Global Electric Ships Market to 2028 - COVID-19 Impact and Analysis

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May 17, 2022, 06:43 ET

DUBLIN, May 17, 2022 /PRNewswire/ -- The "Global Electric Ships Market to 2028 - by Type, Power, Range and Ship Type" report has been added to ResearchAndMarkets.com's offering.

According to this report the market is expected to grow from US$ 3.82 billion in 2021 to US$ 7.76 billion by 2028; it is estimated to grow at a CAGR of 10.3% from 2021 to 2028.

Increasing Regulatory Support from Government Authorities and Industry Associations to Favor Market Growth
Several marine industry associations are focusing on reducing the gas emission from the shipping industry. As per a report published by the Norwegian Ministry of Climate and Environment, in April 2018, International Maritime Organization (IMO) adopted a plan to reduce greenhouse gas emissions from international shipping by ~50% compared with the level in 2008 by the end of 2050.

Additionally, the IMO strategy aims to improve the energy efficiency of each ship and to reduce the carbon intensity of the whole marine industry by reducing emissions per unit of transport work done by ~40% by 2030, and further toward 70% by 2050, according to a report published by the Norwegian Ministry of Climate and Environment. Further, several governments are focusing on reducing the gas emission from the shipping industry.

For instance, according to a report published by the Norwegian Ministry of Climate and Environment, in 2019, the Norway government's focus is on reducing greenhouse gas emissions from domestic shipping and fishing ships by half by 2030 and promoting the development of zero- and low-emission solutions for all vessel categories. For this, the government had allocated NOK 7 million (US$ 0.77 million) to the Green Shipping Programme in the 2019 budget. Therefore, the increasing regulatory support from government authorities and industry associations for reducing greenhouse gas emissions in the shipping industry supports the growth of electric ships by adopting electric or hybrid propulsion systems.

North America has the highest adoption rate of advanced technologies due to governments' favorable policies to boost innovation and strengthen infrastructure capabilities. The COVID-19 pandemic forced the US government to impose several limitations on industrial, commercial, and public activities in the initial phases to control the spread of COVID-19. The record-long US economic expansion came to an end as a result of the COVID-19 pandemic, with effect of a deep recession in 2020. The outlook remains highly uncertain, as it is difficult to determine the social and economic impact of the COVID-19 pandemic, which will depend on the success of containing the outbreak and the measures to restart economic activities.

In 2020, the COVID-19 pandemic adversely affected the growth of the global electric ship market due to the shutdown of manufacturing facilities and trade restrictions. Ship manufacturers had faced short-term operational issues due to supply chain disruption caused by several government initiatives to slow the spread of COVID-19. The shipping industry had become a significant part of several countries' supply chains; it was significantly affected by the COVID-19 pandemic.

The shipping industry depends on production, which was discontinued to prevent people from being affected by SARS-CoV-2, resulting in significant challenges. A South Florida-based cruise ship was affected for the third time, as Florida recorded its highest number of COVID-19 cases. SARS-CoV-2 infected an undisclosed number of passengers and crew of the Carnival Freedom cruise, so the ship was denied entry to Bonaire and Aruba.

The growing maritime tourism industry helps in supporting the electric ships market growth. Thus, during 2021 and 2022, the COVID-19 pandemic will positively impact the market growth. This is expected to normalize the electric ships market growth over the forecast period of 2021-2028.

Key Findings of Study:

The electric ships market has been segmented into five major regions - North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In North America and Europe, the demand for electric ships increases due to its rising demand for fully electric passenger vessels, tugs, yachts, and cruise vessels. Norway, Finland, the US, and Denmark are replacing conventional passenger ferries with fully electric passenger ferries. Significant developments in autonomous electric vessels that use fuel cells and remotely controlled electric vessels are also driving the market growth.

In APAC, the demand for electric ships increases due to the rising sea trade activities and growing government focus on reducing gas emissions from the shipping industry. This has resulted in ship integrators and owners switching the existing diesel-driven engines with electric or hybrid propulsion systems. Therefore, these factors create a vast opportunity for the APAC electric ships market players to produce more electric ships.

