Electric Ship Market by Type (Fully electric, Hybrid), Ship Type (Commercial, Defense), System, Mode of Operation (Manned, Remotely Operated, Autonomous), End Use (Newbuild & Linefit, Retrofit), Power, Tonnage, Range and Region – Global Forecast to 2030

Electric Ship Market by Type (Fully electric, Hybrid), Ship Type (Commercial, Defense), System, Mode of Operation (Manned, Remotely Operated, Autonomous), End Use (Newbuild & Linefit, Retrofit), Power, Tonnage, Range and Region – Global Forecast to 2030

The Electric Ship market size is projected to grow from USD 3.3 billion in 2022 to USD 14.2 billion by 2030, at a CAGR of 20.0% from 2022 to 2030. The increase in global trade operations and passenger traffic are the primary factors driving the growth of the Electric Ship market. Furthermore, the demand for advanced electrical systems onboard marine vessel is boosting the adoption of Electric Ship systems, which reduces harmful emissions and decreases end-user operating and maintenance costs.

Hybrid Electric segment is expected to account for the largest share in 2022.

Based on type, the hybrid electric segment is projected to dominate the Electric Ship market during the forecast period. Hybridization of ships is one of the major methods by which vessel operators are trying to reduce emission of vessels. Due to major economies driving the stakeholders of the marine industry to lower emissions and provide sustainable solutions, the adoption of hybrid ships are one of the major steps the industry is adopting to fulfil these needs.

The 50-100 km range is projected to lead the market during the forecast period

Based on range, 50-100 km segment is expected to lead the market during the forecast period. 50-100 km range ships usually contain all the mid-sized ships, that are mostly used for inland shipping activities. These ships are easy to be converted to hybrid propulsion or be replaced with fully electric solutions. Due to these factors 50-100km range ships are leading the market.

The Retrofit segment is projected to lead Electric Ship market during the forecast period

Based on End Use, the retrofit segment is projected to lead the Electric Ship market during the forecast period. The retrofit market currently holds lower market share in the end use segment. But in the future with reduction in retrofitting cost the segment is expected to grow faster during the forecast period. Retrofitting will be the leading method for electrifying larger ships that still has a lot of life left.

Europe is expected to account for the largest market share in 2022

The Electric Ships market has been studied for the regions North America, Europe, Asia Pacific, and Rest of the World. Europe is expected to dominate the market during the forecast period. The regions has all the major players like ship builders, component manufacturers, system integrators that are key to the electric ships market. The region is also a frontrunner in adopting sustainable solution to cut down emissions. These are some of the factors driving the European electric ships market.

The break-up of the profile of primary participants in the Electric Ship market:

By Company Type: Tier 1 – 55%, Tier 2 – 25%, and Tier 3 – 20%

By Designation: C Level – 50%, Director Level – 25%, Others-25%

By Region: North America – 47%, Europe – 21%, Asia Pacific – 21%, Rest of the World – 11%.

Prominent companies include ABB (Switzerland), Leclanché S.A. (Switzerland), Siemens AG (Germany), Wartsila (Finland) and Kongsberg Gruppen (Norway) among others.

Research Coverage:

The report segments the Electric Ship market based on by type (Fully-electric, Hybrid), by ship type (Commercial, Defense), System, Mode of Operation (Manned, Remotely Operated, Autonomous), End Use (Newbuild & Linefit, Retrofit), Power, Tonnage, Range and Region. The Electric Ship market has been studied for North America, Europe, Asia Pacific, and Rest of the World. The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the Electric Ship market. A detailed analysis of the key industry players has been done to provide insights into their business overviews, solutions, and services; key strategies; Contracts, partnerships, agreements, new product & service launches, mergers and acquisitions; and recent developments associated with the Electric Ship market. Competitive analysis of upcoming startups in the Electric Ship market ecosystem is covered in this report.

Reasons to buy this report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Electric Ship market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Market Penetration: Comprehensive information on Electric Ship offered by the top players in the market

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the Electric Ship market

Market Development: Comprehensive information about lucrative markets – the report analyses the Electric Ship market across varied regions

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the Electric Ship market

Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players in the Electric Ship market