Electric Horizon: Anticipating USD 14.2 Billion Electric Ship Market by 2030

Posted by Sandeep Roy on January 10th, 2024

The Electric Ship Market size is poised for remarkable growth, with a projected increase from USD 3.3 billion in 2022 to USD 14.2 billion by 2030, exhibiting a substantial CAGR of 20.0% during the forecast period. This surge in market size is primarily fueled by the rising demand for hybrid and fully electric vessels, signaling a transformative shift in the maritime industry.

Market Statistics and Trends:

CAGR and Market Size: The Electric Ship market is set to experience an impressive CAGR of 20.0% from 2022 to 2030, propelling the market size from USD 3.3 billion to USD 14.2 billion.

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Market Expansion Drivers:

Demand for Green Transformation: The increasing demand for hybrid and fully electric vessels is a driving force behind the expansion of the Electric Ship market. Countries worldwide are prioritizing reduced or zero-emission transport systems, particularly in the maritime tourism industry.

Segment Analysis:

Power Segment: The 75-150 kW segment is projected to dominate the market share in the power segment during the forecast period. This dominance is attributed to the electrification of medium-size passenger ferries, aligning with the global push for green transformation in maritime transportation.

System Segment: The Energy Storage System segment is expected to dominate the Electric Ship market during the forecast period. Energy storage systems, comprising batteries, ultra-capacitors, flywheels, and fuel cells, play a pivotal role in various ship types, contributing to the growing dominance of this segment.

Mode of Operation: The Manned segment is anticipated to dominate the market during the forecast period. Traditional crewed vessels with human operators are leading the electric ship market, driven by the retrofitting of diesel-driven ships with electric and hybrid propulsion systems.

Regional Insights:

Europe Dominance: Europe is expected to account for the largest share in 2022 and witness the highest CAGR during the forecast period. The region benefits from increasing trade activities, the electrification of marine vessels, and heightened defense investments, driving the modernization of defense vessels.

Key Market Players: Major players contributing to the Electric Ship market include ABB (Switzerland), Leclanché S.A. (Switzerland), Siemens AG (Germany), Wartsila (Finland), and Kongsberg Gruppen (Norway). These companies play a crucial role in shaping the industry landscape through their expertise in electric ship technologies and innovative solutions.

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