Electric Ships Global Market Report 2024

An electric ship is a vessel powered by a battery, adhering to environmental regulations and posing no threat to marine life. Electric propulsion systems serve as eco-friendly alternatives to traditional fuels, applicable in both inland navigation and large commercial ships.

The primary types of electric ships include fully electric and hybrid models. Fully electric ships operate solely on electricity, utilizing electrical power to drive propeller blades in electric propulsion systems. This technology has gained popularity in various maritime applications, spanning commercial and research vessels to fishing boats, particularly in Europe and Japan. These electric ships can operate in manned, remotely operated, or autonomous modes, utilizing energy storage systems, power conversion, power generation, and power distribution. The power requirements for these ships range from less than 75 kW to greater than 7,560 kW, covering distances from less than 50 km to greater than 1,000 km.

The electric ships market research report is one of a series of new reports from The Business Research Company that provides electric ships market statistics, including electric ships industry global market size, regional shares, competitors with an electric ships market share, detailed electric ships market segments, market trends, and opportunities, and any further data you may need to thrive in the electric ships industry. This electric ships market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electric ships market size has grown rapidly in recent years. It will grow from $8.06 billion in 2023 to $8.99 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The historical growth can be attributed to several factors, including robust economic expansion in emerging markets, a rise in global commercial trade, and increased government support.

The electric ships market size is expected to see rapid growth in the next few years. It will grow to $13.63 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. Projected growth is fueled by the increasing adoption of hybrid and electric propulsion for ship retrofitting, higher defense spending, growing environmental concerns, and a rise in seaborne trade. Key trends include advanced bass boats, a focus on battery-hybrid and zero-emission vessels, technological innovations, AI integration, the emergence of electric foiling water taxis, and increased strategic partnerships.

The surge in the adoption of hybrid and electric propulsion systems for retrofitting ships is poised to be a key driver for the growth of the electric ship market. Electric propulsion in eco-friendly ships entails the use of a hybrid system incorporating dual-fuel engines, batteries, and fuel cells as multiple power sources. However, the successful implementation of these power sources on ships requires concurrent development of technologies such as fuel storage facilities, gas vaporizers, and battery thermal runaway avoidance. Notably, in February 2021, South Korea's 2030 Green Ship-K Promotion Strategy, a crucial component of the country's ambition to achieve carbon neutrality by 2050, emphasizes the advancement and widespread adoption of low-carbon ship technologies, including hydrogen fuel cells and propulsion systems. The strategy aims to reduce the nation's shipping greenhouse gas emissions by 40% in the next 25 years and by 70% by 2050. Additionally, Kawasaki has secured its initial order for large-capacity battery propulsion systems for coastal ships, encompassing large-capacity lithium-ion (Li-ion) marine batteries, a propulsion control system, and an electric power management system.

The escalating environmental concerns are expected to act as a catalyst for the growth of the electric ships market. Electric ships present a viable solution for significantly reducing water pollution, given their minimal use of oil and absence of traditional fuel. According to a 2022 study from the Royal Institute of Technology in Stockholm, ships employing electric hydrofoil technology have the potential to reduce emissions from marine transport by 97.5% compared to diesel vessels. The key factor contributing to emission reduction lies in the combination of hydrofoil technology and electric propulsion. Consequently, the increasing environmental concerns are anticipated to propel the growth of the electric ships market.

The electric ship market is undergoing transformation driven by notable technological advancements. In the welding consumables market, there is a growing demand spurred by the introduction and application of new technologies and updated software across various industries. The automotive sector, in particular, is prioritizing the integration of smarter and safer safety systems in vehicles to enhance safety across diverse terrains and conditions. For instance, in November 2021, the Yara Birkeland, the world's inaugural electric and self-propelled container ship with zero emissions, marked its maiden voyage in the Oslo fjord. KONGSBERG, leading the development and delivery of newly created technologies on the ship, is a key player in this multi-actor project. Massterlys' monitoring and operations center in Horten is responsible for overseeing the ship, with KONGSBERG and Wilhelmsen collaborating to establish Massterly.

