CHICAGO, April 5, 2023 /PRNewswire/ — The Electric ship market size is projected to grow from USD 3.3 billion in 2022 to USD 14.2 Billion by 2030, at a CAGR of 20.0 % from 2022 to 2030 according to a new report by MarketsandMarkets™. The increasing demand for hybrid and fully electric vessels is driving market expansion.
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Browse in-depth TOC on “Electric Ship Market”
347 – Tables
69 – Figures
363 – Pages
Electric Ship Market Report Scope:
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Report Coverage |
Details |
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Market Revenue in 2022 |
$3.3 billion |
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Estimated Value by 2030 |
$14.2 billion |
|
Growth Rate |
Poised to grow at a CAGR of 20.0% |
|
Market Size Available for |
2018–2030 |
|
Forecast Period |
2022–2030 |
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Forecast Units |
Value (USD Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
Type, Ship Type, System, Mode of Operation , End Use , Power, Tonnage, Range and Region |
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Geographies Covered |
North America, Europe, Asia-Pacific, Rest of the World |
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Key Market Challenge |
High initial capital expenditure |
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Key Market Opportunities |
Hybrid propulsion technology for large ships |
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Key Market Drivers |
Need for reduction in carbon emissions |
The 75-150 kW segment is projected to dominate market share in the power segment during the forecast period
Based on power, the 75-150 kW segment is projected to dominate the market share during the forecast period. Medium-size passenger ferries are considered under ships with a power range of 75–150 kW. The need for a reduced or zero-emission transport system across countries is high. The electrification of the ferry for green transformation will also act as a major step towards reducing the emission made by the conventional propulsion engines of the maritime tourism industry.
The Energy Storage System segment projected to dominate Electric Ship market during the forecast period
Based on System, Energy Storage System is expected to dominate the market during the forecast period. Energy storage systems currently being used in several ship types such as ferries, yachts, cruise ships, container ships, and cargos ships consist of batteries, ultra-capacitors, flywheels, and fuel cells. Among batteries, lithium-ion is the most used in fully electric zero-emission ferries with short routes of 5 to 10 km. Hybrid energy storage systems can be implemented in high power/energy density applications, which are mostly used in either retrofitted ships or newly built medium and large ships.
Manned segment to dominate the market during the forecast period
Based on mode of operation. Manned segment is expected to dominate the market during the forecast period. Manned ships are traditional crewed vessels with a human operator to make decisions onshore as well as offshore. Manned ships are expected to lead the electric ships market during the forecast period, driven by the retrofitting of diesel-driven ships with electric and hybrid propulsion.
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Europe is expected to account for the largest share in 2022
The Electric Ship market industry has been studied in North America, Europe, Asia Pacific, and Rest of the World. Europe accounted for the largest market share in 2022, and it is also projected to witness the highest CAGR during the forecast period. The market for Electric Ship is expected to benefit from increasing trade activiities, electrification of marine vessels while the increasing global geopolitical tensions is driving the major economies to enhance their military capabilities, as evidenced by increased defense expenditure and divestments in the modernization of various defense vessels by countries. Furthermore, increased investment in R&D by major players and OEMs to manufacture superior energy storage systems to meet future sustainable and operational requirements will drive the market.
Major players operating in the Electric Ship market include ABB (Switzerland), Leclanché S.A. (Switzerland), Siemens AG (Germany), Wartsila (Finland) and Kongsberg Gruppen (Norway).
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