Electric Ship Global Market Report 2023: Rise in Adoption of Hybrid and Electric Propulsion to Retrofit Ships Boosts Sector

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Apr 18, 2023, 20:30 ET

DUBLIN, April 18, 2023 /PRNewswire/ -- The "Electric Ship Market by Type (Fully Electric, Hybrid), Ship Type (Commercial, Defense), System, Mode of Operation (Manned, Remotely Operated, Autonomous), End Use (Newbuild & Linefit, Retrofit), Power, Tonnage, Range and Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The Electric Ship market size is projected to grow from USD 3.3 billion in 2022 to USD 14.2 billion by 2030, at a CAGR of 20.0% from 2022 to 2030.

The increase in global trade operations and passenger traffic are the primary factors driving the growth of the Electric Ship market. Furthermore, the demand for advanced electrical systems onboard marine vessel is boosting the adoption of Electric Ship systems, which reduces harmful emissions and decreases end-user operating and maintenance costs.

The Hybrid Electric segment is expected to account for the largest share in 2022.

Based on type, the hybrid electric segment is projected to dominate the Electric Ship market during the forecast period. Hybridization of ships is one of the major methods by which vessel operators are trying to reduce emission of vessels. Due to major economies driving the stakeholders of the marine industry to lower emissions and provide sustainable solutions, the adoption of hybrid ships are one of the major steps the industry is adopting to fulfil these needs.

The 50-100 km range is projected to lead the market during the forecast period.

Based on the range, the 50-100 km segment is expected to lead the market during the forecast period. 50-100 km range ships usually contain all the mid-sized ships, that are mostly used for inland shipping activities. These ships are easy to be converted to hybrid propulsion or replaced with fully electric solutions. Due to these factors, 50-100km range ships are leading the market.

The Retrofit segment is projected to lead the Electric Ship market during the forecast period.

Based on End Use, the retrofit segment will lead the Electric Ship market during the forecast period. The retrofit market currently holds a lower market share in the end-use segment. But in the future with a reduction in retrofitting cost the segment is expected to grow faster during the forecast period. Retrofitting will be the leading method for electrifying larger ships that still has a lot of life left.

Europe is expected to account for the largest market share in 2022.

The Electric Ships market has been studied for the regions North America, Europe, Asia Pacific, and the Rest of the World. Europe is expected to dominate the market during the forecast period. The regions has all the major players like shipbuilders, component manufacturers, and system integrators that are key to the electric ships market. The region is also a frontrunner in adopting a sustainable solution to cut down emissions. These are some of the factors driving the European electric ships market.

Market Dynamics

Drivers

Implementation of IMO Sulphur 2020 Regulation
Rise in Adoption of Hybrid and Electric Propulsion to Retrofit Ships
Increase in Seaborne Trade Across Globe
Growing Maritime Tourism Industry
Development of Lithium-Ion Batteries
Need for Reduction in Carbon Emissions
Reduction in Overall Operating Costs of Ships

Restraints

Long Downtime in Retrofitting Ships
Limited Range and Capacity of Fully Electric Ships

Opportunities

Potential of High-Powered Batteries
Potential for Battery Charging Via Renewable Sources of Energy
Hybrid Propulsion Technology for Large Ships

Challenges

Inadequate Charging Infrastructure
High Initial Capital Expenditure

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Trends

7 Electric Ships Market, by Ship Type
7.1 Introduction
7.2 Commercial
7.2.1 Passenger Vessels
7.2.2 Cargo Vessels
7.2.3 Others
7.3 Defense

8 Electric Ships Market, by Type
8.1 Introduction
8.2 Fully Electric
8.3 Hybrid

9 Electric Ships Market, by End Use
9.1 Introduction
9.2 Newbuild & Line Fit
9.2.1 High Demand for Fully Electric Ferries in Europe
9.3 Retrofit
9.3.1 Increase in Retrofitting to Increase Efficiency and Extend Durability of Vessels

10 Electric Ships Market, by Power
10.1 Introduction
10.2 <_5 />10.3 75-150 Kw
10.4 151-745 Kw
10.5 746-7,560 Kw
10.6 >7,560 Kw

11 Electric Ships Market, by Tonnage
11.1 Introduction
11.2 <_00 />11.3 500-5,000 Dwt
11.4 5,001-15,000 Dwt
11.5 >15,000 Dwt

12 Electric Ships Market, by System
12.1 Introduction
12.2 Energy Storage Systems
12.2.1 <_000 />12.2.2 1,001-5,000 Kw
12.2.3 >5,000 Kw
12.3 Power Conversion
12.4 Power Generation
12.5 Power Distribution

13 Electric Ships Market, by Mode of Operation
13.1 Introduction
13.2 Manned
13.3 Remotely Operated
13.4 Autonomous

14 Electric Ships Market, by Range
14.1 Introduction
14.2 <_0 />14.3 50-100 Km
14.4 100-1,000 Km
14.5 >1,000 Km

15 Regional Analysis

16 Competitive Landscape

17 Company Profiles

18 Appendix

Companies Mentioned

ABB
Anglo Belgian Corporation (ABC) NV
Bae Systems
Borgwarner
Corvus Energy
Echandia Marine Ab
Eco Marine Power Co. Ltd.
EST Floattech
Fjellstrand
General Dynamics Electric Boat
General Electric Company
Kongsberg Gruppen
Leclanche Sa
Man Energy Solutions Se (Traton Group)
Mitsubishi Shipbuilding Co. Ltd.
Norwegian Electric Systems as (Havyard Group Asa)
Saft
Schottel GmbH
Shift
Siemens
Soby Varft A/S
The Cochin Shipyard
Vard (Fincantieri)
Visedo (Danfoss)
Wartsila

For more information about this report visit https://www.researchandmarkets.com/r/15am1r

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