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Electric Ships Market Size, Share & Growth | Forecast [2031]

Global Electric Ships Market

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Segments - by 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), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Forecasts, 2023-2031

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Aamir Ansari

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Report Description

Global Electric Ships Market Outlook 2031

The global electric ships market size was USD 3.30 Billion in 2022 and is estimated to reach USD 17.03 Billion by 2031 expand at a robust CAGR 20% during the forecast period, between 2023 to 2031. 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.

Electric Ships 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.

Attributes	Details
Report Title	Electric Ships Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016 - 2021
Forecast Period	2023–2031
Segmentation	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)
Regional Scope	Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
Report Coverage	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.

Segments

By Types

Hybrid
Fully Electric

By Ship Types

Defence
- Aircraft Carrier
- Submarine
- War Ship
- Others
Commercial
- Bulk Carrier & Container Ships
- Passenger Cruise
- Tankers
- Others

By Systems

Power Conversion
Power Distribution
Power Generation
Energy Storage Systems

By Mode of Operations

Autonomous
- Fully Autonomous
- Semi-Autonomous
Manned
Remotely Operated

By Powers

< 75 KW
75-150 KW
151-745 KW
746-7,560 KW
>7,560 KW

By End-Users

Retrofit
New Build & Line fit

By Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

By Key Players

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
Norwegian Electric Systems.

Competitive Landscape

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.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Electric Ships Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Electric Ships Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Electric Ships Market - Supply Chain
  4.5. Global Electric Ships Market Forecast
     4.5.1. Electric Ships Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Electric Ships Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Electric Ships Market Absolute $ Opportunity
5. Global Electric Ships Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Electric Ships Market Size and Volume Forecast by Types
     5.3.1. Hybrid Fully Electric
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Electric Ships Market Analysis and Forecast by End Users
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by End Users
     6.2.2. Y-o-Y Growth Projections by End Users
  6.3. Electric Ships Market Size and Volume Forecast by End Users
     6.3.1. Retrofit New Build & Line fit
  6.4. Absolute $ Opportunity Assessment by End Users
  6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Electric Ships Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Electric Ships Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Electric Ships Demand Share Forecast, 2019-2026
8. North America Electric Ships Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Electric Ships Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Electric Ships Market Size and Volume Forecast by Types
     8.4.1. Hybrid Fully Electric
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Electric Ships Market Size and Volume Forecast by End Users
     8.7.1. Retrofit New Build & Line fit
  8.8. Basis Point Share (BPS) Analysis by End Users
  8.9. Y-o-Y Growth Projections by End Users
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Electric Ships Demand Share Forecast, 2019-2026
9. Latin America Electric Ships Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Electric Ships Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Electric Ships Market Size and Volume Forecast by Types
     9.4.1. Hybrid Fully Electric
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Electric Ships Market Size and Volume Forecast by End Users
     9.7.1. Retrofit New Build & Line fit
  9.8. Basis Point Share (BPS) Analysis by End Users
  9.9. Y-o-Y Growth Projections by End Users
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Electric Ships Demand Share Forecast, 2019-2026
10. Europe Electric Ships Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Electric Ships Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Electric Ships Market Size and Volume Forecast by Types
     10.4.1. Hybrid Fully Electric
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Electric Ships Market Size and Volume Forecast by End Users
     10.7.1. Retrofit New Build & Line fit
  10.8. Basis Point Share (BPS) Analysis by End Users
  10.9. Y-o-Y Growth Projections by End Users
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Electric Ships Demand Share Forecast, 2019-2026
11. Asia Pacific Electric Ships Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Electric Ships Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Electric Ships Market Size and Volume Forecast by Types
     11.4.1. Hybrid Fully Electric
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Electric Ships Market Size and Volume Forecast by End Users
     11.7.1. Retrofit New Build & Line fit
  11.8. Basis Point Share (BPS) Analysis by End Users
  11.9. Y-o-Y Growth Projections by End Users
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Electric Ships Demand Share Forecast, 2019-2026
12. Middle East & Africa Electric Ships Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Electric Ships Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Electric Ships Market Size and Volume Forecast by Types
     12.4.1. Hybrid Fully Electric
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Electric Ships Market Size and Volume Forecast by End Users
     12.7.1. Retrofit New Build & Line fit
  12.8. Basis Point Share (BPS) Analysis by End Users
  12.9. Y-o-Y Growth Projections by End Users
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Electric Ships Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Electric Ships Market: Market Share Analysis
  13.2. Electric Ships Distributors and Customers
  13.3. Electric Ships Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Anglo Belgian Corporation NV AKASOL AG Scandia Marine Leclanche EST-Floattech Schottel Siemens

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