriers and container ships
• Defense vessel
• Aircraft carriers
• Special vessel
Regional Electric Ships Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• The Nordic countries
• Asia Pacific
• South Korea
• Latin America
• Middle East and Africa
List of key players in the electric vessels market
• Boesch Motorboote
• Bureau Veritas
• Canadian Electric Boat Company
• Corvus Energy Ltd.
• Yara Birkeland
• a Duffy electric boat
• General dynamics (electric boat)
• Kongsberg Gruppen ASA
• Electrovaya inc.
• Triton submarines
• Vard (FINCANTIERI SpA)
• Baltic AS work boats
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About Grand View Search
Grand View Research is a market research and consulting company that offers market research reports, syndicated reports and personalized reports. The company is headquartered in San Francisco, California. It offers customer engagement for business consulting and market intelligence in various fields. The clientele is based in various countries with queries from over 50 industries around the world.
Grand View Research helps clients make informed decisions by helping them understand current trends and scenarios. Each year, Grand View Research performs more than 300 multi-country market studies to optimize advice to clients.
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