Electric Ship Market to Exhibit a CAGR of 18.9% between 2023-2030; Maritime Transport to Augment as Electric Ships Pave the Way for Sustainable Shipping Solutions

The global electric ship market size was valued at USD 3.41 billion in 2022. The market is projected to grow from USD 3.83 billion in 2023 to USD 12.87 billion by 2030, exhibiting a CAGR of 18.9% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Electric Ship Market Size, Share & COVID-19 Impact Analysis, By Ship Type (Commercial Ship and Passenger Ship), By Mode of Operation (Semi-autonomous and Fully Autonomous), By Power Output (Up to 745 kW, 746-7560 kW, and Above 7560 kW), By Propulsion Type (Hybrid and Fully Electric), and Regional Forecast, 2023 – 2030”.

The market for electric ship is experiencing growth due to increasing demand for hybrid and fully electric vessels across various segments, including ferries, yachts, cruise ships, container ships, and cargo ships. This growth is primarily attributed to the need for reducing carbon emissions, the drive toward zero-emission transportation, and advancements in energy storage technology.

Global Market Plunged due to Several Challenges During the Pandemic

The COVID-19 pandemic posed significant challenges for the shipping industry. Port closures, reduced cargo demand, disputes in laytime settlement, and bankruptcies had a profound impact. These factors disrupted marine transportation, caused financial difficulties, and led to the closure of many businesses in the sector.

Permanent Magnet Shaft Generator System to Improve Fuel Efficiency

ABB revealed its selection in November 2022, to supply the shaft generator system featuring permanent magnet technology for vessels being constructed by the Dalian Shipbuilding Industry Company (DSIC). This innovative system is designed to enhance the fuel efficiency of the vessels, leading to improved overall performance.

Stringent Emission Regulations to Increase Demand for Electricity Powered Ships

The growing demand for electric ships in maritime transportation is driven by their significant environmental advantages over traditional fossil fuel-powered vessels. Additionally, advancements in battery technology have enabled shipping companies to achieve cost savings, lower pollution levels, and contribute to a greener future. Electric vessels emit zero greenhouse gas emissions, making them an ideal alternative to reduce carbon footprint. Factors such as high fossil fuel prices and stricter regulations on emissions have further accelerated the adoption of electrified vessels and increase the electric ship market share.

However, the high cost and low capacity of batteries may stifle the electric ship market growth.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/electric-ships-market-104444

Competitive Landscape

Market Players Aim to Develop Innovative Solutions to Foster Growth

Key players in the market, such as ABB, Leclanche, Siemens AG, Kongsberg, and MAN Energy Solutions SE, are focusing on developing advanced autonomous systems to improve operational efficiency. Through strategic partnerships and acquisitions, these companies aim to gain a competitive edge in the market.

Notable Industry Development: 

• September 2022 - ABB signed an MOU with MAN Energy Solutions to develop a propulsion solution to reduce carbon footprint and fuel costs and increase the operating flexibility of Liquefied Natural Gas (LNG) carriers. Dual-fuel electric propulsion proposal is based on MAN’s new four-stroke engine 49/60DF and ABB’s Dynamic AC power distribution and control system.

List of Key Players Profiled in the Report:

• Kongsberg (Norway)
• Leclanche (Switzerland)
• Corvus Energy (Canada)
• Echandia Marine AB (Sweden)
• Siemens (Germany)
• Vard (part of Fincantieri SpA) (Norway)
• Norwegian Electric Systems (Norway)
• General Dynamics Electric Boat (U.S.)
• MAN Energy Solutions SE (Germany)
• Wartsila (Finland)
• Schottel Group (Germany)
• Anglo Belgian Corporation NV (Belgium)
• Eco Marine Power (Japan)
• Akasol AG (Germany)

Further Report Findings:

• With a market valuation of USD 1.85 billion in 2022, Europe leads the market, driven by the widespread adoption of electric ships in major European countries.
• China, Japan, and South Korea, which are responsible for more than 90% of global ship production according to the International Maritime Organization (IMO), are anticipated to dominate the Asia Pacific region over the forecast period.

Table of Segmentation