Companies engaged in the electric ships market are increasingly directing their focus toward battery-hybrid ships. These vessels feature an electric battery system alongside a traditional engine. As the ship travels and expends excess energy, it is stored in battery packs, refilling these systems. In scenarios of low power demand, the vessel can operate solely on battery power or draw additional power from the batteries to reduce peak demand. For instance, in 2022, Hurtigruten, a Norway-based company specializing in environmentally sustainable hybrid technology for new expedition ships, launched its first upgraded battery-hybrid ship. To decrease CO2 emissions, substantial battery packs with a combined capacity of 1,120kWh each were installed at the Myklebust Yard in northwest Norway. In addition to installing Selective Catalytic Reduction (SCR) systems to reduce nitrogen oxides (NOX) by 80%, Hurtigruten modified the ship's hull to minimize drag and enhance efficiency.

In October 2021, Groupe Beneteau, a French company specializing in the construction of sailing yachts and motorboats, acquired Starfisher for an undisclosed sum. This strategic move enables Beneteau to increase its production capacity for small motorboats and establish a presence in Portugal, complementing its existing plants in Poland and the United States dedicated to these markets. Starfisher, the acquired Portuguese company, is known for designing and building two types of motorboats-pleasure-fishing boats and recreational cruisers-ranging from 6 to 12 meters in length.

Major companies operating in the electric ships market report are ABB Limited, Siemens Energy, BAE Systems, Wartsila, Kongsberg Gruppen ASA, MAN Energy Solutions SE, Schottel GmbH, Corvus Energy, Anglo Belgian Corporation (ABC) NV, Leclanche SA, Cochin Shipyard Limited, Western India Shipyard, Hindustan Shipyard Ltd., Adani Kattupalli Shipyard (Larsen & Toubro), Shanghai Waigaoqiao Shipbuilding Co. Ltd., Qingdao Captain Marine Co Ltd., HBM-Huanan Building Materials (Shenzhen) Co Ltd., COSCO Shipping, Headway Technology Co. Ltd., Star MarinePro Corp Limited, China Shipbuilding Industry Co Ltd., Duffy Electric Boats, Wartsila, Kongsberg, General Dynamics Electric Boat, Leclanche SA, Tamarack Lake Electric Boat Company, SPRK Electric Boats, Canadian Electric Boat Company, Westport LLC, Midwest Lake Management Inc., Craig Catamaran Corporation, Astillero rio Santiago, Tandanor, Neptun Ship Design Gmbh, Spi astilleros, Lamwec Colombia, Navtek Naval Technologies, Empire Marine International LLC, Majix Marine, Al-Ghawas, Aries Marine, Ocean Boats, Royal Yachting, Crown Electric Ships and Boats, Alexandria, Joemarine Nautical Company Nigeria Limited, The Damen Group, Southern African Shipyards, Nigerdock FZE

Western Europe was the largest region in the electric ship market in 2023. The regions covered in the electric ships market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the electric ships market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The electric ship market consists of sales of battery electric vehicle, hybrid electric vehicle, plug-in hybrid electric vehicle, and fuel cell electric vehicle. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Electric Ships Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on electric ships market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for electric ships? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The electric ships market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Fully Electric; Hybrid
• 2) By Mode of Operation: Manned; Remotely Operated; Autonomous
• 3) By System: Energy Storage Systems; Power Conversion; Power Generation; Power Distribution
• 4) By Power: Less Than 75KW; 75 to 150KW; 151 to 745KW; 746 to 7,560KW; Greater Than 7,560KW
• 5) By Range: Less Than 50Km; 50 to 100Km; 101 to 1000Km; Greater Than 1,000Km
• Companies Mentioned: ABB Limited; Siemens Energy; BAE Systems; Wartsila; Kongsberg Gruppen ASA
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.