Market Overview:
Global Electric Ships Market Size Was Valued at USD 5.66 Billion In 2022 And Is Projected to Reach USD 12.94 Billion By 2030, Growing at A CAGR of 10.9% From 2023 To 2030.
The first electric cargo ship was launched by China in 2017 in Guangzhou city. It traveled about 80 km on a single charge. This incorporation of electric ships by governments is boosting market growth. The maritime industry is an important segment of the transportation sector, as it is responsible for the transportation of 80% of the world's commodities according to, the United Nations Conference on Trade and Development. The maritime industry emits 14% of the global greenhouse gases (GHGs), making it the fourth-biggest sector in emissions globally responsible for global warming. To reduce emissions and to achieve the low-carbon standards required by global societal needs, the use of electric ships is a boon. Moreover, there has been a rapid increase in the utilization of electric power in ships, for the development of more efficient and environmentally friendlier ships, which further promotes a more flexible ship power system operation and configuration.
Top Key Players in Electric Ships Market:
ABB (Switzerland), ECO Marine Power Co Ltd. (UK), Anglo Belgian Corporation NV (Belgium), Bae Systems (UK), Corvus Energy (Canada), Echandia Marine AB (Sweden), EST Floattech (Netherlands), General Dynamics Electric Boat (US), General Electric (US), Kongsberg Gruppen (Norway), Leclanché SA (Switzerland), Man Energy Solutions (Germany), Norwegian Electric Systems (Norway), Siemens (Germany), and Other Major Players.
Market Dynamics and Factors for Electric Ships Market:
Drivers:
Advancements In Technology Used In Electric Ships
The advancements in technology used in electric ships have simplified the propulsion system, including the sophisticated reduction gear used to run the ship thus propelling the expansion of electric ship markets in the period of forecast. Moreover, the incorporation of electric ships has decreased the financial burden of maintenance and repair including life cycle costs due to the fact, that electric ship utilizes integrated propulsion motors with power generation motors to support the internal electrical load. Furthermore, electric ships aid in silencing the onboard noise thus reducing the impact caused by the movement of the ship on the marine animals. Additionally, electric ships enhance fuel efficiency during travel owing to the ability to maintain a constant rotational speed that offers good fuel efficiency in the motors used for producing propulsive electric power.
Opportunities:
Rising In Investments By Governments
Recently there has been a rise in investments by governments in electric ships, to make them compatible for long-distance transportation and to deploy charging stations at numerous points. Moreover, advancements in technology have improved the efficiency of hybrid-electric propulsion systems utilized in electric ships. Maritime tourism has observed significant growth in recent years. The increasing popularity of cruises, yachts, personalized boats, and small boats is proving a vital opportunity for the market players to develop electric ships according to need. Furthermore, the rapid rise in the integration of electric or hybrid propulsion systems to reduce carbon emissions and preserve the natural flora and fauna of the marine ecosystem is instigating market players to manufacture electric motors.
Segmentation Analysis of the Electric Ships Market:
By Power Source, the hybrid segment is anticipated to dominate the market in the period of forecast. Hybrid electric propulsion systems generate less pollution compared to conventional engines which use heavy fuel.
By Mode of Operation, the semi-autonomous segment is predicted to have the highest share of the electric ship market. To sustain the proper functioning and maintenance of a hybrid propulsion system there is a need for crew members to look after it, thus propelling the growth of this segment.
Regional Analysis of the Electric Ships Market:
The European region is forecasted to have the highest share of the electric ship market during the forecast period. The growing demand in this region is attributed to the rising awareness of emissions from the maritime industry. Moreover, the incentives offered by the governments to the manufacturing companies in this region are further boosting the growth of the electric ship market. To make maritime transportation environmentally friendly countries such as Denmark, Norway, and the UK are actively incorporating the use of electric ships for inland passenger and goods transportation.
Key Industry Development:
In September 2021, ABB launched its innovative technology the Containerized Energy Storage System (ESS) to meet the rapidly rising demand of low and zero-emission from ships. Containerized ESS provides a complete, plug-in solution to install sustainable marine energy storage at scale housed in a 20ft high-cube ISO container and ready to incorporate with the vessel's main power distribution system.
In September 2021, BAE Systems will use its expertise in providing integrated solutions in electric propulsion and power management, alongside its experience in vessel autonomy by working on two separate projects in the city with Cory, Waste to the Energy Management company, and Uber Boat by Thames Clippers, a ferry operator.
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- US
- Canada
- Mexico
Eastern Europe
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Russia
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
