Electric Ship Market to Reach $23.8 Billion, Globally, by 2032 at 18.0% CAGR: Allied Market Research

The growth of the global electric ship market is driven by factors such as environmental regulations, an increase in demand for high efficiency and less life cycle cost, and a surge in the retrofitting of hybrid systems in ships. 

PORTLAND, Ore., Sept. 1, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric Ship Market by Propulsion Type (Fully Electric, and Hybrid), Mode of Operation (Autonomous, and Non-autonomous), and System (Energy Storage, Power Conversion, Power Generation, and Power Distribution: Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global electric ship industry generated $4.6 billion in 2022 and is anticipated to generate $23.8 billion by 2032, witnessing a CAGR of 18.0% from 2023 to 2032.

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An electric ship relies on electricity for both generating power and propelling themselves, contrasting with traditional ships that employ fossil fuel engines like diesel or steam. With the growing awareness and concern regarding climate change and environmental pollution, there is an increasing demand for transportation solutions that are cleaner and more sustainable. Electric-powered ships contribute to this by decreasing fuel usage and minimizing emissions from oil-based sources. Furthermore, the compact design of electric propulsion systems takes up less space, creating additional cargo capacity on the ship. Moreover, electric ships offer cost savings over their lifetime due to lower fuel consumption and reduced maintenance expenses. 

Prime determinants of growth  

The growth of the global electric ship market is driven by factors such as environmental regulations, an increase in demand for high efficiency and less life cycle cost, and a surge in the retrofitting of hybrid systems in ships. However, limited infrastructure and charging facilities, and high initial investment costs hamper the growth of the market. On the contrary, technological advancements and the growing popularity of autonomous electric ships are expected to offer remunerative opportunities for the expansion of the electric ship market during the forecast period. 

Report coverage & details: 

 
 Covid-19 Scenario 

• The electric ships industry was severely impacted during the pandemic due to the decline in global trade and shipping activity, resulting in lower demand for new ships, including electric ships. 
• However, Supportive policies encourage ship owners and operators to invest in electric propulsion systems. Moreover, Governments across the globe prioritize sustainable development and green initiatives as part of their recovery plans, which boosts market growth. 

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The hybrid segment to maintain its leadership status throughout the forecast period. 

Based on propulsion type, the hybrid segment held the highest market share in 2022, accounting for around two-thirds of the global electric ship market revenue, and is estimated to maintain its leadership status throughout the forecast period, as there is a rise in the adoption of hybrid electric ships owing to its benefits such as reduced emissions compared to conventional vessels. However, the fully electric segment is projected to manifest the highest CAGR of 19.0% from 2023 to 2032, owing to the rise in the demand for electric ships in ports for environmental and economic benefits.  

The non-autonomous segment to maintain its leadership status throughout the forecast period.  

Based on the mode of operation, the non-autonomous segment held the highest market share in 2022, accounting for more than two-thirds of the global electric ship market revenue, and is estimated to maintain its leadership status throughout the forecast period as there is a surge in the redesigning of vessels and ferries with electric or hybrid propulsion system. However, the autonomous segment is projected to manifest the highest CAGR of 19.5% from 2023 to 2032, owing to rise in the number of contracts and agreements of shipyards with manufacturers to design autonomous electric ships for the transportation of goods with low greenhouse gas emissions. 

The energy storage segment to maintain its lead position during the forecast period 

Based on system, the energy storage segment accounted for the largest share in 2022, accounting for around one-third of the global electric ship market revenue, and is estimated to maintain its leadership status throughout the forecast period as there is a growing interest in electric ships and energy storage systems due to stricter environmental regulations and a push toward sustainable transportation solutions. However, the power distribution segment is projected to manifest the highest CAGR of 19.8% from 2023 to 2032, owing to a incorporation of advanced control systems and algorithms in power distribution system to optimize power flow and manage electrical loads efficiently. 

Asia-Pacific to maintain its dominance by 2032 

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the electric ship market revenue, and is likely to dominate the market during the forecast period, as public transport agencies and departments in various countries of the region aim to reduce the carbon footprint and environmental impact of their fleet with an investment in low-emission ferries. However, the LAMEA region is expected to witness the fastest CAGR of 20.3% from 2023 to 2032, owing to a rise in the adoption of advanced electric ferry technology to meet the growing demand for efficient and environmentally friendly marine transport.  

Leading Market Players: - 

• Leclanché SA 
• Siemens 
• Wartsila 
• ECHANDIA AB 
• KONGSBERG 
• ABB 
• Corvus Energy 
• HOLLAND SHIPYARDS GROUP 
• Brodrene Aa 
• Norwegian Electric Systems. 

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The report provides a detailed analysis of these key players in the global electric ship market. These players have adopted various strategies such as product development, expansion, agreement, contract, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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