SELBYVILLE, Del., Nov. 23, 2021 /PRNewswire/ -- The electric ships market size is anticipated to record a valuation of USD 7 billion by 2027, according to the most recent study by Global Market Insights Inc. The market growth is backed by the increasing usage of advanced technologies, such as 3D printing and electric propulsion, in ships. The 3D printing technology is used by ship builders to develop 3D printed components for the ship models. This technology helps manufacturers to develop a complex free structure with advanced geometry features.
The electric ships market was negatively impacted by the COVID-19 pandemic that emerged in 2020. The COVID-19 pandemic has massively hit the production of critical components required in ship-building and caused a shift in value chains. A majority of ship building companies were forced to halt production and development of new technologies due to the unavailability of raw materials in 2020; however, the industry is expected to witness a steady growth post the reduction in pandemic impact.
The retro fit segment growth is driven by the growing trend of retrofitting electric/hybrid engines in existing ships and vessels. In March 2021, Holland Shipyards Group (HSG) announced to retrofit zero-emission hydrogen (H2) propulsion system on 'Maas', which is a container vessel of Future Proof Shipping (FPS). The new retrofitted propulsion system will be integrated with a 504 kWh lithium-ion (Li-ion) battery pack that will provide peak shaving, secondary & bridging power for the propulsion.
North America electric ship market is showcasing a high demand during the forecast period owing to the increasing emissions of greenhouse gases from diesel-operated ships. According to the U.S. Environmental Protection Agency (EPA) in 2019, the combustion of fossil fuels including gasoline & diesel to transport people and goods has been the largest source of CO2 emissions. It accounted for about 35% of the total U.S. CO2 emissions and 28% of the total U.S. greenhouse gas emissions.
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Prominent market players include ABB, Siemens, HAV Group, Damen Shipyards, Guangzhou Shipyard International Company Ltd., Tersan Shipyard, and Tuco Marine Group. Companies are focusing on partnerships and collaborations to develop technological expertise and enhance market share.
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