Electric Ship Market 2030: Innovations in Eco-Friendly Shipbuilding
Electric Ship Market Growth & Trends The global electric ship market size is projected to reach USD 17.91 billion by 2030, growing at a CAGR of 10.9% during the forecast period, according to a recent analysis from Grand View Research, Inc. The growing sensitivity of various international maritime authorities toward a cleaner environment has supported the demand for a zero-emission marine electric vessel. Additionally, the rising adoption of electric ships for inland cargo and passenger transportation is anticipated to boost the market’s growth over the forecast period. Marine vessels with conventional internal combustion engine-based propulsion systems and propellers are directly connected to the engine with the shaft, creating a high friction and vibration level, thereby decreasing the ship's overall efficiency. Also, the vibrations created by this connection generate structural fatigue in the vessel structure and discomfort to the crew/passengers. However, in ele...