Dublin, Nov. 18, 2024 (GLOBE NEWSWIRE) -- The "Electric Ships - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Electric Ships was estimated at US$7.8 Billion in 2023 and is projected to reach US$15.7 Billion by 2030, growing at a CAGR of 10.5% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
Electric ships are reshaping the future of maritime transportation by offering a sustainable alternative to traditional diesel-powered vessels. The technology behind electric ships involves using large battery systems or fuel cells to power electric propulsion, which significantly reduces greenhouse gas emissions and minimizes air and water pollution. This transition aligns with the global push for decarbonization and cleaner energy solutions, especially in sectors with high emissions like shipping. Electric ships can be fully electric or hybrid, combining electric power with conventional engines to increase range and reliability.
Norway has been a pioneer in this shift, with the introduction of electric ferries that operate on renewable energy sources, while other countries, including China, Japan, and the United States, are following suit with their initiatives. Electric ships offer a quiet and efficient mode of transportation that not only reduces environmental impact but also meets the increasing regulatory pressures to decrease emissions across the maritime industry.
What Is Driving Growth in the Electric Ships Market?
The growth in the electric ships market is driven by several factors, including stringent environmental regulations, the demand for sustainable transportation, and advancements in energy storage and propulsion technologies. Increasingly strict emissions standards, such as the International Maritime Organization`s (IMO) mandate to reduce greenhouse gas emissions by 50% by 2050, are compelling shipbuilders and operators to seek cleaner alternatives to diesel engines.
Countries are enforcing regional emissions standards, further pressuring the maritime industry to adopt low- and zero-emission solutions. Consumer demand for environmentally friendly options is also influencing the market, as both passengers and shipping clients prioritize companies with sustainable practices, especially in environmentally sensitive regions and popular tourist destinations.
Technological advancements in battery and fuel cell technologies are another major growth driver, enabling electric ships to operate with greater efficiency and range. As battery costs decrease and charging infrastructure expands, electric ships are becoming more economically viable. Government subsidies and incentives are also playing a significant role, especially in Europe and Asia, where electric ship development is actively supported by financial backing for both manufacturers and fleet operators.
Additionally, the development of autonomous electric ships is sparking interest in future-ready maritime solutions, with automation technologies further increasing the efficiency of electric ships. Together, these factors are accelerating the adoption of electric ships across various maritime sectors, positioning the electric ships market as a critical contributor to the global shift toward sustainable, low-emission transportation.
How Are Electric Ships Revolutionizing Maritime Applications?
Electric ships are making waves across multiple segments of the maritime industry, transforming applications ranging from passenger ferries to offshore supply vessels and cargo transport. In the passenger ferry sector, electric ships are already well established, particularly in countries that rely heavily on maritime routes for regional transportation. For example, Norway's fully electric ferry 'Ampere' has set a benchmark in sustainable maritime transport, paving the way for electric ferries to replace diesel ferries across short routes worldwide. Coastal cities with high tourism levels, such as those in the Mediterranean and the Caribbean, are increasingly adopting electric vessels to reduce environmental impacts and cater to eco-conscious tourists. These vessels offer a quieter, more pleasant travel experience, enhancing tourism appeal while aligning with global environmental commitments.
Electric propulsion is also being adopted for inland waterway transport, where vessels operate over shorter distances and can benefit from charging infrastructure at regular intervals. Cargo shipping, traditionally one of the largest polluters, is beginning to explore hybrid and fully electric solutions for short-haul and coastal routes. Some companies are testing battery-powered cargo ships, especially for routes within the European Union, where stringent emissions regulations are driving rapid innovation.
Offshore support vessels, which require high maneuverability and operate in environmentally sensitive areas, are another promising application for electric propulsion. These vessels often operate close to marine reserves, where reducing pollution and underwater noise is critical. As electric ships prove their operational and environmental benefits, their adoption across various maritime sectors is expected to accelerate, setting new standards for clean and efficient shipping solutions.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players in the Global Electric Ships Market such as ABB, Akasol AG, Anglo Belgian Corporation (ABC) NV, Bae Systems, Corvus Energy and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Hybrid Ships segment, which is expected to reach US$12.7 Billion by 2030 with a CAGR of a 10.4%. The Fully Electric Ships segment is also set to grow at 10.8% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $2.1 Billion in 2023, and China, forecasted to grow at an impressive 10.0% CAGR to reach $2.4 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 92 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $7.8 Billion |
| Forecasted Market Value (USD) by 2030 | $15.7 Billion |
| Compound Annual Growth Rate | 10.5% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Global Economic Update
- Electric Ships - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Rising Emphasis on Reducing Maritime Emissions Propels Demand for Electric Ships in Commercial and Passenger Transport
- Technological Advancements in Battery Capacity and Energy Density Strengthen Market for Long-Range Electric Ships
- Focus on Sustainability and Green Shipping Expands Market for Electric Ships as Eco-Friendly Alternatives
- Increasing Investment in Offshore Renewable Energy Drives Demand for Electric Support Vessels
- Expansion of Autonomous Ship Technology Propels Growth in Electric Ships Equipped with Smart Navigation Systems
- Growth in Inland Waterway Transportation Strengthens Demand for Electric Ferries and Passenger Boats
- Rising Demand for Fuel Savings and Reduced Maintenance Costs Expands Business Case for Electric Ships
- Emergence of Hybrid Electric Propulsion Systems in Large Vessels Creates New Opportunities for Electric Ship Adoption
- Increasing Focus on Noise Reduction and Eco-Tourism Expands Market for Quiet, Environmentally Friendly Electric Ships
- Development of Fast-Charging and Wireless Charging Solutions Supports Growth in Electric Ship Infrastructure
- Rising Awareness of Carbon Footprint Among Shipowners Spurs Demand for Electric Ships in Commercial Fleets
- Technological Innovations in Solid-State Batteries and Hydrogen Fuel Cells Enhance Market Potential for Electric Ships
FOCUS ON SELECT PLAYERS:Some of the 36 companies featured in this Global Electric Ships market report include
- ABB
- Akasol AG
- Anglo Belgian Corporation (ABC) NV
- Bae Systems
- Corvus Energy
- Echandia Marine AB
- ECO Marine Power Co Ltd.
- EST Floattech
- General Dynamics Electric Boat
- General Electric (GE)
- Kongsberg Gruppen
- Leclanche SA
- Man Energy Solutions Se (Traton Group)
- Norwegian Electric Systems as (Havyard Group ASA)
- Saft (Total)
- Schottel GmbH
- Siemens
- Vard (Fincantieri)
- Visedo (Danfoss)
- Wartsila
For more information about this report visit https://www.researchandmarkets.com/r/fmlvby
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