USD 4.00 billion
Global Electric Ship Market Size, Share, Growth Analysis, By Vessel(Ferries, cruise ships), By Power source(Batteries, hybrid systems) - Industry Forecast 2024-2031
Report ID:
SQMIG20T2012 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
64 |
Figures:
75
Global Electric Ship Market Insights
Global Electric ship market size was valued at USD 4.00 billion in 2022 and is poised to grow from USD 4.36 billion in 2023 to USD 8.69 billion by 2030, at a CAGR of 6.0% during the forecast period (2024-2031).
The global electric ship market is experiencing significant growth due to increasing environmental concerns and regulatory pressures to reduce emissions from maritime transportation.
Electric ships offer a cleaner and more sustainable alternative to traditional fuel-powered vessels, with benefits including lower greenhouse gas emissions, reduced operating costs, and enhanced efficiency.
Advancements in battery technology and charging infrastructure are driving adoption. However, challenges such as limited range and initial investment costs remain.
Overall, the electric ship market shows promise for reshaping the maritime industry towards a more eco-friendly and efficient future.
US Electric Ship Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Ferries
Fastest Growth
Ferries
Growth Rate
6.0% CAGR
Global Electric ship market by region
Country Share for Europe(%)
Global Electric ship market by end-user
Global Electric ship market by end-user
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Global Electric Ship Market Segmental Analysis
The global electric ship market can be segmented based on vessel, power source, and region. Vessel types include ferries, cruise ships, cargo ships, and naval vessels. Power sources encompass batteries, hybrid systems, and fuel cells. Geographically, the market can be divided into North America, Europe, Asia Pacific, and the rest of the world.
Electric Ship Market Analysis By Vessel
Short-distance ferries and passenger ships were gaining prominence due to their operational characteristics. These vessels often have fixed routes between nearby ports, allowing for the implementation of charging infrastructure at both ends. This makes them a viable option for electrification, as charging can occur during scheduled stops. The relatively small size of these vessels also makes it more feasible to integrate battery storage systems. The fastest-growing segment at the time was likely short-distance ferries and passenger ships as well. This was due to the increasing emphasis on reducing emissions and transitioning to cleaner modes of transportation, especially in regions where regulations and incentives favored electric propulsion. The public's growing awareness of environmental issues was also driving demand for more sustainable travel options.
Electric Ship Market Analysis By Power Source
The battery-powered electric ship segment is likely the largest in terms of deployment. Battery technology had matured significantly, making it a practical choice for various types of electric ships, such as ferries, small coastal vessels, and even some short-distance cargo vessels.
The fastest-growing segment is expected to be fuel cell-powered electric ships. Hydrogen fuel cells had gained attention due to their potential to offer long ranges, rapid refueling, and zero-emission operations. The maritime industry was exploring hydrogen as a viable alternative to conventional fuels, especially for larger vessels with extended operational ranges.
Global Electric ship market by end-user, 2023 (%)
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Global Electric Ship Market Regional Insights
Europe was one of the leading regions in terms of adopting electric ships. Countries such as Norway and Denmark were at the forefront of this trend, particularly in the ferry and short-sea shipping segments. Norway was investing heavily in electric and hybrid ferry technologies.
Asian countries, especially China, South Korea, and Japan, were also significant players in the electric ship market. China, being a major shipbuilding hub, was making strides in developing electric and hybrid vessels for both domestic and international markets.
Global Electric ship market by geography, 2024-2031
- Largest
- Fastest
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Global Electric Ship Market Dynamics
Electric Ship Market Drivers
Environmental Concerns and Regulations
- Growing awareness of environmental issues, particularly related to air and water pollution, has led to stricter regulations on emissions in the shipping industry. Electric ships, which produce lower, or zero emissions compared to traditional fossil-fuel-powered vessels, are seen as a way to comply with these regulations and reduce the carbon footprint of maritime transportation.
Advancements in Battery Technology
- Improvements in battery technology, such as higher energy density and longer-lasting batteries, have enabled the development of electric ships with sufficient range and power. As battery technology continues to advance, electric ships become more feasible in terms of performance and operational capabilities, making them a more attractive option for ship operators.
Electric Ship Market Restraints
Infrastructure and Charging Challenges
- One of the main challenges for electric ships is the lack of widespread charging infrastructure for larger vessels. Unlike electric vehicles, which can utilize existing charging networks, electric ships require specialized charging ports and facilities, which can be expensive to establish and maintain.
