Electric Ships Market Likely to Grow at a 19.7% CAGR by 2030, Global Trends, Share Analysis, Opportunities, Challenges, Growth Rate, Drivers, Competitive Landscape
Delvens launched a report on “Global Electric Ships Market by Type (Fully electric, Hybrid), Ship Type (Commercial, Defense), System, Mode of Operation (Manned, Remotely Operated, Autonomous), End Use (Newbuild & Linefit, Retrofit), Power, Tonnage, Range, Supply & Demand Side Analysis, and Segment Forecasts, 2023-2030”.
Chicago, May 08, 2023 (GLOBE NEWSWIRE) — The Electric Ships Market is expected to reach $14.9 billion by 2030 from $3.7 billion in 2022, registering impressive expansion at a compound annual growth rate (CAGR) of 19.7%. The Global Electric Ships Market is dominated by major players such as ABB, Leclanché S.A., Siemens AG, Wartsila, and Kongsberg Gruppen among others.
Electric Ships Market report brings together a meticulous study of the present and upcoming opportunities to elucidate the future investment in the Automotive industry. This report introduces top to bottom evaluation of the Electric Ships industry including empowering technologies, key trends, market drivers, challenges, standardization, regulatory landscape, opportunities, future guide, value chain, ecosystem player profiles and strategies. Electric Ships Market report is a valuable source of assistance for companies and individuals that offers industry chain structure, business strategies and proposals for new project investments. The credible Electric Ships Market report also analyses various inhibitors as well as motivators of the market in both quantitative and qualitative manners to make available accurate information to the end users.
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The transition to electrified vessels is accelerated due to high fossil fuel prices, advancements in battery technology, and stricter pollution restrictions. Enhanced battery technology aids shipping companies in reducing costs, pollution, and carbon emissions. Further encouraging the use of electric vessels are government initiatives aimed at reducing marine insurance costs and air pollution in port towns.
Rethinking both domestic and international transportation systems is made possible by electric ships. For instance, the Yara Birkeland, the first fully electric, autonomous cargo ship in the world, will set sail in late 2021, taking 40,000 truck trips powered by diesel each year’s place. By 2030, it is predicted that the global market for electric ships would have grown rapidly to $16.2 billion.
Electric Ships Market Report Scope
| Report Feature | Descriptions |
| Growth Rate | CAGR of 19.7% during the forecasting period, 2023-2030 |
| Historical Data | 2019-2021 |
| Forecast Years | 2023-2030 |
| Base Year | 2022 |
| Units Considered | Revenue in USD billion and CAGR from 2023 to 2030 |
| Report Segmentation | Component, Enterprise, End-User, Industry, and Region. |
| Report Attribute | Market Revenue Sizing (Global, Regional and Country Level) Company Share Analysis, Market Dynamics, Company Profiling |
| Regional Level Scope | North America, Europe, Asia-Pacific, South America, and Middle East and Africa |
| Country Level Scope | U.S., Japan, Germany, U.K., China, India, Brazil, UAE, South Africa (50+ Countries Across the Globe) |
| Companies Profiled | Abb, Wärtsilä, Kongsberg Gruppen, General Electric Company, Vard (Fincantieri), Siemens, Leclanché Sa, BAE Systems, Norwegian Electric Systems As (Havyard Group Asa), Man Energy Solutions SE (Traton Group), Corvus Energy, Echandia Marine AB, General Dynamics Electric Boat, Anglo Belgian Corporation (ABC) NV, Schottel Gmbh, Visedo (Danfoss), Borgwarner, Fjellstrand, Søby Værft A/S, Mitsubishi Shipbuilding Co. Ltd., Eco Marine Power Co. Ltd., Est Floattech, and The Cochin Shipyard, Shift among others. |
| Available Customization | In addition to the market data for Electric Ships Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirement. |
Electric Ships Market Overview
The need for hybrid and completely electric ships, such as ferries, yachts, cruise ships, container ships, and cargo ships, is fuelling the growth of the electric ship market. The need to cut carbon emissions, the push for zero-emission transportation, and developments in energy storage technologies like lithium-ion batteries are important factors influencing this increase. The market is currently dominated by Europe.
