Report : Europe Electric Ship Market Forecast to 2028 - COVID-19 Impact and Regional 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)
746 - 7560 Kw Ships Segment to Dominate Europe Electric Ship Market During 2021–2028
According to a new market research study on “Europe Electric Ship Market to 2028 – COVID-19 Impact and Analysis and Forecast by Type, Power, Range, Ship Type, and Country” is expected to reach US$ 3273.91 million by 2028 from US$ 1867.68 million in 2021. The market is estimated to grow at a CAGR of 8.3% from 2021 to 2028. The report provides trends prevailing in the Europe electric ship market along with the drivers and restraints pertaining to the market growth. Increasing in adoption of hybrid and electric propulsion systems for retrofitting ships and growing regulatory support from government authorities and industry associations are the major factor driving the growth of the Europe electric ship market. However, restricted range and capacity of fully electric ships hinders the growth of Europe electric ship market.
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 in 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 in 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 in 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 in the Europe electric ship market in 2020. Based on country, the Europe electric ship market is segmented into Germany, France, Italy, UK, Russia, and Rest of Europe. The Rest of Europe segment dominated in 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 companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, X Shore had launched High-End Eelex Electric Boats in U.S. resulting witnessed a high demand for the Eelex and later 2022 year will open a new factory (in Sweden) with a capacity of building more than 400 boats per year. This initiative is expected to boost the company's sale.
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