Decarbonization is broad-scale driver for commercial maritime electrification
BOULDER, Colo., June 29, 2023 /PRNewswire/ — A new report from Guidehouse Insights explores the global market for commercial electric vessels and examines how they impact the industry’s development.
Electrification of commercial short sea vessels—ferries, tugboats, utility vessels, inland barges, and fishing vessels—began developing at pace in Europe with hybrid vessels that supplemented their diesel powertrains with electricity. Fully electric vessel deployment began in the 2010s, with the first fully electric car ferry, the MF Ampere, making a completely battery powered journey in 2015. According to a new report from Guidehouse Insights, the number of commercial electric short sea vessels will grow from an estimated 454 in 2023 to nearly 12,000 by 2032, at a compound annual growth rate (CAGR) of 43.8%.
“With region-specific government support and regulation and deployment-ready technologies, the commercial maritime electrification market is primed for growth,” says Elizabeth Wilson, research analyst with Guidehouse Insights. “Electrification, with its emissions free propulsion and quiet technology, is most suitable for short sea and inland waterway routes, such as a commuter ferry route in an urban setting.”
The broad-scale driver for commercial maritime electrification is decarbonization, though many factors fall under this umbrella. Governments and international organizations have begun regulating maritime emissions and incentivizing decarbonization through carbon pricing, funding programs, and tax credits for cleaner transportation. Companies are under consumer pressure to decarbonize because of concerns about greenhouse gas emission levels. Beyond decarbonization, electric ferry rides are friendlier in health and atmosphere to passengers in terms noise and emissions. While CAPEX is currently higher for electric vessels than for traditional diesel systems, OPEX is likely substantially lower, according to the report.
The report, Commercial Short Sea Maritime Electrification, focuses on electrification in short sea maritime transportation, particularly ferry electrification. It also includes a look at offshore wind support vessels, tugboats and port support vessels, and inland barges. It reviews market drivers and barriers, and looks at trends affecting short sea and inland waterway electrification, from a global and a regional perspective. The study highlights advances in short sea electrification in Europe, which has more electric and chargeable and nonchargeable hybrid short sea vessels than any other region. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse InsightsGuidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at guidehouse insights.
About GuidehouseGuidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has over 16,500 professionals in over 55 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.
* The information contained in this press release concerning the report, Commercial Short Sea Maritime Electrification, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
For more information, contact:
Cecile Fradkin for Guidehouse Insights
+1.646.941.9139
[email protected]
SOURCE Guidehouse Insights