Selbyville, Delaware According to a recent study titled ‘Electric Ships Market Size By Power Source, By System, By Operation, By Platform, By End-Use Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020-2026’, available with Market Study Report LLC, global electric ships market is anticipated to register an appreciable growth rate through 2026.

As per the findings of the report, stringent environmental safety policies, technological advancements, integration of IT in marine industry, and rising investments from defense sector are the major factors driving the global electric ship market growth.

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Notably, electric propulsion machinery requires comparatively lesser space for installation and are much more compact than traditional systems, which in turn, creates additionally load space. Moreover, lower maintenance costs and decreased fuel consumption in electric ships also saves lifecycle costs. These benefits are encouraging the adoption of electric ships. These ships feature an diesel-electric drive or a hybrid drive, or a fully electric drive. Diesel-electric drive operates with diesel generators for producing electricity. Whereas, hybrid drive runs on batteries as well as an internal combustion engine. Lastly, the fully electric drive utilizes only batteries.

Based on power source, global electric ship market from electric segment will experience considerable growth during the forecast period, attributable to technological developments in batteries and other energy storage devices.

Elaborating on system, energy conversion segment is projected to witness an increased demand in the coming years as these systems feature more efficient energy conversion at a low operational cost. Moreover, emergence of reliable and highly effective hydrogen cells and solar panels among other energy generation devices will boost the segmental share.

In terms of operation, global electric ships market is split into autonomous and manned, among which, the latter will continue to showcase strong growth owing to easy integration of technologies that assist manned operations.

Considering the regional outlook, Latin America electric ships market is touted to grow significantly in the ensuing years, largely due to increasing urbanization in the region. Whereas, Middle East & Africa market is fueled by growing expenditure by the government for procurement of defense naval vessels.

Major players influencing global electric ships market trends are Siemens AG, Schottel Group, Saft Groupe S.A., Norwegian Electric Systems AS, MAN Energy Solutions SE, Leclanché SA, Kongsberg Gruppen, General Dynamics Electric Boat, EST Floattech, ECO Marine Power Co., Ltd., Echandia Marine AB, and BAE Systems plc among others.

Questions & Answers: Global Electric Ships Market

Q1: What are the key growth driving factors of global electric ships market?

A: Stringent environmental safety policies, technological advancements, integration of IT in marine industry, and rising investments from defense sector are the major factors driving the global electric ship market growth.

Q2: What are the growth prospects of Middle East & Africa electric ships market?

A: Middle East & Africa market growth is fueled by growing expenditure by the government for procurement of defense naval vessels.

Q3: What are the major players in global electric ships industry?

A: Major players influencing global electric ships market trends are Siemens AG, Schottel Group, Saft Groupe S.A., Norwegian Electric Systems AS, MAN Energy Solutions SE, Leclanché SA, Kongsberg Gruppen, General Dynamics Electric Boat, EST Floattech, ECO Marine Power Co., Ltd., Echandia Marine AB, and BAE Systems plc among others.

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