Electric Ship Market
Electric Ship Market Forecasts to 2032 – Global Analysis By System (Energy Storage Systems, Power Conversion Systems: Generators, Conversion Devices, Power Distribution Systems, Power Generation Systems, and Propulsion Systems), Ship Type, Power Type, Power Range, Operation, and By Geography
According to Stratistics MRC, the Global Electric Ship Market is accounted for $4.9 billion in 2025 and is expected to reach $23.2 billion by 2032, growing at a CAGR of 24.6% during the forecast period. Electric ship market comprises developers that create fully electric and hybrid-electric systems for powering ships, along with batteries, power electronics, and charging stations for boats like ferries, workboats, and short-distance commercial ships. It helps make shipping more environmentally friendly by using quieter and cleaner methods, using less fuel, and meeting emission rules better due to better energy-storage technologies, improved ship designs, and increasing interest from ports, operators, and coastal transport systems.
Market Dynamics:
Driver:
Stringent Environmental Regulations
International Maritime Organization (IMO) regulations, such as the Carbon Intensity Indicator (CII), are compelling shipowners to drastically reduce emissions. This regulatory pressure makes electric and hybrid propulsion systems not just an alternative but a compliance necessity for new builds and retrofits. Consequently, naval architects and manufacturers are increasingly prioritizing zero-emission technologies to meet these stringent global standards and avoid financial penalties, thereby accelerating market adoption.
Restraint:
High Initial Investment
The substantial upfront cost of electric propulsion systems presents a significant barrier to widespread adoption. This includes the expense of advanced batteries, electric motors, power conversion devices, and integrated software, which collectively exceed the cost of conventional marine diesel systems. Moreover, the required shore-side charging infrastructure demands further port investment. This high capital expenditure can deter shipowners, especially those with older fleets, by extending the return on investment timeline and challenging the financial viability of a transition to electric power.
Opportunity:
Growth in Short-Sea Shipping
The expansion of short-sea shipping and inland waterway transport offers a substantial growth avenue for electric vessels. These routes are ideally suited for electrification due to their predictable schedules, shorter distances, and proximity to port charging infrastructure. Ferries, tugboats, and coastal cargo vessels can leverage battery power effectively, eliminating emissions in sensitive port cities and coastal areas. This operational niche allows for the practical demonstration of electric propulsion's benefits, paving the way for broader market acceptance and technological refinement.
Threat:
Competition from Alternative Fuels
The development of alternative low-carbon fuels poses a competitive threat to full electrification. Fuels like green methanol, ammonia, and hydrogen are gaining traction as viable options for decarbonizing deep-sea shipping, a segment where current battery technology is less feasible. Furthermore, the established global fuel distribution network provides a foundational advantage for these drop-in solutions. This competition could potentially limit the market share of all-electric systems to shorter routes, dividing investment and slowing the overall pace of industry-wide electrification.
Covid-19 Impact:
The pandemic initially disrupted the electric ship market through supply chain bottlenecks and project delays, stalling new orders and construction. However, the crisis also acted as a catalyst for long-term growth. It intensified the focus on supply chain resilience and sustainable logistics, aligning with environmental goals. As the global economy recovered, pent-up demand and government stimulus packages promoting green infrastructure accelerated investment in electric ferries and port electrification, ultimately bolstering market momentum post-crisis.
The energy storage systems (ESS) segment is expected to be the largest during the forecast period
The energy storage systems (ESS) segment is expected to account for the largest market share during the forecast period. Its dominance is driven by the critical need for efficient energy storage to power vessels entirely on electricity. Continuous advancements in lithium-ion technology, which enhance energy density and reduce costs, are key factors. Moreover, the segment's growth is inextricably linked to the expansion of the entire electric ship market, as every vessel requires a robust and reliable ESS as its fundamental power source.
