Global Electric Ships Market Analysis Report 2022: Market is Expected to Grow to $11.06 Billion in 2026 at a CAGR of 11.6% - Long-term Forecast to 2031

Dublin, Aug. 23, 2022 (GLOBE NEWSWIRE) -- The "Electric Ships Global Market Report 2022" report has been added to's offering.

The global electric ships market is expected to grow from $6.39 billion in 2021 to $7.12 billion in 2022 at a compound annual growth rate (CAGR) of 11.4%. The electric ships market is expected to grow to $11.06 billion in 2026 at a CAGR of 11.6%.

The electric ship market consists of sales of the electric ships by entities (organizations, sole traders, and partnerships) which refer to a ship that runs on a battery. Ships that run on electricity instead of traditional gasoline are known as electric ships. 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.

The main types of electric ships are fully electric, and hybrid. A fully electric ship operates on electricity. Electrical power is used to propel propeller blades in electric propulsion systems. Electric propulsion has gained traction in a wide range of maritime applications across Europe and Japan in recent years, from commercial and research ships to fishing vessels.

The mode of operation for these ships is manned, remotely operated, autonomous that using systems such as energy storage systems, power conversion, power generation, and power distribution. It requires power of less than 75kw, 75 to 150kw, 151 to 745kw, 746 to 7,560kw, Greater than 7,560kw that can cover a distance of less than 50km, 50 to 100km, 101 to 1000km, greater than 1,000km.

Western Europe was the largest region in the electric ship market in 2021. The regions covered in the electric ship market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The electric ships market research report is one of a series of new reports that provides electric ships market statistics, including electric ships industry global market size, regional shares, competitors with a electric ships market share, detailed electric ships market segments, market trends and opportunities, and any further data you may need to thrive in the electric ships industry.

The rise in the adoption of hybrid and electric propulsion for retrofitting ships is anticipated to drive the growth of the electric ship market. An eco-friendly ship's electric propulsion system is a hybrid system that uses dual-fuel engines, batteries, and fuel cells as multiple power sources.

However, technologies such as fuel storage facilities, gas vaporizers, and battery thermal runaway avoidance must all be developed concurrently to apply these power sources to ships. For instance, in February 2021, the 2030 Green Ship-K Promotion Strategy, which is a key component of South Korea's aims to become carbon-neutral by 2050, focuses on the advancement and widespread use of low-carbon ship technologies, such as hydrogen fuel cells and propulsion systems.

The initiative's goal is to reduce the country's shipping greenhouse gas emissions by 40% in the next 25 years, and 70% by 2050. Furthermore, Kawasaki has received its first order for large-capacity battery propulsion systems for coastal ships. Large-capacity lithium-ion (Li-ion) marine batteries, a propulsion control system, and an electric power management system are all part of the battery propulsion system.

Technological advancements are shaping the electric ship market. The welding consumables market is increasing its demand by introducing and applying new technologies and their updated software for the industries. The automotive industry is increasingly focusing on integrating smarter and safer safety systems into vehicles for better safety in different terrains and conditions.

For instance, in November 2021, The Yara Birkeland, the world's first electric and self-propelled container ship with zero emissions, had its first journey in the Oslo fjord. Yara Birkeland is a multi-actor project in which KONGSBERG is in charge of the development and delivery of all newly created technologies on the ship. Massterlys' monitoring and operations center in Horten will be in charge of the ship. KONGSBERG and Wilhelmsen have teamed up to form Massterly.

In October 2021, Groupe Beneteau, a French company involved in building sailing yachts and motorboats for all types of boating practices, acquired Starfisher, for an undisclosed amount. This acquisition will allow Beneteau to expand its small motorboat production capacity and create a presence in Portugal, in addition to the three other plants dedicated to these markets in Poland and the United States.

The countries covered in the electric ships market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Major players in the electric ship's market are

  • ABB Ltd
  • Wartsila
  • Vard (Finacntieri)
  • Kongsberg
  • Norwegian Electric Systems AS
  • Corvus Energy
  • General Dynamics Electric Boat
  • MAN Energy Solutions SE
  • Leclanche SA
  • Siemens AG
  • General Electric Company
  • BoeschMotorboote
  • Bureau Veritas
  • Canadian Electric Boat Company
  • Electrovaya Inc.
  • Triton Submarines
  • Duffy Electric Boats
  • Akasol AG

Key Topics Covered:

1. Executive Summary

2. Electric Ships Market Characteristics

3. Electric Ships Market Trends And Strategies

4. Impact Of COVID-19 On Electric Ships

5. Electric Ships Market Size And Growth
5.1. Global Electric Ships Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Electric Ships Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Electric Ships Market Segmentation
6.1. Global Electric Ships Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

  • Fully Electric
  • Hybrid

6.2. Global Electric Ships Market, Segmentation By Mode of Operation, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

  • Manned
  • Remotely Operated
  • Autonomous

6.3. Global Electric Ships Market, Segmentation By System, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

  • Energy Storage Systems
  • Power Conversion
  • Power Generation
  • Power Distribution

6.4. Global Electric Ships Market, Segmentation By Power, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

  • Less Than 75KW
  • 75 to 150KW
  • 151 to 745KW
  • 746 to 7,560KW
  • Greater Than 7,560KW

6.5. Global Electric Ships Market, Segmentation By Range, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

  • Less Than 50Km
  • 50 to 100Km
  • 101 to 1000Km
  • Greater Than 1,000Km

7. Electric Ships Market Regional And Country Analysis
7.1. Global Electric Ships Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Electric Ships Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

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