The Electric Ships by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Electric Ships, The electric ships market size has grown rapidly in recent years. It will grow from $8.06 billion in 2023 to $8.99 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the increasing global commercial trade, and the increasing government support.
The electric ships market size is expected to see rapid growth in the next few years. It will grow to $13.63 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to the rise in the adoption of hybrid and electric propulsion for retrofitting ships, the increasing defense expenditure, the increasing environmental concerns, and the increase in seaborne trade . Major trends in the forecast period include high-powered and technologically advanced bass boats, focus on battery-hybrid ships, focus on zero-emission vessels, technology innovations, focus on artificial intelligence, new electric foiling water taxis, and strategic partnerships and collaborations.
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.
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The electric ships market covered in this report is segmented –
1) By Type: Fully Electric, Hybrid
2) By Mode of Operation: Manned, Remotely Operated, Autonomous
3) By System: Energy Storage Systems, Power Conversion, Power Generation, Power Distribution
4) By Power: Less Than 75KW, 75 to 150KW, 151 to 745KW, 746 to 7,560KW, Greater Than 7,560KW
5) By Range: Less Than 50Km, 50 to 100Km, 101 to 1000Km, Greater Than 1,000Km
Technological advancements are shaping the electric ship market. The welding consumables market is increasing its demand by introducing and applying new technologies and 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.
The electric ships market report table of contents includes:
- Executive Summary
- Electric Ships Market Characteristics
- Electric Ships Market Trends And Strategies
- Electric Ships Market - Macro Economic Scenario
- Global Electric Ships Market Size and Growth
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- Global Electric Ships Market Competitive Benchmarking
- Global Electric Ships Market Competitive Dashboard
- Key Mergers And Acquisitions In Electric Ships Market
- Electric Ships Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- ABB Limited
- Siemens Energy
- BAE Systems
- Wärtsilä
- Kongsberg Gruppen ASA
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