The commercial vessels segment is expected to have the highest CAGR during the forecast period
Over the forecast period, the commercial vessels segment is predicted to witness the highest growth rate. Intense pressure from port authorities and the public to reduce emissions and noise pollution in coastal and urban waterways fuels this surge. The operational profiles of these vessels, characterized by regular routes and frequent port calls, make them ideal candidates for electrification. Additionally, the clear economic benefit of lower operational expenses over the vessel's lifecycle provides a compelling financial argument for owners to invest.
Region with largest share:
During the forecast period, the Europe region is expected to hold the largest market share, anchored by the European Union's ambitious Green Deal and stringent regional regulations that surpass global standards. Furthermore, significant government and private investment in R&D and charging infrastructure, particularly in the Nordic countries, creates a fertile environment for adoption. The presence of major industry players and early, large-scale deployments of electric ferries solidify Europe's position as the current dominant and most mature market for electric ships.
Region with highest CAGR:
Over the forecast period, the Asia Pacific region is anticipated to exhibit the highest CAGR, propelled by massive investments in port modernization and the world's largest shipbuilding industries in China, South Korea, and Japan. The region's extensive coastlines and dense network of short-sea shipping routes present a vast addressable market. Additionally, growing governmental support for clean coastal transportation to combat severe urban air pollution is creating a powerful policy-driven push for the adoption of electric vessel technologies.
Key players in the market
Some of the key players in Electric Ship Market include ABB Ltd., Wärtsilä Corporation, Kongsberg Gruppen ASA, Siemens AG, MAN Energy Solutions SE, Corvus Energy Inc., Leclanché SA, Mitsubishi Heavy Industries, Ltd., Hyundai Heavy Industries Co., Ltd., Samsung Heavy Industries Co., Ltd., Damen Shipyards Group, Vard Holdings Limited, Rolls-Royce plc, Schottel GmbH, Cavotec SA, and Anglo Belgian Corporation NV.
Key Developments:
In September 2025, Technology group Wärtsilä has been selected to deliver a fully integrated electric propulsion system with waterjets for two new high-speed catamaran ferries being built for Danish ferry operator Molslinjen. The battery-electric vessels are being built at the Incat shipyard in Tasmania, with Wärtsilä supplying the integrated electric propulsion system, the DC power conversion system, its energy management and automation systems, eight electric propulsion motors and waterjets, as well as the Wärtsilä ProTouch propulsion control system for smooth and efficient sailing.
In January 2025, ABB, together with Hyundai Heavy Industries, announced a collaboration to develop high-capacity DC grid systems for large electric ships, enhancing power infrastructure for ship electrification.
Systems Covered:
• Energy Storage Systems (ESS)
• Power Conversion Systems (PCS)
• Power Generation Systems
• Propulsion Systems
Ship Types Covered:
• Commercial Vessels
• Defense Vessels
• Special Purpose Vessels
Power Types Covered:
• Fully Electric
• Hybrid Electric
Power Ranges Covered:
• Low Power (Less than 1 MW)
• Medium Power (1 MW to 5 MW)
• High Power (5 MW to 20 MW)
• Very High Power (Above 20 MW)
Operations Covered:
• Manned
• Autonomous / Remotely Operated
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2024, 2025, 2026, 2028, and 2032
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Emerging Markets
3.7 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Electric Ship Market, By System
5.1 Introduction
