Dublin, April 25, 2023 (GLOBE NEWSWIRE) -- The "Electric Ship Market by Type (Fully Electric, Hybrid), Ship Type (Commercial, Defense), System, Mode of Operation (Manned, Remotely Operated, Autonomous), End Use (Newbuild & Linefit, Retrofit), Power, Tonnage, Range and Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
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.
The increase in global trade operations and passenger traffic are the primary factors driving the growth of the Electric Ship market.
Furthermore, the demand for advanced electrical systems onboard marine vessel is boosting the adoption of Electric Ship systems, which reduces harmful emissions and decreases end-user operating and maintenance costs.
The Hybrid Electric segment is expected to account for the largest share in 2022.
Based on type, the hybrid electric segment is projected to dominate the Electric Ship market during the forecast period. Hybridization of ships is one of the major methods by which vessel operators are trying to reduce emission of vessels. Due to major economies driving the stakeholders of the marine industry to lower emissions and provide sustainable solutions, the adoption of hybrid ships are one of the major steps the industry is adopting to fulfil these needs.
The 50-100 km range is projected to lead the market during the forecast period.
Based on the range, the 50-100 km segment is expected to lead the market during the forecast period. 50-100 km range ships usually contain all the mid-sized ships, that are mostly used for inland shipping activities. These ships are easy to be converted to hybrid propulsion or replaced with fully electric solutions. Due to these factors, 50-100km range ships are leading the market.
The Retrofit segment is projected to lead the Electric Ship market during the forecast period.
Based on End Use, the retrofit segment will lead the Electric Ship market during the forecast period. The retrofit market currently holds a lower market share in the end-use segment. But in the future with a reduction in retrofitting cost the segment is expected to grow faster during the forecast period. Retrofitting will be the leading method for electrifying larger ships that still has a lot of life left.
Europe is expected to account for the largest market share in 2022.
The Electric Ships market has been studied for the regions North America, Europe, Asia Pacific, and the Rest of the World. Europe is expected to dominate the market during the forecast period. The regions has all the major players like shipbuilders, component manufacturers, and system integrators that are key to the electric ships market. The region is also a frontrunner in adopting a sustainable solution to cut down emissions. These are some of the factors driving the European electric ships market.
Market Dynamics
Drivers
- Implementation of IMO Sulphur 2020 Regulation
- Rise in Adoption of Hybrid and Electric Propulsion to Retrofit Ships
- Increase in Seaborne Trade Across Globe
- Growing Maritime Tourism Industry
- Development of Lithium-Ion Batteries
- Need for Reduction in Carbon Emissions
- Reduction in Overall Operating Costs of Ships
Restraints
- Long Downtime in Retrofitting Ships
- Limited Range and Capacity of Fully Electric Ships
Opportunities
- Potential of High-Powered Batteries
- Potential for Battery Charging Via Renewable Sources of Energy
- Hybrid Propulsion Technology for Large Ships
Challenges
- Inadequate Charging Infrastructure
- High Initial Capital Expenditure
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 350 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $3.3 Billion |
| Forecasted Market Value (USD) by 2030 | $14.2 Billion |
| Compound Annual Growth Rate | 20.0% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
6.1 Introduction
6.2 Roadmap Toward Emission-Free Shipping Industry
6.3 Phasing of Marine Propulsion Technologies
6.4 Emerging Trends
6.4.1 Electrification of Leisure Boats
6.4.2 Potential of Hybrid Technology
6.4.3 Solar Sails
6.4.4 Advanced Batteries for Electric Ships
6.4.5 Hydrogen as Zero-Emission Fuel
6.4.6 Battery-Powered Naval Vessels
6.4.7 Next-Generation Solid-State Battery Technology
6.4.7.1 Summary of Commercial Batteries
6.5 Supply Chain Analysis
6.6 Electric Ships Market: Key Patents
7 Electric Ships Market, by Ship Type
7.1 Introduction
7.2 Commercial
7.2.1 Passenger Vessels
7.2.2 Cargo Vessels
7.2.3 Others
7.3 Defense
7.3.1 Destroyers
7.3.1.1 Defense Forces of Us, Uk, and India to Focus on Integration of Electric Propulsive Destroyers