Initial Investment Costs
- While the long-term operational costs of electric ships can be lower due to reduced fuel consumption and maintenance requirements, the initial investment costs are often higher. Electric propulsion systems, batteries, and related components can be more expensive upfront, deterring some ship operators from adopting electric technology.
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Global Electric Ship Market Competitive Landscape
The global electric ship market's competitive landscape is evolving rapidly, driven by heightened environmental concerns and technological advancements. Established maritime players like ABB, Siemens, and Wärtsilä continue to lead with their innovative electric propulsion and energy storage solutions. New entrants such as Corvus Energy and Echandia are gaining traction with specialized battery systems. Collaborations between shipyards, energy companies, and technology firms are fostering diverse offerings. Government incentives promoting cleaner shipping further intensify competition. As the market expands, firms are focusing on cost-efficient and sustainable solutions, while regulatory compliance and performance remain pivotal factors influencing competitive dynamics.
Electric Ship Market Top Player’s Company Profiles
- ABB (Switzerland)
- Siemens (Germany)
- Wärtsilä (Finland)
- MAN Energy Solutions (Germany)
- Rolls-Royce (United Kingdom)
- Corvus Energy (Canada)
- Leclanché (Switzerland)
- ABB (Switzerland)
- Cavotec (Switzerland)
- Echandia Marine (Sweden)
- XALT Energy (United States)
- General Electric (United States)
- LAVLE (United States)
- Torqeedo (Germany)
- Kongsberg Maritime (Norway)
- Electrovaya (Canada)
- Eco Marine Power (Japan)
- Vard (Norway)
- Damen Shipyards (Netherlands)
- Baltic Yachts (Finland)
Electric Ship Market Recent Developments
- In January 2023, Rolls-Royce acquired a majority stake in Finnish electric boat maker Wartsila.
- In February 2023, ABB acquired US-based electric boat maker Oceanvolt.
- In March 2023, Siemens Energy acquired Norwegian electric ship maker Norled.
Global Electric Ship Key Market Trends
- Rise in Environmental Concerns and Regulations: One of the significant trends in the electric ship market was the increasing focus on environmental sustainability and the need to reduce greenhouse gas emissions from maritime transport. Stringent international regulations, such as the International Maritime Organization's (IMO) sulfur emissions cap and its strategy to reduce greenhouse gas emissions from ships, were driving shipowners and operators to explore and adopt electric and hybrid propulsion systems. Electric ships, powered by batteries, fuel cells, or a combination of both, were seen to minimize the environmental impact of the shipping industry.
- Advancements in Battery Technology: The development and advancement of battery technology played a crucial role in shaping the electric ship market. Lithium-ion batteries were being adopted as a viable energy storage solution for electric and hybrid ships. Improvements in battery energy density, safety, and charging capabilities were extending the range and operational capabilities of electric ships. As battery technology continued to evolve, electric ships were becoming more feasible for various maritime applications, including short-sea shipping, ferries, and smaller vessels.
- Diversification of Electric Ship Offerings: The electric ship market was experiencing a diversification of offerings, with various shipbuilders and technology providers entering space. Traditional shipyards were starting to develop electric and hybrid ship designs, and new players were emerging with innovative propulsion solutions. This diversification led to the availability of a wider range of electric ships catering to different market segments and operational requirements. As competition increased, it was likely to drive further innovation and push for more efficient and cost-effective electric ship solutions.
Global Electric Ship Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global electric ship market holds promising future prospects as maritime industries increasingly prioritize sustainability and emissions reduction. Stringent environmental regulations are driving the adoption of electric propulsion systems, offering lower operational costs and reduced carbon footprints. Technological advancements in battery storage and charging infrastructure further bolster market growth. As the world shifts towards greener transportation solutions, the electric ship sector is poised to expand, attracting investments, innovation, and collaboration among shipbuilders, energy companies, and governments, ultimately reshaping the maritime landscape with efficient, eco-friendly vessels.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 4.00 billion |
| Market size value in 2031 | USD 8.69 billion |
| Growth Rate | 6.0% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Electric Ship Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Electric Ship Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Electric Ship Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Electric Ship Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Electric Ship Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Electric Ship Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Electric Ship Market Report Snapshots
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