Electric Ship Market Size & Share | Industry Report, 2020-2027

Electric Ship Market Size & Share | Industry Report, 2020-2027

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Electric Ship Market

The Electric Ship Market is expected to expand at a significant CAGR over the forecast period (2020-2027).

The factors driving the growth of Electric Ship Market includes growing emphasis on reducing sulfur emissions, rise in the international trade, growing adoption of hybrid and electric propulsion for retrofitting of ships and rapid growth in the maritime tourism industry across the globe. According to the report published by Statista, the Global Ocean Freight Market was estimated around 64 million TEUs in 2020 and is predicted to reach 72 TEUs by the end of 2027, which will boost the market growth in the approaching years. Moreover, increasing use of renewable sources of energy such as solar and wind energy to charge the batteries of electric vehicles and rise in the Free Trade Agreements (FTAs) between Government of different countries promoting the exports of domestic goods, are some of the additional factors supplementing the Global Electric Ship Market. In addition, the easy availability of lithium-ion batteries, increasing investments by leading players on research and development and growing application of electric ships in the defense and commercial industries, are further contributing towards the market growth.

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However, the growth of Electric Ship Market is hindered owing to limited capacity of fully electric ships and high downtime in retrofitting of ships.

The major players operating in the market are Norwegian Electric Systems, MAN Energy Solutions SE, General Dynamics Electric Boat, Wartsila Corporation, Kongsberg Gruppen, General Electric, Vard Group AS, Siemens AG, Leclanche SA, BAE Systems plc, and Corvus Energy.

Range: Segment Analysis

Based on Range, the <50 km segment is estimated to capture the largest market share during the forecast period attributed to growing emphasis on developing environment friendly ships to reduce carbon emissions.

System: Segment Analysis

Based on System, the Power Conversion segment is predicted to grow at a significant CAGR over the forecast period owing to increasing use of electric or hybrid ships for transporting consumer goods across the globe.

Regional: Segment Analysis

Based on Region, the European region is anticipated to capture a sizeable market share during the forecast period. Expansion of the maritime tourism industry, growing demand for luxury yachts, rising emphasis on utilizing renewable sources of energy, improved living standards and high per capita income, are some of the important factors augmenting the Electric Ship Market size in the European region. 

Market Segmentation

Global Electric Ship Market by Type

Fully ElectricLithium Battery
Lead Acid Battery
Fuel Cells
HybridDiesel & Battery Driven
LPG/LNG & Battery Driven
Global Electric Ship Market by System

Energy Storage Systems<1,000 kW
1,000 – 5,000 kW
>5,000 kW
Power Conversion
Power Generation,Generators
Propulsion Motors
Power Distribution
Global Electric Ship Market by Mode of Operation

Remotely Operated
Global Electric Ship Market by Ship Type

CommercialPassenger VesselsYachts
Cruise Ships
Cargo VesselsContainer Vessels
Bulk Vessels
General Cargo Ships
OthersFishing Vessels
Tugs, & Workboats
Research Vessels
Offshore Support Vessels (OSV)
Aircraft Carriers
Global Electric Ship Market by Power

<75 kW
75-150 kW
151-745 kW
756-7,560 kW
Global Electric Ship Market by Range

<50 km
50-100 km
101-1,000 km
>1,000 km
Global Electric Ship Market by End Use

Newbuild and Line Fit
Global Electric Ship Market by Region

Asia PacificChina
Rest of APAC
North AmericaUnited States of America
EuropeUnited Kingdom
Rest of Europe
South Africa
Saudi Arabia
About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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