7.3.2 Frigates
7.3.2.1 Electric and Hybrid Propulsion Used in Frigates Either Directly or Along with Diesel Engine
7.3.3 Corvettes
7.3.3.1 South Korea Key Market for Corvettes with All-Electric Propulsion
7.3.4 Offshore Support Vessels
7.3.4.1 Adoption of Hybrid Propulsion Technology for Osvs to Increase During Forecast Period
7.3.5 Aircraft Carriers
7.3.5.1 Indian Navy States Possibility of Using Aircraft Carrier with Hybrid Propulsion
7.3.6 Submarines
7.3.6.1 Us, France, and India - Currently Using or Developing Electric Propulsion Systems
8 Electric Ships Market, by Type
8.1 Introduction
8.2 Fully Electric
8.2.1 Battery
8.2.1.1 Lithium Battery
8.2.1.1.1 Major Power Source for Hybrid and Fully Electric Vessels
8.2.1.2 Lead Acid Battery
8.2.1.2.1 Wide Range of Applications in the Marine Sector
8.2.2 Electro-Solar
8.2.2.1 Involves Use of Renewable Energy to Recharge Batteries in Ships
8.2.3 Fuel Cells
8.2.3.1 Alternative to Lithium-Ion and Lead Acid Batteries
8.3 Hybrid
8.3.1 Diesel & Battery
8.3.1.1 Significant Advancements to Encourage Adoption of Hybrid-Electric Propulsion in Large Cruise Ships
8.3.2 Lpg/Lng & Battery
8.3.2.1 Lpg/Lng Engines Use Electric Propulsion Motors to Power Ships
9 Electric Ships Market, by End Use
9.1 Introduction
9.2 Newbuild & Line Fit
9.2.1 High Demand for Fully Electric Ferries in Europe
9.3 Retrofit
9.3.1 Increase in Retrofitting to Increase Efficiency and Extend Durability of Vessels
10 Electric Ships Market, by Power
10.1 Introduction
10.2 <75 Kw
10.2.1 Demand for Fully Electric Yachts in Europe to Drive Market
10.3 75-150 Kw
10.3.1 Use of Fully Electric Ferries for Transport to Boost Market
10.4 151-745 Kw
10.4.1 Cargo Vessels with 151-745 Kw Power Range to Present Large Retrofit Market
10.5 746-7,560 Kw
10.5.1 Increased Development of Hybrid Propulsion in 746-7560 Kw Segment
10.6 >7,560 Kw
10.6.1 Adoption of Hybrid-Electric Propulsion Systems Challenging in Ships with High Power Capacity
11 Electric Ships Market, by Tonnage
11.1 Introduction
11.2 <500 Dwt
11.2.1 Rise in Demand for Public Transport Vessels to Drive Market
11.3 500-5,000 Dwt
11.3.1 Increasing Marine Trade Across Various Industries to Boost Market
11.4 5,001-15,000 Dwt
11.4.1 Increasing Cross-Country Trade by Cargo Vessels to Drive Demand
11.5 >15,000 Dwt
11.5.1 Growing Defense Marine Industry to Fuel Market
12 Electric Ships Market, by System
12.1 Introduction
12.2 Energy Storage Systems
12.2.1 <1,000 Kw
12.2.1.1 <1,000 Kw Energy Storage Systems Majorly Required by Small Ships
12.2.2 1,001-5,000 Kw
12.2.2.1 Tourism to Drive 1,001-5,000-Kw Segment for Ro-Ro and Sightseeing Boats
12.2.3 >5,000 Kw
12.2.3.1 >5,000 Kw Power Used by Large Ships
12.3 Power Conversion
12.4 Power Generation
12.4.1 Generators
12.4.1.1 Rise in Demand for Electric Propulsion to Increase Demand for Generators
12.4.2 Engines
12.4.2.1 Hybrid Propulsion to Boost Demand for Engines
12.4.3 Propulsion Motors
12.4.3.1 Retrofitting to Fuel Demand for Propulsion Motors
12.5 Power Distribution
13 Electric Ships Market, by Mode of Operation
13.1 Introduction
13.2 Manned
13.2.1 Retrofitting Diesel-Driven Ships with Electric and Hybrid Propulsion to Drive Segment
13.3 Remotely Operated
13.3.1 Increasing Investments in Remotely Operated Ships to Boost Segment
13.4 Autonomous
13.4.1 Increasing Investments Drive Market for Autonomous Electric Ships
Figure 44 Views on Autonomy in Electric Ships by Industry Experts
14 Electric Ships Market, by Range
14.1 Introduction
14.2 <50 Km
14.2.1 Adoption of Fully Electric Passenger Ferries and Tugs to Drive Segment
14.3 50-100 Km
14.3.1 Demand for Fully Electric Inland Container Ships to Fuel Market
14.4 100-1,000 Km
14.4.1 Increased Demand for Retrofitting Cargo Vessels to Fuel Segment
14.5 >1,000 Km
14.5.1 High Demand for Long-Distance Cargo Vessels to Boost Market
15 Regional Analysis
16 Competitive Landscape
17 Company Profiles
18 Appendix
Companies Mentioned
- ABB
- Anglo Belgian Corporation (ABC) NV
- Bae Systems
- Borgwarner
- Corvus Energy
- Echandia Marine Ab
- Eco Marine Power Co. Ltd.
- EST Floattech
- Fjellstrand
- General Dynamics Electric Boat
- General Electric Company
- Kongsberg Gruppen
- Leclanche Sa
- Man Energy Solutions Se (Traton Group)
- Mitsubishi Shipbuilding Co. Ltd.
- Norwegian Electric Systems as (Havyard Group Asa)
- Saft
- Schottel GmbH
- Shift
- Siemens
- Soby Varft A/S
- The Cochin Shipyard
- Vard (Fincantieri)
- Visedo (Danfoss)
- Wartsila
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