Electric Ships Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Electric Ships Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Electric Ships Market

The electric ships market size was valued at USD 3.41 billion in 2022, and the market is now 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 of 2023-2030.

The shipping and marine were affected by the COVID-19 outbreak with port closures across the globe, cargo demand plummeted following strict travel restrictions thus leading to a decline in ocean liner movement by about 13-14% drop in container ship traffic and a 42-43% decrease in passenger ship traffic. The disruptions impacted the electric ship market growth also and created several adverse effects specifically at ports in China and across the globe.

The demand for electric ships market share is driven by environmental concerns, energy efficiency, and cost savings. Electric vessels, which produce no greenhouse gas emissions, are increasingly preferred due to high fossil fuel costs and stricter regulations. Advances in battery technology help reduce carbon emissions and costs, while government policies further support their adoption. Notably, Amasus contracted for four multipurpose short sea cargo ships in October 2022.

Additionally, the maritime industry is embracing digitalization, AI, and enhanced connectivity, enabling real-time remote monitoring of cargo and ships. Automation is streamlining operations and business processes. In October 2022, Trafikverket and Holland Shipyards Group contracted for up to four autonomous, all-electric ferries, featuring IMO Autonomy Level 2 and operated from Stockholm. This advancement is expected to boost the electric ship market from 2023 to 2030.

Comprehensive Analysis of Electric Ships Market

The electric ship and automotive markets are rapidly expanding due to detailed market segmentation. This growth includes regional assessments of supply and demand forces, with segments based on ship type, mode of operation, power output, and propulsion type. The ship type include, Commercial Ship and Passenger Ship. The mode of operation include, Semi-autonomous and Fully Autonomous. The power output include, Up to 745 kW, 746-7560 kW, and Above 7560 kW. The propulsion type include, Hybrid and Fully Electric.

In 2022, Europe’s electric ship market was valued at USD 1.85 billion, holding the largest share due to high adoption rates in key countries. Norway leads the market, with Finland, the Netherlands, China, Denmark, and Sweden also launching electric ships, driving growth in the forecast period.

Market leaders in automotive drive industry growth and establish standards, ensuring fair competition. They shape a competitive landscape for the sector. These players include, 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) and Akasol AG (Germany).

In March 2023, The Sale Kind was sealed by ABB through a sale for four mid-size cruise ship sets each with two 7.7 MW components. These vessels will be produced between 2024 and 2027 and the Azipod system for the ones mentioned above helps in rotating up to 360 degrees helping when the ship needs to dock in areas where there is limited manoeuvring space.

Segmentation Table

GlobalElectric Ships Market Scope

Study Period 2019-2030

Base Year 2022

Forecast Period 2023-2030

Growth Rate CAGR of 18.9% from 2023 to 2030

Historical Period 2019-2021

Unit Value (USD Billion)

Segmentation By Ship Type, Mode of Operation, Power Output, Propulsion Type, and Region

By Ship Type Commercial Ship

Passenger Ship

By Mode of Operation Semi-autonomous

Fully Autonomous

By Power Output Up to 745 kW

746-7560 kW

Above 7560 kW

By Propulsion Type Hybrid

Fully Electric

By Region North America (By Ship Type, By Mode of Operation, By Power Output, By Propulsion Type)

- U.S. (By Propulsion Type)

- Canada (By Propulsion Type)

- Mexico (By Propulsion Type)

Europe (By Ship Type, By Mode of Operation, By Power Output, By Propulsion Type)

- U.K. (By Propulsion Type)

- Germany (By Propulsion Type)

- France (By Propulsion Type)

- Rest of Europe (By Propulsion Type)

Asia Pacific (By Ship Type, By Mode of Operation, By Power Output, By Propulsion Type)

- Japan (By Propulsion Type)

- China (By Propulsion Type)

- India (By Propulsion Type)

- South Korea (By Propulsion Type)

- Rest of Asia Pacific (By Propulsion Type)

Rest of the World (By Ship Type, By Mode of Operation, By Power Output, By Propulsion Type)


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