The global electric ships market is estimated to expand at a robust CAGR during the forecast period, between 2021 and 2028. Electric ships, as opposed to normal diesel motorboats, are powered by electricity. These electric ships get their ability to drive electric engines from a battery bank. An electric boat can use a variety of battery banks, including lithium-particle, lead-corrosive, and power modules.
Electric ships have a few advantages over traditional motor impulsion frameworks, for example, restricted space required for apparatus, essential force age, low fuel utilization, expanded cargo limit and outflows, and reduced vibration and disturbance.
Market Trends, Drivers, Restraints, and Opportunities
- Increased adoption of hybrid and electric propulsion for ship retrofitting is effectively fueling the expansion of the market.
- The expanding marine transport industry is anticipated to drive the development of the electric ships market
- Introduction of new rules regulating GHG emissions from the shipping market, as well as technological developments in energy storage devices, are driving the market expansion.
- Factors such as trip distance and capacity can create challenges for the market.
- Insufficient battery limits and slow charging can hinder the market growth.
- Advancement in marine electric propulsion technology, presence of alternative fuels such as fuel cells, as well as the growing requirement to minimize fuel emissions are expected to create lucrative opportunities for manufacturers to concentrate on electric propulsion systems for larger ships.
Scope of the Electric Ships Market Report
The report on the electric ships market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Electric Ships Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
2018 & 2019
Types (Hybrid and Fully Electric), Ship Types (Defense [Aircraft Carrier, Submarine, War Ship, and Others] and Commercial [Bulk Carrier & Container Ships, Passenger Cruise, Tankers, and Others]), Systems (Power Conversion, Power Distribution, Power Generation, and Energy Storage Systems), Mode of Operations (Autonomous [Fully Autonomous and Semi-autonomous], Manned, and Remotely Operated), Powers (< 75KW, 75-150 KW, 151-745 KW, 746-7,560 KW, and >7,560KW), End-users (Retrofit and New Build & Line fit)
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
Key Players Covered in the Report
Anglo Belgian Corporation NV; AKASOL AG; Scandia Marine Leclanche; EST-Floattech; Schottel; Siemens; Eco Marine Power; General Electric; BAE Systems; General Dynamics Electric Boat; Corvus Energy; Wärtsilä; VARD; MAN Energy Solutions; KONGSBERG; and Norwegian Electric Systems
Electric Ships Market Segment Insights
Hybrid segment is projected to hold significant market share
Based on types, the electric ships market can be bifurcated into hybrid and fully electric. The hybrid segment is projected to hold significant market share. The hybrid technique has the potential to reduce fuel usage by over 20% while also lowering CO2 emissions from ships by up to 15%. They can also permit sailing with entirely electric propulsion for a limited period of time (15-30 minutes). As a result, the reduced risk of failure and environmental sustainability of hybrid ships are expected to increase the segment's share.
Commercial segment is anticipated to account for a substantial share
On the basis of ship types, the market can be divided into defense and commercial. The defense segment can be further classified as aircraft carrier, submarine, warship, and others. Furthermore, the commercial segment can be categorized as bulk carrier & container ships, passenger cruise, tankers, and others. The commercial segment is anticipated to account for a substantial share owing to growing trade liberalization, which has boosted the volume of maritime trade.
As a result, the number of ships added to the existing fleet, such as bulk carriers, oil tankers, and container ships, has expanded significantly. Concerns about air pollution, climate change, and fuel efficiency, on the other hand, have resulted in an increase in the use of electric drive, notably hybrid-electric propulsion in the aforementioned ships. These reasons are expected to drive this segment's growth during the forecast period.
Energy storage segment to register a substantial growth rate in the coming years
In terms of systems, the electric market can be segregated into power conversion, power distribution, power generation, and energy storage systems. The energy storage segment is anticipated to expand at a substantial growth rate in the coming years. To remain competitive in the market, market players are developing energy storage devices that can be charged utilizing renewable energy resources, which drives the segment's growth.
Autonomous segment expand at a rapid pace during the projected timeline
Based on operations, the market can be fragmented into autonomous, manned, and remotely operated. The autonomous segment can be further bifurcated into fully autonomous and semi-autonomous. The autonomous segment is expected to expand at a rapid pace during the projected timeline. Sensors, navigation systems, and cameras are among the pre-installed equipment and components on these navy ships. These solutions have the potential to improve vessel operational efficiency. They can also be retrofitted to manually control existing vessels. As a result, in the following years, the semi-autonomous category is projected to dominate the market.
Less than 75 KW segment register a robust pace during the forecast period
On the basis of powers, the electric ships market can be segmented into < 75KW, 75-150KW, 151-745 KW, 746-7,560 KW, and >7,560KW. The less than 75KW segment is estimated to register a robust pace during the forecast period due to the rising implementation of electric propulsion in inland passenger ships and transportation vessels. These ships dockyard frequently, have fewer battery supplies, and are recharged every time they dock or totally charged overnight. These factors are projected to drive the segment's growth during the forecast period.
New build & line fit segment to expand at a substantial growth rate in the near future
In terms of end-users, the electric ships market can be divided into retrofit and new build & line fit. The new build & line fit segment is estimated to expand at a substantial growth rate in the near future. The increased new ships construction, as well as the incorporation of electric/hybrid engines factors, are estimated to drive the segment’s growth in the near future.
Europe is expected to dominate the market
In terms of regions, the market is categorized as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Europe is expected to dominate the market. Germany has emerged as a prominent contributor to Europe electric ships market growth as a result of increased environmental awareness among the general population, as well as government initiatives to promote electrically-propelled transportation alternatives. Furthermore, the region's growing preference for electric recreational and leisure vessels in marine tourism, fishing activities, and water adventures are estimated to drive the regional market growth.
By Ship Types
- Aircraft Carrier
- War Ship
- Bulk Carrier & Container Ships
- Passenger Cruise
- Power Conversion
- Power Distribution
- Power Generation
- Energy Storage Systems
By Mode of Operations
- Fully Autonomous
- Remotely Operated
- < 75 KW
- 75-150 KW
- 151-745 KW
- 746-7,560 KW
- >7,560 KW
- New Build & Line fit
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
By Key Players
- Anglo Belgian Corporation NV
- AKASOL AG
- Scandia Marine Leclanche
- Eco Marine Power
- General Electric
- BAE Systems
- General Dynamics Electric Boat
- Corvus Energy
- MAN Energy Solutions
- Norwegian Electric Systems.
Key players in the electric ships market are Anglo Belgian Corporation NV; AKASOL AG; Scandia Marine Leclanche; EST-Floattech; Schottel; Siemens; Eco Marine Power; General Electric; BAE Systems; General Dynamics Electric Boat; Corvus Energy; Wärtsilä; VARD; MAN Energy Solutions; KONGSBERG; and Norwegian Electric Systems. These players have actively engaged in various market development activities including collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.