London, Aug. 08, 2023 (GLOBE NEWSWIRE) -- The global electric boats & ships market is poised for a significant surge, with the latest published report forecasting a remarkable CAGR of about 11% during the period of 2023 to 2030. This trajectory is projected to propel the market value to approximately US$10.87 Bn by the end of the decade.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Estimated Market Size in 2030 | US$10.87 Bn | |
| CAGR | 11% | |
| Key Players | Vision Marine Technologies Inc., Wärtsilä, Grove Boats SA, Leclanche S.A., Siemens AG, Navalt, Inc., Ruban Bleu, ElectraCraft Boats, Greenline Yachts, Domani Yachts, Ganz Boats GmbH, Quadrofoil, Duffy Electric Boats, Groupe Beneteau, Hyundai Heavy Industries (Hyundai Electric Limited), Daewoo Shipbuilding and Marine Engineering (DSME), ABB Ltd, Corvus Energy | |
The burgeoning market, driven by environmental consciousness and technological advancements, is witnessing a notable shift toward cleaner and more sustainable propulsion systems in the maritime sector, states the recently published study of Fairfield Market Research.
Key Research Insights
- Sales of hybrid electric boats & ships will be dominant.
- Demand for lithium-ion batteries continues to be higher than that for other battery types.
- The passenger category remains the largest revenue contributing segment of the market.
Insights into Segmentation Analysis
Hybrid Propulsion Gains Traction
Hybrid propulsion technology is emerging as a dominant force in the electric boats & ships market as it provides dual benefits of reducing fuel consumption and emissions. By combining electric and conventional propulsion systems, hybrid propulsion accelerates the journey toward enhanced range and load capacity, both while maintaining lower emissions. As regulations tighten and environmental awareness grows, the demand for hybrid propulsion is set to drive market growth.
Key Report Highlights
- The global surge in maritime tourism, encompassing activities like cruising, yachting, and boating, has catalyzed the adoption of electric boats. Governments worldwide are promoting maritime travel, recognising its potential for economic growth.
- To align with sustainability goals, boat manufacturers are producing electric-powered vessels to minimise carbon footprints and pollution, thus further invigorating the market.
- The shipping industry, responsible for a substantial portion of greenhouse gas emissions, is undergoing a transformation. Increasing maritime trade, driven by rising consumer expenditure and expanding eCommerce, has prompted manufacturers to embrace electric ships for cargo transportation. This shift to zero-emission electric vessels not only reduces pollution but also aligns with global efforts to combat climate change.
Regional Outlook
Europe in Leadership Position
Europe is at the forefront of the electric boats & ships market, boasting major players, OEMs, and substantial investment in R&D. The continent's stringent emission regulations and proximity to water bodies have facilitated its leadership position, and the trend will most likely prevail throughout the period of projection.
Meanwhile, the Asia Pacific region, particularly fast-developing countries like India, China, and Japan, is rapidly adopting the growing trend of electric boats and ships in line with rapid technological advancements, increasing seaborne trade, and notably rising pace of marine tourism.
Electric Propulsion Revolutionizes Maritime Industry
Electric boats have emerged as a pivotal solution to address the maritime industry's environmental concerns, offering a cleaner alternative to traditional fossil fuel-powered vessels. These electric-powered nautical crafts harness battery-driven electric motors for propulsion, significantly reducing emissions and pollution. Whether powered by pure electric, hydrogen fuel cell electric, or hybrid electric systems, these boats are setting a new standard for eco-friendly maritime transportation.
A central component of electric boats is the electric motor, which efficiently transforms direct current into alternating current, improving vessel control and orientation. Furthermore, sensor technology advancements have enabled enhanced environmental monitoring and navigation, creating new opportunities for maritime shipping companies.
Looking Forward
“Talking about the challenges and future prospects, the report says that the electric boats & ships market is poised for robust growth, challenges prevail. High initial investments required for retrofitting ships that are equipped with electric or hybrid propulsion systems, coupled with revenue loss from non-operational vessels, pose significant financial hurdles for ship owners. However, the long-term benefits of reduced operational costs and emissions are likely to drive adoption in the years to come”.
The market may reshape the maritime industry in the long run, aligning it with sustainability goals, and ushering in a new era of eco-friendly maritime transportation. As technological innovations continue to advance and environmental concerns grow severe, the expansion of the electric ships & boats market is not only inevitable but crucial for a cleaner, greener future of the maritime industry.
Browse Global Electric Boats & Ships Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Propulsion Type, By Battery Type, By Carriage Type, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/electric-boats-ships-market
Global Electric Boats & Ships Market is Segmented as Below:
By Propulsion Type
- Hybrid
- Pure Electric
By Battery Type
- Lead-acid
- Lithium-ion
- Nickel-based
By Carriage Type
- Passenger
- Cargo
By Geographic Coverage
- North America
- Europe
- Asia Pacific
- Rest of the World
Leading Companies
- Vision Marine Technologies Inc.
- Kongsberg
- Siemens AG
- Leclanche S.A.
- Wärtsilä
- Navalt, Inc.
- ABB Ltd.
- Grove Boats SA
- Yara International ASA
- Hyundai Heavy Industries (Hyundai Electric Limited)
- GE Power Conversion, part of GE Vernova
- Others
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