Electric Ships Market By Propulsion Type (Fully Electric, Hybrid), By Mode of Operation (Autonomous, Non-autonomous), By System (Energy Storage, Power Conversion, Power Generation, Power Distribution): Global Opportunity Analysis and Industry Forecast, 2023-2032
The electric ship market has been experiencing significant growth owing to rise in the environmental concerns, and stricter emission and regulation standards. There is a rise in electrification of ships to reduce emissions and increase sustainability. For instance, in 2019, the naval architecture and marine engineering firm Elliott Bay Design Group (EBDG) secured a contract to redesign the Olympic Class ferries for Washington State Ferries (WSF) with a new hybrid-electric propulsion system. The shipbuilder Vigor Fab granted the contract to EBDG, and the goal is to integrate a new type of propulsion system into the existing ferries without affecting their structural components. The new propulsion system will be all-battery driven, allowing the ferries to operate in a fully electric mode.
An energy storage system (ESS) in electric ships refers to a set of technologies and components that store electrical energy to power the vessel's propulsion system and onboard systems. Electric ships utilize ESS to store electricity generated from various sources (such as batteries, fuel cells, or supercapacitors) and release it as needed to drive electric motors for propulsion and other ship functions.
ESS used in electric ships typically have high energy density to store a large amount of energy in a relatively compact space, allowing for extended sailing durations without recharging. Electric ships powered by clean energy ESS contribute to reduced greenhouse gas emissions and air pollution compared to traditional fossil fuel-powered vessels. The maritime industry has shown a growing interest in electric ships and energy storage systems due to stricter environmental regulations and a push toward sustainable transportation solutions. Integrating ESS with renewable energy sources like solar panels or wind turbines is a growing trend, allowing ships to harness clean energy for propulsion and onboard operations.
The power generation system in electric ships refers to the technology and components responsible for generating electrical energy that powers the ship's propulsion system and onboard systems. It encompasses various methods of producing electricity, such as diesel generators, gas turbines, fuel cells, solar panels, and wind turbines, among others.
Electric ships often use a combination of power sources to generate electricity, providing flexibility and redundancy in power generation. Common sources include internal combustion engines, fuel cells, and renewable energy systems. Power generation systems are typically integrated with energy storage systems, allowing excess power to be stored for later use and ensuring continuous power supply during periods of low power generation. The adoption of electric ships with advanced power generation systems is steadily growing due to stricter environmental regulations, increased awareness of climate change, and a global push for sustainable transportation. Hydrogen fuel cells are gaining interest as a promising power generation option for electric ships, offering zero-emission propulsion and higher energy density than batteries. Ports are investing in shore power infrastructure, allowing electric ships to plug into the grid while docked, reducing emissions and noise pollution while at port.
A power storage system in electric ships refers to the technology and components used to store electrical energy generated from various sources and release it as needed to power the vessel's propulsion system and onboard systems. It is similar to the energy storage system mentioned earlier, but the term power storage specifically emphasizes the role of storing and delivering electrical power to meet the instantaneous demands of the ship's operations.
Power storage systems in electric ships are designed to deliver high power outputs quickly, enabling rapid acceleration and maneuverability. These systems have rapid response times, allowing them to meet sudden power demands during various operational conditions. Power storage systems offer high-efficiency energy conversion and utilization, reducing energy wastage during power transmission and distribution. Continuous research and development efforts are focused on improving the performance and cost-effectiveness of power storage systems, driving their widespread adoption in the maritime industry. Governments and international organizations are implementing stricter environmental regulations and providing support for sustainable shipping practices, encouraging the adoption of electric ships with power storage systems.
The electric market is segmented on the basis of propulsion type, mode of operation, system, and region. Based on propulsion type, it is segmented into fully electric, and hybrid. On the basis of mode of operation, it is classified into autonomous, and non-autonomous. By system, it is categorized into energy storage, power conversion, power generation, and power distribution. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some major companies operating in the market include Leclanché SA, Siemens, Wartsila, ECHANDIA AB, KONGSBERG, ABB, Corvus Energy, HOLLAND SHIPYARDS GROUP, Brodrene Aa, and Norwegian Electric Systems
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric ships market analysis from 2022 to 2032 to identify the prevailing electric ships market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the electric ships market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global electric ships market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy Propulsion TypeFully Electric
Hybrid
By Mode of OperationAutonomous
Non-autonomous
By SystemEnergy Storage
Power Conversion
Power Generation
Power Distribution
By RegionNorth America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Leclanché SA
Wartsila
Corvus Energy
Norwegian Electric Systems
Siemens
ECHANDIA AB
ABB
HOLLAND SHIPYARDS GROUP
Brodrene Aa
KONGSBERG
Please Note: It will take 7-10 business days to complete the report upon order confirmation.