According to the UN Merchant Fleet 2020 statistics, ~93% of the global new shipbuilding occurred in China, Japan, and South Korea in 2019. The global shipping and offshore energy equipment industry has shifted unequivocally toward Asia. South Korea, Japan, and China now dominate with ~80% of orders. According to IHS Maritime, 134 liquefied natural gas (LNG) tankers built since 2009 - 133 were built in Asia, 100 in South Korea, 20 in China, and 13 in Japan. While domination by Asian manufacturers is expected to continue, it is important to recognize that each of Asia's shipping giants has distinct strengths and challenges. Shipbuilding in Japan is going through a renaissance. Focus on shipbuilding and port development is driving the growth of the electric ships market in the region.

Reasons to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the electric ships market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the electric ships market thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution

Key Topics Covered:

1. Introduction

2. Key Takeaways

3. Research Methodology

4. Electric Ship Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America - PEST Analysis
4.2.2 Europe PEST - Analysis
4.2.3 Asia-Pacific - PEST Analysis
4.2.4 Middle East & Africa - PEST Analysis
4.2.5 South America - PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions

5. Global Electric Ship Market - Key Industry Dynamics
5.1 Market Drivers
5.1.1 Rise in Adoption of Hybrid and Electric Propulsion Systems for Retrofitting Ships
5.1.2 Increasing Regulatory Support from Government Authorities and Industry Associations
5.2 Market Restraints
5.2.1 Limited Range and Capacity of Fully Electric Ships
5.3 Market Opportunities
5.3.1 Suge in the adoption of Hybrid-Electric Propulsion Technology for Large Ships
5.4 Future Trends
5.4.1 Technological Advancements in Energy Storage Devices
5.5 Impact Analysis of Drivers and Restraints

6. Electric Ship Market - Global Analysis
6.1 Global Electric Ship Market Overview
6.2 Global Electric Ship Market Forecast and Analysis
6.3 Market Positioning -Top 5 Players

7. Electric Ships Market Analysis and Forecast to 2028 - By Type
7.1 Electric Ships Market Revenue Share, by Type (2020 and 2028)
7.2 Battery Electric Ships
7.2.1 Overview
7.2.2 Battery Electric Ships: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
7.3 Plug-in Electric Ships
7.3.1 Overview
7.3.2 Plug-in Electric Ships: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Hybrid Electric Ships
7.4.1 Overview
7.4.2 Hybrid Electric Ships: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)

8. Electric Ships Market Analysis and Forecast to 2028 - By Power
8.1 Electric Ships Market Revenue Share, by Power (2020 and 2028)
8.2 Less than 75kW
8.2.1 Overview
8.2.2 Less than 75kW: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
8.3kW-150kW
8.3.1 Overview
8.3.2kW-150kW: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
8.4kW-745kW
8.4.1 Overview
8.4.2kW-745kW: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
8.5kW-7560kW
8.5.1 Overview
8.5.2kW-7560kW: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
8.6 More than 7560kW
8.6.1 Overview
8.6.2 More than 7560kW: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)

9. Electric Ships Market Analysis and Forecast to 2028 - By Range
9.1 Electric Ships Market Revenue Share, by Range (2020 and 2028)
9.2 Less than 50 Km
9.2.1 Overview
9.2.2 Less than 50 km: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
9.3-100 Km
9.3.1 Overview
9.3.2-100 Km: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
9.4 -1000 Km
9.4.1 Overview
9.4.2-1001 Km: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
9.5 More than 1000 Km
9.5.1 Overview
9.5.2 More than 1000 Km: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)

10. Electric Ships Market Analysis and Forecast to 2028 - By Ship Type

11. Electric Ship Market - Geographic Analysis

12. Impact of COVID -19 Pandemic - Electric Ship Market
12.1 North America: Impact Assessment of COVID-19 Pandemic
12.2 Europe: Impact Assessment of COVID-19 Pandemic
12.3 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
12.4 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
12.5 South and Central America: Impact Assessment of COVID-19 Pandemic

13. Industry Landscape
13.1 Overview
13.2 Agreements, Collaborations and Joint Ventures
13.3 New Product Launches
13.4 EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS

14. Company Profiles
14.1 BAE Systems
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 Duffy Electric Boat Company
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Fjellstrand AS
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 X Shore
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 General Dynamic Electric Boat
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 Hurtigruten
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 MAN Energy Solutions
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 PortLiner
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 Siemens Energy
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 VARD AS
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Products and Services
14.10.4 Financial Overview
14.10.5 SWOT Analysis
14.10.6 Key Developments

15. Appendix