Product Code: GVR-4-68038-545-8
Electric Ship Market Growth & Trends:
The global electric ship market size is projected to reach USD 17.91 billion by 2030, growing at a CAGR of 10.9% during the forecast period, according to a recent analysis from Grand View Research, Inc. The growing sensitivity of various international maritime authorities toward a cleaner environment has supported the demand for a zero-emission marine electric vessel. Additionally, the rising adoption of electric ships for inland cargo and passenger transportation is anticipated to boost the market's growth over the forecast period.
Marine vessels with conventional internal combustion engine-based propulsion systems and propellers are directly connected to the engine with the shaft, creating a high friction and vibration level, thereby decreasing the ship's overall efficiency. Also, the vibrations created by this connection generate structural fatigue in the vessel structure and discomfort to the crew/passengers. However, in electric ship propulsion, there is no physical connection of the power source to the propeller, which reduces noise, vibration, and friction generated from this link. Moreover, the increased focus of international maritime authorities to limit the noise and vibration in the ship has compelled shipbuilders to invest and adopt alternative technologies in accordance with environmental regulations. Also, the high adoption of low-vibration propulsion systems in luxury passenger cruises and yachts is expected to significantly boost the electric ship industry's growth over the forecast period.
The conventional internal combustion engine encapsulates much space compared to an electric propulsion system owing to its physically connected machines from the power source and propeller through a shaft. The shift from conventional engines to the electrical propulsion system can save much space in the ship, which can be used to carry extra cargo and passengers to earn more profit in this competitive era. Moreover, the internal combustion engine of big marine vessels runs on bunker fuel owing to its low cost, although it generates a high volume of sulfur emission. However, increased focus shipbuilders on reducing sulfur emissions, with higher effectiveness and efficiency, is expected to impact the market for electric ships over the forecast period positively.
Moreover, the increasing adoption of electric-based defense technology in naval defense, such as laser gun and rail guns, are also expected to boost the electrically propelled ship. The technology, such as laser guns and medium to large-caliber rail guns, energy requirement in millions of amps. These systems cannot be installed on conventional ships owing to their huge power requirement, and none of the vessels can generate or store such an amount of energy. Besides, in an electric boat, the energy generated can be diverted to these new technology weapons, leading to the adoption of the electric ship in the naval defense forces.
Electric Ship Market Report Highlights:
- By power source, a hybrid electric segment is expected to be a key segment, exhibiting the highest CAGR over the forecast period. The primary factor for high growth is the presence of an additional propulsion option, which reduces the risk during long route voyages.
- Less than 75KW power output segment is expected to dominate the market in the upcoming years, and it is expected to retain its dominance throughout the forecast period owing to its adoption rate in maritime tourism, border patrol, and specialized purpose vessels.
