Electric Ships Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Description

The Global Electric Ships Market was valued at USD 4.02 billion in 2023 and is projected to grow at a CAGR of over 24.6% from 2024 to 2032. As environmental concerns mount and regulations tighten, the maritime industry is increasingly turning to electric boats and ships as cleaner alternatives. Electric vessels not only significantly cut down greenhouse gas emissions but also reduce noise pollution, making them ideal for urban waterways and environmentally sensitive regions. Government incentives and subsidies further bolster this demand, promoting sustainable practices.

Furthermore, the maritime industry's pivot to electric propulsion mirrors broader trends in transportation, notably the surge of electric vehicles. This shift is also driven by heightened awareness among consumers and operators regarding the environmental repercussions of traditional fossil-fuel-powered vessels. For example, in May 2022, Finland's Ministry of Economic Affairs and Employment initiated a program to foster a sustainable maritime industry, emphasizing low-carbon technologies and digital solutions.

Hybrid propulsion systems, merging electric and traditional diesel or gas engines, are gaining traction in the electric ships sector. These systems provide operational flexibility and efficiency, especially for vessels needing high power at times but can run efficiently on electric power otherwise. Such dual capability not only curtails fuel consumption but also minimizes emissions, particularly in regulated ports or protected waters.

The overall industry is divided into power source, system, operation, platform, end use , and region.

The market segmentation by power source reveals a split between electric and hybrid systems. In 2023, hybrids dominated, capturing over 57% of the market share. The hybrid segment's dominance stems from the operational flexibility and efficiency it offers. By integrating electric propulsion with traditional combustion engines, hybrid ships can optimize fuel consumption, lower emissions, and adhere to environmental regulations, especially in emission-sensitive areas like ports. This dual-power advantage is invaluable for long-distance vessels, including ferries, cargo ships, and offshore support vessels.

Segmentation by platform categorizes the electric ships market into commercial and defense sectors. In 2023, the commercial segment emerged as the fastest growing, boasting a CAGR exceeding 24%. Given this momentum, the commercial segment's market value is projected to surpass USD 22 billion by 2032. Driving the commercial segment's rapid ascent is a heightened environmental consciousness and mounting regulatory pressures to curb greenhouse gas emissions.

In 2023, Europe dominated the electric ships market, holding a share exceeding 37%. This leadership underscores Europe's unwavering commitment to environmental sustainability and its robust regulatory frameworks. European nations, propelled by ambitious carbon reduction targets and air quality improvements, have been pioneers in green technology adoption. Regulatory measures, like the EU's Emission Control Areas (ECAs) and the International Maritime Organization's (IMO) sulfur cap, have also profoundly shaped the market landscape.

Product Code: 4640

Chapter 1 Scope and Methodology

1.1 Market scope and definition
1.2 Base estimates and calculations
1.3 Forecast parameters
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Industry 360° synopsis, 2021-2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Vendor matrix
3.3 Technology and innovation landscape
3.4 Patent analysis
3.5 Key news and initiatives
3.6 Regulatory landscape
3.7 Impact forces
- 3.7.1 Growth drivers
  - 3.7.1.1 Shift toward low emission technologies
  - 3.7.1.2 Rising integration of renewable energy sources
  - 3.7.1.3 Stringent environmental regulations imposed by international and national maritime authorities
  - 3.7.1.4 Growing adoption of electric boats and ships
  - 3.7.1.5 Technological advancements in battery technology and electric propulsion systems
- 3.7.2 Industry pitfalls and challenges
  - 3.7.2.1 High initial costs and technical issues
  - 3.7.2.2 Limited range and battery life of current electric propulsion systems
3.8 Growth potential analysis
3.9 Porter's analysis
- 3.9.1 Supplier power
- 3.9.2 Buyer power
- 3.9.3 Threat of new entrants
- 3.9.4 Threat of substitutes
- 3.9.5 Industry rivalry
3.10 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Company market share analysis
4.2 Competitive positioning matrix
4.3 Strategic outlook matrix

Chapter 5 Market Estimates and Forecast, By Power Source, 2021-2032 (USD Million and Units)

5.1 Key trends
5.2 Electric
5.3 Hybrid

Chapter 6 Market Estimates and Forecast, By System, 2021-2032 (USD Million and Units)

6.1 Key trends
6.2 Energy storage
6.3 Power conversion
6.4 Power generation
6.5 Power distribution

Chapter 7 Market Estimates and Forecast, By Operation, 2021-2032 (USD Million and Units)

7.1 Key trends
7.2 Manned
7.3 Autonomous

Chapter 8 Market Estimates and Forecast, By Platform, 2021-2032 (USD Million and Units)

8.1 Key trends
8.2 Commercial
8.3 Defense

Chapter 9 Market Estimates and Forecast, By End-Use, 2021-2032 (USD Million and Units)

9.1 Key trends
9.2 Line fit
9.3 Retro fit

Chapter 10 Market Estimates and Forecast, By Region, 2021-2032 (USD Million and Units)

10.1 Key trends
10.2 North America
- 10.2.1 U.S.
- 10.2.2 Canada
10.3 Europe
- 10.3.1 UK
- 10.3.2 Germany
- 10.3.3 France
- 10.3.4 Italy
- 10.3.5 Spain
- 10.3.6 Rest of Europe
10.4 Asia Pacific
- 10.4.1 China
- 10.4.2 India
- 10.4.3 Japan
- 10.4.4 South Korea
- 10.4.5 ANZ
- 10.4.6 Rest of Asia Pacific
10.5 Latin America
- 10.5.1 Brazil
- 10.5.2 Mexico
- 10.5.3 Rest of Latin America
10.6 MEA
- 10.6.1 UAE
- 10.6.2 Saudi Arabia
- 10.6.3 South Africa
- 10.6.4 Rest of MEA

Chapter 11 Company Profiles

11.1 Austal
11.2 BMT Group
11.3 Brodrene Aa AS
11.4 China State Shipbuilding Corporation (CSSC)
11.5 Damen Shipyards Group
11.6 Duffy Electric Boat Company
11.7 Fincantieri
11.8 Fjord1
11.9 Gladding-Hearn Shipbuilding
11.10 Hyundai Heavy Industries (HHI)
11.11 Imabari Shipbuilding
11.12 Kawasaki Heavy Industries
11.13 Leclanche
11.14 MV Yara Birkeland
11.15 Navantia
11.16 Norwegian Electric Systems As
11.17 Samsung Heavy Industries
11.18 Tuco Marine Group
11.19 Vard Marine
11.20 Wartsila