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Electric Ships Market Opportunity Assessment, Market Challenges, Key vendor analysis, Vendor landscape by 2026

Author : Ronak Bora | Published Date : 2020-09-21 

The electric ships market is anticipated to expand significantly in upcoming years owing to the technological advancements in energy storage solutions and stringent environmental safety measures. The use of electric-power based vessels is expected to have a positive effect on the environment. Some of the factors which make it possible are that the consumption of fuel in ship decreases, leading to a significant reduction in fossil fuel based emission.

The space which is needed for the electrical propulsion machinery installation is also much lesser and compact as compared to the traditional systems. This in turns leads to the creation of additional load space on the ship. Additionally, the life cycle costs of the ship are also decreased owing to lower maintenance costs and less amount of fuel consumption. The use of electric based ships involves various technologies namely diesel-electric drive, hybrid drive, and fully electric drive.

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The diesel-electric drive is enabled with diesel generators for generating the electricity. This in turn drives the electric engine moving the ship's propellers. The hybrid drive comprises of batteries as well as internal combustion engine. These engines can be switched on in addition, for a shorter time period, when there is a need for power peak.

They can also be helpful in storing surplus energy like the one generated from the diesel generator. This permits the ship to sail by using electricity for some time. The fully electric drive does not comprise internal combustion engine since all the energy comes from the batteries.

Electric ships market is bifurcated in terms of power source, system, operation, platform, end-use, and regional landscape.

With respect to power source, the electric ships market is divided into hybrid and electric. Among these, the electric power source segment will witness growth owing to the technological developments in batteries and other energy storage devices.

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In terms of system, the overall electric ships market is classified into energy storage, energy conversion, energy generation, and energy distribution. Among these, the energy conversion segment is projected to register distinguished demand due to its more efficient energy conversion system with low operational cost. Introduction of highly effective solar panels and hydrogen cells among other energy generation devices, will drive the industry expansion of the energy generation segment.

Based on operation, the electric ships market is categorized into autonomous and manned. Easy integration of technologies supporting manned operations is supporting the market growth for electric ships.

From a regional frame of reference, the market growth of electric ships in Latin America can be attributed to the increasing urbanization within the region. The Middle East & Africa electric ships market is likely to witness growth owing to the rising government expenditure towards the acquisition of defense naval vessels.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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