Electric Ships Market Size Worth $7.76Bn, Globally, by 2028 at 10.3% CAGR - Exclusive Report by The Insight Partners

The electric ships market size is expected to grow from $3.82 Billion in 2021 to $7.76 Billion by 2028; it is estimated to grow at a CAGR of 10.3% from 2021 to 2028.

New York, April 05, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Electric Ships Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Battery Electric Ships, Plug-In Hybrid Electric Ships, and Hybrid Electric Ships), Power (Less Than 75 KW, 75 - 150 KW, 151 - 745 KW, 746 - 7560 KW, and More Than 7560 KW), Range (Less Than 50 Km, 50 - 100 Km, 101 - 1000 Km, and More Than 1000 Km), and Ship Type (Cruise Ships, Ferries, Tankers, Bulk Carriers, Fishing Vessels, Destroyers, Aircraft Carriers, and Others)”, the global electric ships market growth is driven by the rise in adoption of hybrid and electric propulsion systems for retrofitting ships. Europe dominated the market in 2020 with a share of 48.6% and is expected to continue its dominance by 2028. North America is the second-largest contributor to the global market in 2020, followed by Asia Pacific.

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Report Coverage Details
Market Size Value in US$ 3.82 Billion in 2021
Market Size Value by US$ 7.76 Billion by 2028
Growth rate CAGR of 10.3% from 2021 to 2028.
Forecast Period 2021- 2028
Base Year 2021
No. of Pages 164
No. Tables 78
No. of Charts & Figures 85
Historical data available Yes
Segments covered Type, Power, Range, and Ship Type
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Electric Ships Market: Competitive Landscape and Key Developments
BAE Systems, Duffy Electric Boat Company, Fjellstrand AS, X Shore, General Dynamic Electric Boat, Hurtigruten, MAN Energy Solutions, PortLiner, Siemens Energy, and VARD AS are among the key players that are profiled during the electric ships market study. Several market players were analyzed to get a holistic view of the global electric ships market and its ecosystem.

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In October 2021, The Dynamic Electric Boat Company had secured a modification contract to support for class continuous production of shipyard components and aid in shipyard labor to support the entire fleet of Columbia-class ballistic missile submarines. The value of this contract is US$ 475 million, which is expected to get completed by December 2031.

Electric hybrid systems pollute much less than a traditional mechanical propulsion engine by blending power from both energy storage and generators to give the vessel operator a dual power source for higher vessel operational flexibility. Electric boats’ clean and efficient electric propulsion and power systems don’t pollute the air with carbon emissions and avoid noise pollution. These systems also don’t pollute our rivers, streams, or lakes with spilled fuel or toxic residues. In addition, electricity for shore power charging can be generated in several ways, including solar panels and other renewable sources; operators may choose to have greater independence by owning their power source. For instance, in Nov 2019, BAE Systems launched next-generation power and propulsion system to help marine operators reach zero emissions. It provides a flexible solution improving electrical efficiency and vessel range, increasing propulsion power, and simplifying installation.

In Europe, many electric ship companies suffered a major decline in production and revenue due to the lack of raw materials during the COVID-19 pandemic. Cruise holidays have become increasingly popular in the past two decades, with the number of passengers increasing every year. The COVID-19 pandemic resulted in several cruise ships being held in quarantine or stranded at sea with mass disruptions and canceled holidays for millions of vacationers. The pandemic highlights the significance of risk perceptions as risk influences travel decision-making. The tourism sector is facing a sharp economic decline: flights and cruises have been cancelled, entire crews and passengers have been under quarantine, borders closed, and in many tourist areas hotels, restaurants, resorts, etc. were forced to close for a few months. Fisheries and seafood production are also affected by the COVID-19 crisis. Legal industrial and small-scale fisheries have declined from a combination of risks being at sea during the COVID-19 pandemic (infection of crews is high in the restricted space of fishing vessels) and supply chain complications caused by market closures.

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Rise in Adoption of Hybrid and Electric Propulsion Systems for Retrofitting Ships to Boost Electric Ships Market Growth:
Retrofitting ships is gaining interest and attracting shipowners/shipbuilders to extend the lifetime of their existing ships. Such a process provides a chance to reduce fuel consumption and stay updated with the latest eco-friendly solutions as a cost-effective procedure. Retrofitting is becoming a common practice in the maritime industry. Shipbuilders are moving toward automation, integrating newly built ships, and retrofitting existing ships with hybrid and electric propulsion systems. This system is a convenient choice for retrofitting outdated ships with enormous retrofit potential, including ferries, container vessels, cruise ships, tugboats, and general cargo ships. Shipbuilders choose to retrofit ships with a hybrid-electric propulsion system or a fully electric propulsion system as it is a relatively cheaper option than purchasing a new ship. Further, several European shipbuilders are actively retrofitting their current ship fleet with hybrid and electric propulsion systems. For instance, according to the article published by the Riviera Maritime Media Ltd, in March 2020, the offshore supply vessel (OSV) owners invested in retrofitting diesel-electric/LNG-powered fleets with battery-hybrid propulsion in a move that is paying off for the charterer, owner, and the environmental issues in Norway. These factors have resulted in the adoption of hybrid and electric propulsion systems for retrofitting ships.  

Electric Ships Market: Sector Overview
Based on ship type, the global electric ship market is segmented into cruise ships, ferries, tankers, bulk carriers, fishing vessels, destroyers, aircraft carriers, and others. The ferries segment held the largest market share in 2020. The rise of low-cost airlines globally and growing policies to encourage tourism are expected to drive the growth of the passenger ferries market. The rising consumer preference to visit tropical islands, seas, and oceans is also a major boost for the passenger ferries market. Passenger ferries also remain an integral part of the public transport system. The International Maritime Organization (IMO) establish regulations for international shipping. Ships that operate solely within the confines of one nation are regulated by it. However, many countries base their domestic regulations on the IMO standards. A few nations adopt the IMO rules completely for their domestic ships. The growing adoption of sustainable, high-tech, and clean passenger ferries are expected to drive the growth of the passenger ferries market.

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Browse Adjoining Reports:
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