Global Electric Ships Market Size 2024, Forecast To 2033
11 Mar, 2024
The electric ships market size has grown rapidly in recent years. It will grow from $8.06 billion in 2023 to $8.99 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the increasing global commercial trade, and the increasing government support. The electric ships market size is expected to see rapid growth in the next few years. It will grow to $13.63 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to the rise in the adoption of hybrid and electric propulsion for retrofitting ships, the increasing defense expenditure, the increasing environmental concerns, and the increase in seaborne trade. Major trends in the forecast period include high-powered and technologically advanced bass boats, focus on battery-hybrid ships, focus on zero-emission vessels, technology innovations, focus on artificial intelligence, new electric foiling water taxis, and strategic partnerships and collaborations.
Global Electric Ships Market Key Driver
The expected rise in the adoption of hybrid and electric propulsion for retrofitting ships is anticipated to fuel the growth of the electric ship market. Electric propulsion systems in eco-friendly ships utilize dual-fuel engines, batteries, and fuel cells as power sources. Technological advancements in fuel storage facilities, gas vaporizers, and battery thermal management are crucial for applying these power sources to ships. South Korea's 2030 Green Ship-K Promotion Strategy focuses on low-carbon ship technologies like hydrogen fuel cells, with the goal of reducing the country's shipping greenhouse gas emissions by 40% in the next 25 years and 70% by 2050. Kawasaki has received its first order for large-capacity battery propulsion systems for coastal ships, featuring lithium-ion marine batteries, a propulsion control system, and an electric power management system. Thus, the anticipated increase in electric ship adoption is expected to drive the electric ship market. The market size for electric ships is forecasted to align with this trend in 2023, and by 2024 and 2028, the growing adoption is projected to contribute to the market's sustained growth.
Get A Free Sample Of The Global Electric Ships Market ReportGlobal Electric Ships Market Segments
The electric ships market covered in this report is segmented –
1) By Type: Fully Electric, Hybrid
2) By Mode of Operation: Manned, Remotely Operated, Autonomous
3) By System: Energy Storage Systems, Power Conversion, Power Generation, Power Distribution
4) By Power: Less Than 75KW, 75 to 150KW, 151 to 745KW, 746 to 7,560KW, Greater Than 7,560KW
5) By Range: Less Than 50Km, 50 to 100Km, 101 to 1000Km, Greater Than 1,000Km
By Geography:The regions covered in the electric ships market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Western Europe was the largest region in the electric ship market in 2023. The regions covered in the electric ships market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Electric Ships Industry Players
ABB Limited, Siemens Energy, BAE Systems, Wärtsilä, Kongsberg Gruppen ASA, MAN Energy Solutions SE, Schottel GmbH, Corvus Energy, Anglo Belgian Corporation (ABC) NV, Leclanché SA, Cochin Shipyard Limited, Western India Shipyard, Hindustan Shipyard Ltd, Adani Kattupalli Shipyard (Larsen & Toubro), Shanghai Waigaoqiao Shipbuilding Co. Ltd., Qingdao Captain Marine Co Ltd, HBM-Huanan Building Materials (Shenzhen) Co Ltd, COSCO Shipping, Headway Technology Co. Ltd, Star MarinePro Corp Limited, China Shipbuilding Industry Co Ltd, Duffy Electric Boats, Wartsila, Kongsberg, General Dynamics Electric Boat, Leclanche SA, Tamarack Lake Electric Boat Company, SPRK Electric Boats, Canadian Electric Boat Company, Westport LLC, Midwest Lake Management Inc., Craig Catamaran Corporation, Astillero rio Santiago, Tandanor, Neptun Ship Design Gmbh, Spi astilleros, Lamwec Colombia, Navtek Naval Technologies, Empire Marine International LLC, Majix Marine, Al-Ghawas, Aries Marine, Ocean Boats, Royal Yachting, Crown Electric Ships and Boats, Alexandria, Joemarine Nautical Company Nigeria Limited, The Damen Group, Southern African Shipyards, Nigerdock FZE
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Electric Ships Market Overview
The electric ship refers to a ship that runs on a battery. These ships abide by all environmental rules and do not endanger marine life. Electric propulsion systems are an environmentally friendly alternative to traditional fuel in inland navigation and large commerce ships.
Electric Ships Global Market Report 2023 provides data on the global electric ships market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The electric ships market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.