According to the latest market research report the "Electric Ships Market by Ship Type (Commercial, Defense), End-Use (Newbuild & Line Fit, Retrofit), System (Energy Storage, Power Conversion, Power Generation, Power Distribution), Mode of Operation, Range, Power, Type, and Region - Global Forecast to 2030", is projected to grow from USD 5.2 billion in 2019 to USD 15.6 billion by 2030, at a CAGR of 13.2% from 2025 to 2030. Two forecast periods, i.e., 2019 to 2025 and 2025 to 2030, are covered in this market report, as the adoption of electric propulsion systems is estimated to grow at a higher rate post-2025. The growth of the market can be attributed to the demand for fully electric ships for passenger transport, and hybrid ships for commercial and defense applications.

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