The 75-150 kW power range, which includes medium-sized passenger ferries, is an important market segment in the electric ship business. A critical step in lowering emissions from traditional propulsion engines in maritime tourism is the switch to electric ferries. The energy storage system, which is employed in many ship types and includes batteries, ultra-capacitors, flywheels, and fuel cells, is another significant market segment. The most popular option among these for short-range, entirely electric, zero-emission ferries is lithium-ion batteries. For larger ships, hybrid propulsion technology provides interesting possibilities. Electric and conventional propulsion systems are combined in this technology, which offers operating flexibility, lower emissions, and better fuel efficiency. Additionally, during the projection period, manned ships, or conventional crewed boats, are anticipated to dominate the market for electric ships due to the retrofitting of diesel-powered ships with electric and hybrid propulsion systems.
Key Companies & Market Share Insights
Some of the key players operating in the global Electric Ships market are Ubermetrics, YouScan, Agility PR Solutions, Akio Spotter, Astute Social, Brand24, BrandsEye, Brandwatch, Cogia Web Observer, Cisco SocialMiner, Clipit, Cogito, Complexium, Curalate, Daumsoft Social Metrics, Demographics Pro, Digimind Intelligence, Digimind Social, Echobot, Facelift Cloud, Falcon.io, Germin8, Frrole Scout, FirstRain, SemanticForce, SentiMetrix, SentiOne, Silverbakk, SmartFocus, SocialFlow, Ubermetrics, VendAsta’s Reputation Management Platform, Verint Social Engagement, VICO Analytics, VICO PRISY, WaveMetrix, among others.
Recent Developments
Electric ships: the world’s top five projects by battery capacity
- Stena Jutlandica – 50,000kWh – Stena Line, a ferry operator, intends to equip its Stena Jutlandica boat, which travels between the cities of Gothenburg, Sweden, and Frederikshavn, Denmark, with a 1,000kWh battery system.
- AIDAperla – 10,000kWh – Corvus Energy, a developer of energy storage solutions, has provided German cruise line AIDA Cruises with the largest lithium-ion battery system ever delivered to a ship, a 10,000kWh lithium-ion battery system.
- Ellen – 4,300kWh – In June, the ten-month sea trial for the Ellen pure electric ferry project, which took five years to develop, came to an end.
- Project e5 – 4,000kWh – Asahi Tanker, a Japanese marine transportation company, has been developing two electric propulsion tankers that will serve as gasoline delivery ships in Tokyo Bay.
- Guangzhou tanker (2,400 kWh): In 2017, the Chinese company Guangzhou Shipyard unveiled the first electric container ship ever, and a year later it entered commercial service.
Electric Ships Market Segmentation Analysis
The electric ship market has been divided into commercial and defense segments based on ship type. Commercial ships, particularly commercial passenger ships, are adopting electric ship solutions at a faster rate than cargo ships because they are often inland vessels and cover shorter distances. Ferries for passengers are the category with the fastest growth.
During the projected period, the hybrid electric segment is anticipated to dominate the market. Due to the challenges presented by a shorter range and smaller battery capacity, hybrid electric propulsion is advancing more than other types of propulsion. Hybrid propulsion helps vehicles go farther and carry larger loads in addition to enabling reduced emissions.
The electric ship market has been divided into four categories based on tonnage: 500 DWT, 500–5000 DWT, 5001–15000 DWT, and >15000 DWT. For wheeled freight, small container vessels, roll-on, and roll-off vessels are included in the 500-5,000 DWT category. One of the most often utilized forms of transportation and one of the most polluting boats is container ships. To lessen marine pollution, they were the first to have a fully electric setup.
The electric ship market has been divided into two segments based on end use: newbuild & line-fit and retrofit. Currently, cruise ships and offshore vessels are the main users of the diesel-electric hybrid system employed by electric ships. Due to the rise in offshore exploration and the necessity for energy-efficient ships, there has been a yearly growth in the demand for electric ships. Norway is leading by example by making significant investments in ship electrification.
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Regional Insights
Due to the presence of major players, OEMs, and component makers, which are some of the factors anticipated to promote the expansion of the electric ship market in the region, Europe currently leads the global market for electric ships. These companies continually spend money on research and development to create electric ship solutions that are more dependable and efficient. Additional factors influencing the growth of the European Electric Ship market include the rising demand for electric shipping solutions for civil and commercial applications as well as their growing utility in the defense sector for carrying out persistent transport and surveillance activities. ABB (Switzerland), Leclanché S.A. (Switzerland), Siemens AG (Germany), Wartsila (Finland), and Kongsberg Gruppen (Norway) are important producers and providers of Electric ships in this region.
Electric Ships Market Outlook
Below is a list of important parameters that may infuse a positive outlook for the global electric ships market expansion:
Hybrid ships will set new deployment records.
