Electric Ship Market Forecasts to 2028 - Global Analysis By Power Source (Hybrid and Fully Electric), Tonnage (<500 DWT, 500-5,000 DWT, 5,001-15,000 DWT and >15,000 DWT), Power Output (Less than 75 kW, 75-745 kW, 746-7560 kW and More than 7560 kW), Range, Vessel Type, Level of Autonomy, System, Mode of Operation, End User and By Geography
Estimated Year Value (2022)
US $4.75 BN
Projected Year Value (2028)
US $14.18 BN
CAGR (2022 - 2028)
North America, Europe, Asia Pacific, South America, and Middle East & Africa
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa
Highest Growing Market
According to Stratistics MRC, the Global Electric Ship Market is accounted for $4.75 billion in 2022 and is expected to reach $14.18 billion by 2028 growing at a CAGR of 20.0% during the forecast period. An electric ship is a type of electric vehicle built to perform nautical tasks using batteries as propulsion rather than fuel. Electric ship batteries are comparable to those used in electric vehicles. Ferries and smaller passenger ships on interior rivers are the most common types of electric ships. They only make short voyages and dock frequently. The need for an electric-powered marine ship has increased due to the desire to reduce carbon footprints and reduce fuel consumption.
According to the International Maritime Organization (IMO), the shipping industry is responsible for around 2-3% of global greenhouse gas emissions, with emissions expected to increase by up to 250% by 2050 if no action is taken.
Reducing carbon emissions is necessary
One of the key factors propelling the demand for electric ships is carbon emissions. Around 2 to 3% of the world's greenhouse gas emissions are attributable to the shipping sector, and as global trade and shipping volumes expand, this percentage is anticipated to rise. Climate change, which is a result of carbon emissions, can have major and far-reaching effects on ecosystems, economies, and society. Governments all over the globe have put in place rules and goals targeted at cutting carbon emissions from the shipping sector to address this issue. Investments by shipping corporations in low-carbon technologies, such as electric ships, are required.
Long downtime for ship modifications
The need to lower greenhouse gas emissions from ships is a result of the escalating climate changes. Alternate propulsion or scrubber installation, however, is a time-consuming and expensive process. When installing scrubbers and modifying the propulsion system, the ship must stop operating, which could mean losing money. However, for small operators, it would be difficult to convert ships due to financial constraints. Ship-owners with large revenue pockets can bear the conversion expense. The system that is installed to upgrade the ship's propulsion will affect the installation expenses.
Large ship hybrid propulsion technology
Storage of energy is essential to optimize its use in hybrid ships; it is also critical for the use of electric propulsion. Propulsion systems powered by batteries are designed for and commonly used in smaller ships, while engine manufacturers are focusing on hybrid battery solutions for larger vessels. Parameters such as safety, availability of materials used, and durability should be checked and ensured that battery-driven vessels are competitive as compared to conventional ones.
High initial investment costs
It takes time and money to retrofit ships with electric or hybrid propulsion systems. Depending on the type of ship and configuration chosen, the capital expenditure needed to retrofit the ship alone is substantial and can reach millions of dollars. An additional element to take into account while retrofitting is revenue loss resulting from the non-operation of their old ships. Therefore, to help reduce capital expenditure, ship owners should consider the current estimated life of the ship, the ship's potential to earn enough to repay the capital expenditure in the shortest amount of time, and the scrap value at the end of the life.
Financiers and original equipment manufacturers have been forced to delay funding for cutting-edge initiatives like independent vessel operations because of the COVID-19 pandemic. The worrying effect on the supply of materials for battery systems has also been a big worry for a very long time. Only a few raw materials, mainly from China and Japan, are imported, cobalt, nickel, and lithium. Some nations have been placed fully under lockdown because of the pandemic.
The fully electric segment is expected to be the largest during the forecast period
The fully electric segment is estimated to have a lucrative growth, due to the rising use of totally electric propulsion for small passenger ships and ferries operating on interior waterways are expected to support an increase in demand for fully electric ships. Additionally, the primary power source for these goods is typically solar energy, lithium or lead-acid batteries, or fuel cells.
