Report : North America 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)
Hybrid Electric Ships Segment to Dominate North America Electric Ship Market During 2021–2028
According to a new market research study on “North America 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$ 2272.17 million by 2028 from US$ 1054.16 million in 2021. The market is estimated to grow at a CAGR of 11.6% from 2021 to 2028. The report provides trends prevailing in the North America electric ship market along with the drivers and restraints pertaining to the market growth. Rise in adoption of hybrid and electric propulsion systems for retrofitting ships and increasing regulatory support from government authorities and industry associations are the major factor driving the growth of the North America electric ship market. However, limited range and capacity of fully electric ships hinders the growth of North America electric ship market.
The North America electric ship market is segmented based on type, power, range, ship type and country. Based on type, the North America 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 North America electric ship market in 2020. Based on power, the North America 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 North America electric ship market in 2020. Based on range, North America electric ship market is segmented into Less than 50 Km, 50 - 100 Km, 101 - 1000 Km and More than 1000 Km. The 50 - 100 Km segment dominated the North America electric ship market in 2020. Based onship type, North America electric ship market is segmented into cruise ships, ferries, tankers, bulk carriers, fishing vessels, destroyers, aircraft carriers, and others. The others segment dominated the North America electric ship market in 2020. Based on country, the North America electric ship market is segmented into US, Canada, and Mexico. The US segment dominated the North America electric ship market in 2020.
BAE System; Duffy Electric Boat Company; General Dynamic Electric Boat; MAN Energy Solution; Siemens Energy; and Vard AS are among the leading companies in the North America 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, BAE Systems had launched next-generation power and propulsion system to help marine operators reach zero emissions. It provides a flexible solution improving electrical efficiency and vessel range, increasing propulsion power, and simplifying installation.
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