Global Electric Ships Market – Industry Trends and Forecast to 2028

Market Analysis and Insights: Global Electric Ships Market

The electric ships market is expected to witness market growth at a rate of 8.10% in the forecast period of 2021 to 2028 and is expected to reach USD 6,051.46 million by 2028. Data Bridge Market Research report on electric ships market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The increase in the seaborne sector is escalating the growth of electric ships market.

Electric ships are referred to marine vessels that are powered by electricity instead of conventional fuels. These vessels are known to utilize batteries rather than diesel engines in order to keep them running.

The rise in the number of retro fit applications and higher emphasis on emission reduction act as the major factors driving the growth of electric ships market. The increase in the investment in the development of various power sources for the shipping industry for the purpose of aligning themselves toward the goal of reducing carbon emission and expansion of marine tourism industry accelerate the market growth. The rise in the design and development of ships causing surge in automation and decline in energy consumption and adoption of hybrid and electric propulsion technologies for retrofitting ships further influence the market. Additionally, implementation of sulfur 2020 rule, development of lithium-ion batteries, growth in commercial aircraft and surge in disposable income of people positively affect the electric ships market. Furthermore, hybrid propulsion technology for large ships and potential for battery charging via renewable sources of energy extend profitable opportunities to the market players in the forecast period of 2021 to 2028.

• On the other hand, high initial capital expenditure cost and high downtime in retrofitting ships are the factors expected to obstruct the market growth. Limited range and capacity of fully-electric ships and inadequate charging infrastructure are projected to challenge the electric ships market in the forecast period of 2021-2028.

This electric ships market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on electric ships market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Electric Ships Market Scope and Market Size

The electric ships market is segmented on the basis of type, power, range, system, ship type, mode of operation and end use. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets. 

• On the basis of type, the electric ships market is segmented into fully electric and hybrid. Fully electric is further segmented into lithium battery, lead acid battery, electro-solar and fuel cells. Hybrid is further segmented into diesel & battery-driven and LPG/LNG & battery-driven.
• On the basis of power, the electric ships market is segmented into <75 kw, 75–150 kw, 151–745 kw, 746–7,560 kw and >7,560 kw.
• On the basis of range, the electric ships market is segmented into <50 km, 50–100 km, 101–1,000 km, and >1,000 km.
• On the basis of system, the electric ships market is segmented into energy storage systems, power conversion, power generation and power distribution systems.
• On the basis of mode of operation, the electric ships market is segmented into manned, remotely operated and autonomous.
• On the basis of ship type, the electric ships market is segmented into commercial and defense.
• On the basis of end use, the electric ships market is segmented into new-build and line fit and retrofits.

Global Electric Ships Market Country Level Analysis

The electric ships market is analyzed and market size, volume information is provided by country, type, power, range, system, ship type, mode of operation and end use outlook as referenced above.       

The countries covered in the global electric ships market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC)  in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

North America dominates the electric ships market because of the rising environmental awareness of the general population, growing popularity of electric recreational and leisure vessels in marine tourism and government initiatives to promote electrically operated transportation modes within the region. Asia-Pacific is expected to witness highest growth during the forecast period of 2021 to 2028 because of the strong economic growth in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Electric Ships Market Share Analysis

The electric ships market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to electric ships market.

The major players covered in the electric ships market report are Wärtsilä, KONGSBERG, General Electric, VARD, Siemens, Leclanché SA, BAE Systems., Norwegian Electric Systems, MAN Energy Solutions, Corvus Energy., Echandia, General Dynamics Electric Boat, Anglo Belgian Corporation, SCHOTTEL Group, Danfoss, Eco Marine Power, AKASOL AG, EST-Floattech, Saft, Duffy Electric Boat Company., and Vision Marine Technologies among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.

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