5.2 Energy Storage Systems (ESS)
5.2.1 Lithium-ion Batteries
5.2.2 Lead-Acid Batteries
5.2.3 Fuel Cells
5.2.4 Other Energy Storage Systems (ESS)
5.3 Power Conversion Systems (PCS)
5.3.1 Generators
5.3.2 Conversion Devices
5.3.3 Power Distribution Systems
5.4 Power Generation Systems
5.4.1 Solar Panels
5.4.2 Range Extenders
5.4.3 Other Power Generation Systems
5.5 Propulsion Systems
5.5.1 Electric Motors
5.5.2 Propellers & Thrusters
5.5.3 Drive Systems
6 Global Electric Ship Market, By Ship Type
6.1 Introduction
6.2 Commercial Vessels
6.2.1 Ferries
6.2.2 Cruise Ships
6.2.3 Container Ships
6.2.4 Bulk Carriers
6.2.5 Tankers
6.2.6 Offshore Support Vessels (OSVs)
6.2.7 Tugs and Barges
6.3 Defense Vessels
6.3.1 Destroyers, Frigates, and Corvettes
6.3.2 Submarines
6.3.3 Aircraft Carriers
6.3.4 Patrol Vessels
6.4 Special Purpose Vessels
6.4.1 Research Vessels
6.4.2 Survey Vessels
6.4.3 Aquaculture Vessels
7 Global Electric Ship Market, By Power Type
7.1 Introduction
7.2 Fully Electric
7.3 Hybrid Electric
7.3.1 Diesel-Electric
7.3.2 Battery-Diesel Hybrid
7.3.3 Gas-Electric Hybrid
8 Global Electric Ship Market, By Power Range
8.1 Introduction
8.2 Low Power (Less than 1 MW)
8.3 Medium Power (1 MW to 5 MW)
8.4 High Power (5 MW to 20 MW)
8.5 Very High Power (Above 20 MW)
9 Global Electric Ship Market, By Operation
9.1 Introduction
9.2 Manned
9.3 Autonomous / Remotely Operated
10 Global Electric Ship Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 ABB Ltd.
12.2 Wärtsilä Corporation
12.3 Kongsberg Gruppen ASA
12.4 Siemens AG
12.5 MAN Energy Solutions SE
12.6 Corvus Energy Inc.
12.7 Leclanché SA
12.8 Mitsubishi Heavy Industries, Ltd.
12.9 Hyundai Heavy Industries Co., Ltd.
12.10 Samsung Heavy Industries Co., Ltd.
12.11 Damen Shipyards Group
12.12 Vard Holdings Limited
12.13 Rolls-Royce plc
12.14 Schottel GmbH
12.15 Cavotec SA
12.16 Anglo Belgian Corporation NV
List of Tables
1 Global Electric Ship Market Outlook, By Region (2024–2032) ($MN)
2 Global Electric Ship Market Outlook, By System (2024–2032) ($MN)
3 Global Electric Ship Market Outlook, By Energy Storage Systems (ESS) (2024–2032) ($MN)
4 Global Electric Ship Market Outlook, By Lithium-ion Batteries (2024–2032) ($MN)
5 Global Electric Ship Market Outlook, By Lead-Acid Batteries (2024–2032) ($MN)
6 Global Electric Ship Market Outlook, By Fuel Cells (2024–2032) ($MN)
7 Global Electric Ship Market Outlook, By Other Energy Storage Systems (ESS) (2024–2032) ($MN)
8 Global Electric Ship Market Outlook, By Power Conversion Systems (PCS) (2024–2032) ($MN)
9 Global Electric Ship Market Outlook, By Generators (2024–2032) ($MN)
10 Global Electric Ship Market Outlook, By Conversion Devices (2024–2032) ($MN)
11 Global Electric Ship Market Outlook, By Power Distribution Systems (2024–2032) ($MN)
12 Global Electric Ship Market Outlook, By Power Generation Systems (2024–2032) ($MN)
13 Global Electric Ship Market Outlook, By Solar Panels (2024–2032) ($MN)
14 Global Electric Ship Market Outlook, By Range Extenders (2024–2032) ($MN)
15 Global Electric Ship Market Outlook, By Other Power Generation Systems (2024–2032) ($MN)
16 Global Electric Ship Market Outlook, By Propulsion Systems (2024–2032) ($MN)
17 Global Electric Ship Market Outlook, By Electric Motors (2024–2032) ($MN)
18 Global Electric Ship Market Outlook, By Propellers & Thrusters (2024–2032) ($MN)
19 Global Electric Ship Market Outlook, By Drive Systems (2024–2032) ($MN)
20 Global Electric Ship Market Outlook, By Ship Type (2024–2032) ($MN)
21 Global Electric Ship Market Outlook, By Commercial Vessels (2024–2032) ($MN)
22 Global Electric Ship Market Outlook, By Ferries (2024–2032) ($MN)
23 Global Electric Ship Market Outlook, By Cruise Ships (2024–2032) ($MN)
24 Global Electric Ship Market Outlook, By Container Ships (2024–2032) ($MN)
