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Electric Ship Market Size Share Research Report

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Electric Ship Market

Electric Ship market is projected to witness a remarkable growth over the forecast period, due to the growing need to reduce carbon emissions and decrease fuel wastage.

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Expansion across marine tourism industry, rising trade activities, and the emergence of lithium-ion batteries are some prominent factors fueling the electric ship market. Increasing emphasis of government on decreasing harmful carbon footprint from ships by offering subsidies is another driving forces supplementing the market growth. With the increasing competitiveness across various end-use industries like logistics and trade transportation, service vendors are emphasising to decrease their operational costs to raise the profit margin, which has bolstered the market growth. However, the minimal capacity of fully-electric ships will negatively impact the Electric Ship market growth.

By mode of operation, the manned segment is predicted to expand at a notable rate over the forecast period due to the surging demand for hybrid propulsion systems by commercial ships like cargo ships, ferries, cruise ships among others.

By region, Europe is anticipated to hold a larger share during the forecast period owing to the surging demand for electric ships for yachts, passenger ships, cruise vessels among others. The drift across European nations like Denmark, Norway, and Finland towards electric ships from traditional ships is a major factor propelling the Electric Ship Market size.

Leading players in the market include Kongsberg Gruppen, Wartsila Corporation, General Electric, Vard Group AS, Siemens AG, BAE Systems plc, Norwegian Electric Systems, Leclanche SA, MAN Energy Solutions SE, General Dynamics Electric Boat, and Corvus Energy.

Key Developments:

In Nov 2019, Wartsila and Singapore-based PSA Marine collaborated to develop smart technologies for marine sector using electric or hybrid technologies for low-discharge energy and propulsion systems, and the integration of next-generation smart vessel technologies among others.

In May 2017, Kongsberg and Yara partnered with a Norwegian chemical company to develop zero-emission and autonomous ship.

Electric Ship Market Segmentation:

Electric Ship Market by Type

• Fully Electric

o Lithium Battery

o Lead Acid Battery

o Electro-Solar

o Fuel Cells

• Hybrid

o Diesel & Battery Driven

o LPG/LNG & Battery Driven

Electric Ship Market by System

• Energy Storage Systems

o <1,000 kW

o 1,000 – 5,000 kW

o >5,000 kW

• Power Conversion

• Power Generation,

o Generators

o Engines

o Propulsion Motors

• Power Distribution

Electric Ship Market by Mode of Operation

• Manned

• Remotely Operated

• Autonomous

Electric Ship Market by Ship Type

• Commercial

o Passenger Vessels

 Yachts

 Ferries

 Cruise Ships

o Cargo Vessels

 Container Vessels

 Bulk Vessels

 Tankers

 General Cargo Ships

o Others

 Fishing Vessels

 Dredgers

 Tugs, & Workboats

 Research Vessels

 Submarine

• Defence

o Destroyers

o Frigates

o Corvettes

o Offshore Support Vessels (OSV)

o Aircraft Carriers

o Submarine

Electric Ship Market by Power

• <75 kW

• 75-150 kW

• 151-745 kW

• 756-7,560 kW

Electric Ship Market by Range

• <50 km

• 50-100 km

• 101-1,000 km

• >1,000 km

Electric Ship Market by End Use

• Newbuild and Line Fit

• Retrofits

Electric Ship Market by Region:

• Asia Pacific

o China

o Japan

o India

o Rest of APAC

• North America

o United States of America

o Canada

• Europe

o United Kingdom

o Germany

o France

o Spain

o Rest of Europe

• RoW

o Brazil

o South Africa

o Saudi Arabia

o UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact

Company Name: GMI RESEARCH

Contact Person: Sarah Nash

Email: enquiry@gmiresearch.com

Phone: Europe – +353 1 442 8820; US – +1 860 881 2270

Address: Dublin, Ireland

Website: www.gmiresearch.com


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Published on May 17, 2022

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