The commercial segment is expected to have the highest CAGR during the forecast period
The commercial segment is anticipated to witness the highest CAGR growth during the forecast period. In the commercial section are goods ships such as holder's ships, big haulers, mass transporters, and general goods ships. Travelling ships like yachts and ships are also mentioned, along with other types of ships like fishing boats, workboats, dredger pulls, research vessels, and submarines.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the region's demand for these ships is said to have increased over the course of the study because more important vendors, particularly in China and Japan, are emphasising the promotion of electrification in large-sized vessels, along with booming trade from seaports and the establishment and growth of ports in those nations.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to the growing acceptance and use of these ships, rising concern about maritime emissions, increased presence of modern or digitalized ports, and the availability of the items on the market from top shipbuilding vendors. Additionally, the growing demand for electric leisure and recreational vessels in water sports, fishing, and marine tourism is supporting the product supply in this region, which is expanding the market at a quick rate given the state of the global economy.
Key players in the market
Some of the key players profiled in the Electric Ship Market include Kongsberg, MAN Energy Solutions SE, Leclanché SA, ABB, Corvus Energy, Wartsila, Siemens, Norwegian Electric Systems AS, General Dynamics Electric Boat, Vard, BAE Systems, SAFT, Echandia Marine AB, General Electric and Anglo Belgian Corporation
In September 2020, Corvus Energy secured a contract from Holland Ship Electric to supply lithium-ion-based energy storage systems for five new ships being built by Holland Shipyards Group for GVB, Amsterdam’s municipal public transport provider.
In April 2019, Kongsberg completed the acquisition of Rolls-Royce Commercial Marine (RRCM) from Rolls-Royce plc. It integrated the company into its Kongsberg Maritime division. The acquisition would further strengthen the company's expertise in autonomous vessel and maritime digitalization technologies.
Power Sources Covered:
• Fully Electric
• <500 DWT
• 500–5,000 DWT
• 5,001–15,000 DWT
• >15,000 DWT
Power Outputs Covered:
• Less than 75 kW
• 75-745 kW
• 746-7560 kW
• More than 7560 kW
• <50 km
• 50–100 km
• 101–1,000 km
• >1,000 km
Vessel Types Covered:
• Commercial Vessel
• Defense Vessel
Level of Autonomies Covered:
• Fully Autonomous
• Power Generation
• Energy Storage
• Power Distribution
• Power Conversion
Mode of Operations Covered:
• Remotely Operated
End Users Covered:
• Newbuild & Line Fit
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
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 2020, 2021, 2022, 2025, and 2028
- 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
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All the customers of this report will be entitled to receive one of the following free customization options:
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Table of Contents
1 Executive Summary
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
3 Market Trend Analysis
3.6 End User Analysis
3.7 Emerging Markets
3.8 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 Power Source
5.3 Fully Electric
6 Global Electric Ship Market, By Tonnage
6.2 <500 DWT
6.3 500–5,000 DWT
6.4 5,001–15,000 DWT
6.5 >15,000 DWT
7 Global Electric Ship Market, By Power Output
7.2 Less than 75 kW
7.3 75-745 kW
7.4 746-7560 kW
7.5 More than 7560 kW
8 Global Electric Ship Market, By Range
8.2 <50 km
8.3 50–100 km
8.4 101–1,000 km
8.5 >1,000 km
9 Global Electric Ship Market, By Vessel Type
9.2 Commercial Vessel
9.3 Defense Vessel
10 Global Electric Ship Market, By Level of Autonomy