A greater focus is being placed on efficient and environmentally friendly ships, particularly hybrid electric ships, as a result of impending environmental restrictions and rising fuel prices. While a plug-in hybrid ship has a traditional engine and uses shore power to charge its batteries, a full-electric ship’s entire power source is its batteries. They are also recognized to provide solutions for modern ship propulsion systems that are power-dense, effective, and versatile.
Because hybridization with batteries may be utilized with diesel, LNG, and biofuels and does not require any charging infrastructure on land, it is seeing widespread deployment in offshore vessels, ferries, and tugs. The market will increase favorably as hybrid solutions become more popular in situations with significant variations in power output.
Thriving need or the production of power
There has been a growing emphasis on various strategies to minimize emissions as the marine sector gradually embraces decarbonization. The increasing demand for power generation systems has been sparked by escalating worries about the usage of fossil fuels and environmental contamination, particularly in marine boats. Concerns about the variations brought on by strong dynamic loads have increased significantly in ships. Shaft generators and other electrical solutions that are becoming more and more popular will be a key factor in the industry’s growth.
Presence in Europe is expanding
Europe is making quick progress in the development of electric shipping, notably light and short-range ferries, thanks to factors including topography and an abundance of hydroelectric supplies. The emphasis on electrifying coastal vessels is expanding as a result of the dramatically rising CO2 emissions and other pollutants from container ships, freighters, tankers, and cruise liners, particularly in Norway. Another factor having an impact on the market expansion is the growing number of commercial ships in the area that are powered by batteries and motor technology.
Furthermore, as ferries and inland vessels dock regularly, providing the opportunity to exchange container batteries or quickly recharge them, the value of electric driving systems has greatly improved. To maintain competitiveness, several electric ship businesses have been aggressively applying various marketing methods, which has further increased market saturation. For instance, ABB stated in July 2021 that it intended to power the first entirely electric tugboat in the United States to provide optimum efficiency and zero-emission operations.
Delvens Industry Expert’s Standpoint
Due to the demand for more ecologically friendly and environmentally sustainable maritime transportation, the market for electric ships is expected to increase significantly over the next few years. With improvements in hybrid propulsion systems, battery technology, and government policies that are supportive, the use of electric ships is poised to transform domestic and international commerce and usher in a cleaner, greener future.
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Global Electric Ships Market Table of Contents
Ship Type Outlook
- Commercial
- Defense
Type Outlook
- Fully electric
- Hybrid
End-use Outlook
- Newbuild & line fit
- Retrofit
Power Outlook
- <75 kw
- 75–150 kw
- 151–745 kw
- 746–7,560 kw
- >7,560 kw
Tonnage Outlook
- <500 dwt
- 500–5,000 dwt
- 5,001–15,000 dwt
- >15,000 dwt
System Outlook
- Energy storage systems
- Power conversion
- Power generation
- Power distribution
Mode of Operation Outlook
- Manned
- Remotely operated
- Autonomous
Range Outlook
- <50 km
- 50–100 km
- 100–1,000 km
- >1,000 km
Regional Outlook
- Europe
-
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- Austria
- Finland
- Belgium
- Turkey
- Russia
- Poland
- Hungary
- Czech Republic
- Switzerland
- Netherlands
- Rest of Europe
-
- North America
-
- U.S.
- Canada
- Mexico
-
- Asia-Pacific
-
- Japan
- China
- India
- Australia
- South Korea
- Vietnam
- New Zealand
- Philippines
- Thailand
- Malaysia
- Hong Kong
- Taiwan
- Singapore
- Indonesia
- Sri Lanka
- Rest of Asia-Pacific
-
- South America
-
- Brazil
- Argentina
- Chile
- Colombia
- Rest of South America
-
- Middle East And Africa
-
- South Africa
- U.A.E.
- Saudi Arabia
- Oman
- Qatar
- Iran
- Egypt
- Rest of Middle East and Africa
-
Key Players of the Electric Ships Market
- Abb
- Wärtsilä
- Kongsberg Gruppen
- General Electric Company
- Vard (Fincantieri)
- Siemens
- Leclanché Sa
- BAE Systems
- Norwegian Electric Systems As (Havyard Group Asa)
- Man Energy Solutions SE (Traton Group)
- Corvus Energy
- Echandia Marine AB
- General Dynamics Electric Boat
- Anglo Belgian Corporation (ABC) NV
- Schottel GmbH
- Visedo (Danfoss)
- Borgwarner
- Fjellstrand
- Søby Værft A/S
- Mitsubishi Shipbuilding Co. Ltd.
- Eco Marine Power Co. Ltd.
- Est Floattech
- The Cochin Shipyard, Shift
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