Electric Ship Market Soaring to USD 14.2 Billion in 2030

Posted by Sandeep Roy on November 27th, 2023

The Global Electric Ship Market is poised for substantial growth, with a projected increase from USD 3.3 billion in 2022 to USD 14.2 billion by 2030. This forecast indicates a remarkable Compound Annual Growth Rate (CAGR) of 20.0% from 2022 to 2030. The surge in market expansion is primarily attributed to the escalating demand for both hybrid and fully electric vessels across various applications.

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 industry leaders play a pivotal role in shaping the landscape of electric propulsion systems for ships and contribute to the overall growth and innovation in the Electric Ship market.

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The dominance of the 75-150 kW segment in the power category is anticipated throughout the forecast period. This is particularly significant in the context of medium-size passenger ferries, where the emphasis on a reduced or zero-emission transport system is driving the electrification trend. The adoption of electric propulsion in the maritime tourism industry represents a pivotal step towards mitigating emissions from conventional propulsion engines.

In terms of systems, the Energy Storage System segment is expected to hold a dominant position in the Electric Ship market during the forecast period. The deployment of energy storage systems, incorporating batteries, ultra-capacitors, flywheels, and fuel cells, is prevalent in various ship types such as ferries, yachts, cruise ships, container ships, and cargo ships. Lithium-ion batteries, in particular, play a central role in fully electric zero-emission ferries with shorter routes.

The mode of operation is another crucial factor, with the manned segment projected to dominate the market. Manned ships, characterized by traditional crewed vessels with human operators making decisions both onshore and offshore, are anticipated to lead the electric ships market. This leadership position is fueled by the retrofitting of diesel-driven ships with electric and hybrid propulsion systems.

Geographically, Europe is expected to account for the largest market share in 2022 and is projected to witness the highest CAGR during the forecast period. The region's leadership in the market is attributed to factors such as increasing trade activities, electrification of marine vessels, and growing global geopolitical tensions. The latter is driving major economies to enhance their military capabilities, leading to increased defense expenditure and investments in the modernization of defense vessels. Additionally, substantial investments in research and development by key players and Original Equipment Manufacturers (OEMs) to manufacture advanced energy storage systems, meeting future sustainability and operational requirements, are key drivers for the market in Europe.

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Sandeep Roy

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Sandeep Roy
Joined: August 7th, 2019
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