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Electric Ships Market Size to Reach USD 15.7 Billion in 2027, Capturing a 10.8% CAGR - Report by Market Research Future (MRFR)

Latest Research Report on Electric Ships Market by Type (Fully Electric and Hybrid), System (Energy Storage Systems, Power Generation, Power Conversion and Power Distribution Systems), Ship Type (Commercial and Defense), Operation (Manned, Remotely Operated and Autonomous) and Region - Forecast till 2027

/EIN News/ -- New York,US, May 17, 2022 (GLOBE NEWSWIRE) -- Electric Ships Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Electric Ships Market Information by Type, System, Ship Type, Operation, and Region - Forecast till 2027”, the market reached USD 15.7 billion in 2020 and could garner a growth rate of 10.8% between 2020 and 2027.

Market Synopsis

Electric ships are primarily small passenger ships and ferries on inland waterways that sail entirely with electricity. They can sail short distances while docking often.

Market Competitive Landscape:

The important vendors in the electric ships market include

  • Corvus Energy (Canada)
  • AKASOL AG (Germany)
  • Anglo Belgian Corporation NV (Belgium)
  • Leclanche (Switzerland)
  • Norwegian Electric Systems (Norway)
  • EST-Floattech (Netherlands)
  • Scandia Marine AB (Sweden)
  • KONGSBERG (Norway)
  • Siemens (Germany)
  • Eco Marine Power (Japan)
  • Schottel (Germany)
  • General Dynamics Electric Boat (US)
  • VARD (Norway), Wärtsilä (Finland)
  • BAE Systems (UK)
  • MAN Energy Solutions (Germany)
  • General Electric (US)

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Market USP Covered:

Market Drivers:

The rise in seaborne trade along with the stunning growth of the maritime tourism sector benefits the electric ships market. Reports confirm that in 2021, the maritime vehicle transported more than 80% of the global commerce in terms of volume, emerging as the backbone of global economics and exchange. Seaborne exchange will continue to surge, benefitting customers all over the world via lower cargo costs. This factor can propel the growth rate of the electric ships market in the years ahead.

Numerous government programs focused on bringing down carbon emissions, including incentives given for the purchase of electric transportation ships, will also facilitate electric ships market expansion during the evaluation period.

Compared to conventional systems, the area needed to install electrical propulsion machinery is considerably smaller and more compact. Moreover, since the primary mover and propeller shaft are not directly connected, the transmission of extreme stresses including vibration and torsion is limited. These advantages can further raise the adoption rate of electric ships, giving a significant boost to the market growth in the years to come.

Market Restraints:

Limited capacity and travel distance are some of the key restraints of electric ships. These types of ships, on an average, are able to travel only 80 km on a single charge. The Ellen ferry, which is the biggest electric passenger vessel in Denmark, can carry out a round trip of around 22 nautical miles.

A major limitation with regard to electric ships is also the range these can travel before the batteries run out and need to be recharged. Hybrid ships are able to alleviate this issue to an extent with the installation of diesel generators that charge batteries and push the ship when extra power is required or when batteries get depleted.

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COVID 19 Analysis

Several measures are underway to curb the spread of COVID-19, which have affected waterways as well. The COVID-19 spread has had a negative impact on the demand for electric ships given the drop in the demand for goods in numerous countries owing to the restrictions implemented worldwide.

The restrictions on tourism and trade via waterways have been detrimental to the electric ships market. However, with several countries lifting up the lockdown and industries resuming their business operations, electric ships will continue to note demand from diverse end-users in the coming years.

Market Segmentation

By Component

The electric ships market, with respect to component, has been considered for fully electric as well as hybrid. Fully electric ships make use of lead-corrosive or lithium batteries, power modules or solar energy as a force source. These types of boats are towing boats, ships and yachts. Hybrid electric ships result in less contamination compared to the traditional marine drive systems that consume large-scale oil.

By Technology

With respect to technology, the electric ships market caters to commercial as well as defense. The commercial segment will develop at a higher pace in the coming years, with some types of commercial ships being freight vessels including big haulers, holder's vessels, general freight ships, and mass transporters; traveler vessels like ships and yachts; and different vessels such as dredgers pulls and workboats, fishing vessels submarines, as well as research vessels.

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Regional Insights

Europe can project maximum growth in subsequent years, on account of the heightened demand for fully electric passenger vessels, yachts, cruise vessels, and tugs, among others. Countries in the region like Finland, Denmark and Norway are actively replacing traditional passenger ferries with advanced fully electric passenger ferries. Major innovations in autonomous electric vessels that make use of fuel cells as well as remotely controlled electric vessels further elevate the European market’s position.

Asia Pacific, backed by some of the most rapidly emerging countries like China and India, with the large-scale private sector and government investments in shipyard development, will garner the highest growth rate. Governments in other, smaller countries like the Philippines, and Indonesia are attracting investors, which should work in favor of the electric ships market. The demand for electric ships in the region has been soaring thanks to the surging sea trade activities coupled with the mounting government focus on bringing down the gas emissions. This has led to ship owners and integrators shifting their focus from diesel-driven engines to electric or hybrid propulsion systems. Simply put, the accelerated number of sea trade activities along with the rising government focus on the reduction of gas emissions will create lucrative opportunities for the electric ship developers in the region.

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