25 Global Electric Ship Market Outlook, By Bulk Carriers (2024–2032) ($MN)
26 Global Electric Ship Market Outlook, By Tankers (2024–2032) ($MN)
27 Global Electric Ship Market Outlook, By Offshore Support Vessels (OSVs) (2024–2032) ($MN)
28 Global Electric Ship Market Outlook, By Tugs and Barges (2024–2032) ($MN)
29 Global Electric Ship Market Outlook, By Defense Vessels (2024–2032) ($MN)
30 Global Electric Ship Market Outlook, By Destroyers, Frigates, and Corvettes (2024–2032) ($MN)
31 Global Electric Ship Market Outlook, By Submarines (2024–2032) ($MN)
32 Global Electric Ship Market Outlook, By Aircraft Carriers (2024–2032) ($MN)
33 Global Electric Ship Market Outlook, By Patrol Vessels (2024–2032) ($MN)
34 Global Electric Ship Market Outlook, By Special Purpose Vessels (2024–2032) ($MN)
35 Global Electric Ship Market Outlook, By Research Vessels (2024–2032) ($MN)
36 Global Electric Ship Market Outlook, By Survey Vessels (2024–2032) ($MN)
37 Global Electric Ship Market Outlook, By Aquaculture Vessels (2024–2032) ($MN)
38 Global Electric Ship Market Outlook, By Power Type (2024–2032) ($MN)
39 Global Electric Ship Market Outlook, By Fully Electric (2024–2032) ($MN)
40 Global Electric Ship Market Outlook, By Hybrid Electric (2024–2032) ($MN)
41 Global Electric Ship Market Outlook, By Diesel-Electric (2024–2032) ($MN)
42 Global Electric Ship Market Outlook, By Battery-Diesel Hybrid (2024–2032) ($MN)
43 Global Electric Ship Market Outlook, By Gas-Electric Hybrid (2024–2032) ($MN)
44 Global Electric Ship Market Outlook, By Power Range (2024–2032) ($MN)
45 Global Electric Ship Market Outlook, By Low Power (Less than 1 MW) (2024–2032) ($MN)
46 Global Electric Ship Market Outlook, By Medium Power (1 MW to 5 MW) (2024–2032) ($MN)
47 Global Electric Ship Market Outlook, By High Power (5 MW to 20 MW) (2024–2032) ($MN)
48 Global Electric Ship Market Outlook, By Very High Power (Above 20 MW) (2024–2032) ($MN)
49 Global Electric Ship Market Outlook, By Operation (2024–2032) ($MN)
50 Global Electric Ship Market Outlook, By Manned (2024–2032) ($MN)
51 Global Electric Ship Market Outlook, By Autonomous / Remotely Operated (2024–2032) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
Frequently Asked Questions
In case of any queries regarding this report, you can contact the customer service by filing the “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.
Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.
All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
We offer a free 15% customization with every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
We have 3 different licensing options available in electronic format.
- Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
- 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
- Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.
All our reports are typically be emailed to you as an attachment.
To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.
We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.
Request Customization
We offer complimentary customization of up to 15% with every purchase. To share your customization requirements, feel free to email us at info@strategymrc.com or call us on +1-301-202-5929. .
Please Note: Customization within the 15% threshold is entirely free of charge. If your request exceeds this limit, we will conduct a feasibility assessment. Following that, a detailed quote and timeline will be provided.
WHY CHOOSE US ?
Assured Quality
Best in class reports with high standard of research integrity
24X7 Research Support
Continuous support to ensure the best customer experience.
Free Customization
Adding more values to your product of interest.
Safe & Secure Access
Providing a secured environment for all online transactions.
Trusted by 600+ Brands
Serving the most reputed brands across the world.