10.3 Fully Autonomous
11 Global Electric Ship Market, By System
11.2 Power Generation
11.3 Energy Storage
11.4 Power Distribution
11.5 Power Conversion
12 Global Electric Ship Market, By Mode of Operation
12.2 Remotely Operated
13 Global Electric Ship Market, By End User
13.2 Newbuild & Line Fit
14 Global Electric Ship Market, By Geography
14.2 North America
14.3.6 Rest of Europe
14.4 Asia Pacific
14.4.5 New Zealand
14.4.6 South Korea
14.4.7 Rest of Asia Pacific
14.5 South America
14.5.4 Rest of South America
14.6 Middle East & Africa
14.6.1 Saudi Arabia
14.6.4 South Africa
14.6.5 Rest of Middle East & Africa
15 Key Developments
15.1 Agreements, Partnerships, Collaborations and Joint Ventures
15.2 Acquisitions & Mergers
15.3 New Product Launch
15.5 Other Key Strategies
16 Company Profiling
16.2 MAN Energy Solutions SE
16.3 Leclanché SA
16.5 Corvus Energy
16.8 Norwegian Electric Systems AS
16.9 General Dynamics Electric Boat
16.11 BAE Systems
16.13 Echandia Marine AB
16.14 General Electric
16.15 Anglo Belgian Corporation
List of Tables
1 Global Electric Ship Market Outlook, By Region (2020-2028) ($MN)
2 Global Electric Ship Market Outlook, By Power Source (2020-2028) ($MN)
3 Global Electric Ship Market Outlook, By Hybrid (2020-2028) ($MN)
4 Global Electric Ship Market Outlook, By Fully Electric (2020-2028) ($MN)
5 Global Electric Ship Market Outlook, By Tonnage (2020-2028) ($MN)
6 Global Electric Ship Market Outlook, By <500 DWT (2020-2028) ($MN)
7 Global Electric Ship Market Outlook, By 500–5,000 DWT (2020-2028) ($MN)
8 Global Electric Ship Market Outlook, By 5,001–15,000 DWT (2020-2028) ($MN)
9 Global Electric Ship Market Outlook, By >15,000 DWT (2020-2028) ($MN)
10 Global Electric Ship Market Outlook, By Power Output (2020-2028) ($MN)
11 Global Electric Ship Market Outlook, By Less than 75 kW (2020-2028) ($MN)
12 Global Electric Ship Market Outlook, By 75-745 kW (2020-2028) ($MN)
13 Global Electric Ship Market Outlook, By 746-7560 kW (2020-2028) ($MN)
14 Global Electric Ship Market Outlook, By More than 7560 kW (2020-2028) ($MN)
15 Global Electric Ship Market Outlook, By Range (2020-2028) ($MN)
16 Global Electric Ship Market Outlook, By <50 km (2020-2028) ($MN)
17 Global Electric Ship Market Outlook, By 50–100 km (2020-2028) ($MN)
18 Global Electric Ship Market Outlook, By 101–1,000 km (2020-2028) ($MN)
19 Global Electric Ship Market Outlook, By >1,000 km (2020-2028) ($MN)
20 Global Electric Ship Market Outlook, By Vessel Type (2020-2028) ($MN)
21 Global Electric Ship Market Outlook, By Commercial Vessel (2020-2028) ($MN)
22 Global Electric Ship Market Outlook, By Defense Vessel (2020-2028) ($MN)
23 Global Electric Ship Market Outlook, By Level of Autonomy (2020-2028) ($MN)
24 Global Electric Ship Market Outlook, By Semi-Autonomous (2020-2028) ($MN)
25 Global Electric Ship Market Outlook, By Fully Autonomous (2020-2028) ($MN)
26 Global Electric Ship Market Outlook, By System (2020-2028) ($MN)
27 Global Electric Ship Market Outlook, By Power Generation (2020-2028) ($MN)
28 Global Electric Ship Market Outlook, By Energy Storage (2020-2028) ($MN)
29 Global Electric Ship Market Outlook, By Power Distribution (2020-2028) ($MN)
30 Global Electric Ship Market Outlook, By Power Conversion (2020-2028) ($MN)
31 Global Electric Ship Market Outlook, By Mode of Operation (2020-2028) ($MN)
32 Global Electric Ship Market Outlook, By Remotely Operated (2020-2028) ($MN)
33 Global Electric Ship Market Outlook, By Manned (2020-2028) ($MN)
34 Global Electric Ship Market Outlook, By Autonomous (2020-2028) ($MN)
35 Global Electric Ship Market Outlook, By End User (2020-2028) ($MN)
36 Global Electric Ship Market Outlook, By Newbuild & Line Fit (2020-2028) ($MN)
37 Global Electric Ship Market Outlook, By Retrofit (2020-2028) ($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
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