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Based on Ship Type, the commercial segment is expected to dominate market share during the forecast period. Increasing adoption of hybrid and fully ship systems that are being adopted to replace conventional ships on the account of rising environmental concerns and focusing on reducing fuel and operational costs.
Based on Type, the fully electric segment is projected to have the highest CAGR during the forecasted period. The increasing fleet expansion in terms of fully electric-driven ships is a measure adopted by the marine industry to counter the effects of emissions. The growth of the fully electric segment can also be attributed to the increasing demand for fully electric small and medium passenger and cargo ships. Several manufacturers are jointly investing in the manufacturing of ships adhering to the IMO 2020 rule.
Based on Ship Power, the 75-150 kW segment is expected to have the larger market share during the forecast period. Owing to lower cost of retrofitting the vessels, such as small inland cargo vessels, medium-sized passenger ferries and container vessels, to hybrid-propulsion systems this segment is witnessing higher growth.
Based on Region, Europe accounted for the largest market share in 2022, and it is also projected to witness the highest CAGR during the forecast period. The growth of the shipbuilding industry in Europe is one of the most significant factors contributing to the demand for ships with hybrid propulsion in the region. Increasing investments in the electrification of ships and the restructuring efforts undertaken by ship manufacturing companies are additional factors driving the growth of the Electric Ship market in Europe.
Key Market Players
Major players operating in the Electric Ship market include ABB (Switzerland), Leclanché S.A. (Switzerland), Siemens AG (Germany), Wartsila (Finland) and Kongsberg Gruppen (Norway). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific.
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