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.
Europe Electric Ship Market 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, electric ship according to report published by the Norwegian Ministry of Climate and Environment.
Europe Electric Ship Market 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.
📚 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐂𝐨𝐩𝐲@ https://www.businessmarketinsights.com/sample/BMIRE00025198
Europe Electric Ship Market 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 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. Europe Electric Ship Market 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.
𝐓𝐡𝐞 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬
BAE System
Fjellstrand AS
X Shore
General Dynamic Electric Boat
Hurtigruten
MAN Energy Solution
PortLiner
Siemens Energy
Vard AS
📚𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭 𝐋𝐢𝐧𝐤 @ https://www.businessmarketinsights.com/reports/europe-electric-ship-market
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
The global maritime industry, a cornerstone of international trade, is facing increasing pressure to address its significant contribution to greenhouse gas (GHG) emissions. In response to mounting environmental concerns, a concerted effort is underway, spearheaded by various marine industry associations and regulatory bodies, to transition towards a more sustainable and environmentally responsible future.
A pivotal moment in this movement occurred in April 2018, when the International Maritime Organization (IMO), the United Nations agency responsible for regulating international shipping, adopted a groundbreaking initial strategy for reducing GHG emissions. This ambitious plan, as highlighted in a report by the Norwegian Ministry of Climate and Environment, sets a target to decrease total annual GHG emissions from international shipping by at least 50% by 2050, compared to 2008 levels. This represents a significant step towards decarbonizing the maritime sector and aligning it with global climate goals.
Vendors in the European electric ship market are capitalizing on these trends by offering a wide range of innovative products and services. They are developing advanced electric propulsion systems, battery solutions, charging infrastructure, and vessel design and integration services. By incorporating new features and technologies, vendors are able to attract new customers and expand their footprints in emerging market segments. The growing demand for sustainable maritime transportation is creating a significant opportunity for vendors to establish themselves as leaders in the electric ship market.
The Europe electric ship market is poised for significant growth in the coming years, driven by regulatory pressures, technological advancements, and increasing customer demand. The transition towards electric propulsion represents a fundamental shift in the maritime industry, paving the way for a more sustainable and environmentally responsible future. The market is expected to grow at a healthy CAGR during the forecast period, reflecting the increasing adoption of electric ships across various applications. The continuous development of new technologies and the expansion of charging infrastructure will further accelerate the growth of the market.
𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:
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