- Europe accounted for the largest revenue share of 35.8% in 2022 and is expected to grow at the fastest CAGR of 11.9% during the forecast period.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.1.1. Power output
- 1.1.2. Power source
- 1.1.3. Type
- 1.1.4. Vessel type
- 1.1.5. Regional scope
- 1.1.6. Estimates and forecast timeline
- 1.2. Research Methodology
- 1.3. Information Procurement
- 1.3.1. Purchased database
- 1.3.2. GVR's internal database
- 1.3.3. Secondary sources
- 1.3.4. Primary research
- 1.3.5. Details of primary research
- 1.4. Information or Data Analysis
- 1.5. Market Formulation & Validation
- 1.6. Model Details
- 1.7. List of Secondary Sources
- 1.8. List of Primary Sources
- 1.9. Objectives
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.2.1. Power output
- 2.2.2. Power source
- 2.2.3. Type
- 2.2.4. Vessel type
- 2.2.5. Regional outlook
- 2.3. Competitive Insights
Chapter 3. Electric Ship Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.2. Industry Value Chain Analysis
- 3.3. Market Dynamics
- 3.3.1. Market driver analysis
- 3.3.2. Market restraint analysis
- 3.3.3. Market opportunity analysis
- 3.4. Electric Ship Market Analysis Tools
- 3.4.1. Industry analysis - Porter's
- 3.4.1.1. Supplier power
- 3.4.1.2. Buyer power
- 3.4.1.3. Substitution threat
- 3.4.1.4. Threat of new entrant
- 3.4.1.5. Competitive rivalry
- 3.4.2. PESTEL analysis
- 3.4.2.1. Political landscape
- 3.4.2.2. Technological landscape
- 3.4.2.3. Economic landscape
- 3.4.2.4. Social landscape
Chapter 4. Electric Ship Market : Power Output Estimates & Trend Analysis
- 4.1. Electric Ship Market: Key Takeaways
- 4.2. Electric Ship Market: Movement & Market Share Analysis, 2022 & 2030
- 4.3. <75 kW
- 4.3.1. <75 kW market estimates and forecasts, 2017 to 2030 (USD Million)
- 4.4. 75 kW-745kW
- 4.4.1. 75 kW-745kW market estimates and forecasts, 2017 to 2030 (USD Million)
- 4.5. 746 kW-7,560 kW
- 4.5.1. 746 kW-7,560 kW market estimates and forecasts, 2017 to 2030 (USD Million)
- 4.6. >7,560 kW
- 4.6.1. >7,560 kW market estimates and forecasts, 2017 to 2030 (USD Million)
Chapter 5. Electric Ship Market : Power Source Estimates & Trend Analysis
- 5.1. Electric Ship Market: Key Takeaways
- 5.2. Electric Ship Market: Movement & Market Share Analysis, 2022 & 2030
- 5.3. Fully Electric
- 5.3.1. Fully Electric market estimates and forecasts, 2017 to 2030 (USD Million)
- 5.4. Hybrid
- 5.4.1. Hybrid market estimates and forecasts, 2017 to 2030 (USD Million)
Chapter 6. Electric Ship Market : Type Estimates & Trend Analysis
- 6.1. Electric Ship Market: Key Takeaways
- 6.2. Electric Ship Market: Movement & Market Share Analysis, 2022 & 2030
- 6.3. Semi Autonomous
- 6.3.1. Semi autonomous market estimates and forecasts, 2017 to 2030 (USD Million)
- 6.4. Fully Autonomous
- 6.4.1. Fully autonomous market estimates and forecasts, 2017 to 2030 (USD Million)
Chapter 7. Electric Ship: Vessel Type Estimates & Trend Analysis
- 7.1. Electric Ship Market: Key Takeaways
- 7.2. Electric Ship Market: Movement & Market Share Analysis, 2022 & 2030
- 7.3. Commercial Vessel
- 7.3.1. Commercial vessel market estimates and forecasts, 2017 to 2030 (USD Million)
- 7.4. Defense Vessel
- 7.4.1. Defense vessel market estimates and forecasts, 2017 to 2030 (USD Million)
- 7.5. Special Vessel
- 7.5.1. Special vessel market estimates and forecasts, 2017 to 2030 (USD Million)
Chapter 8. Electric Ship Market: Regional Estimates & Trend Analysis
- 8.1. Regional Outlook
- 8.2. Electric Ship Market by Region: Key Takeaway
- 8.3. North America
- 8.4. North America
- 8.4.1. North America Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
- 8.4.2. U.S.
- 8.4.2.1. U.S. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
- 8.4.3. Canada
- 8.4.3.1. Canada Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
- 8.5. Europe
- 8.5.1. Europe Market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
- 8.5.2. UK
- 8.5.2.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
- 8.5.3. Germany
- 8.5.3.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
- 8.5.4. France
- 8.5.4.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
- 8.6. Asia Pacific
- 8.6.1. Asia Pacific Market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
- 8.6.2. Japan
- 8.6.2.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
- 8.6.3. China
- 8.6.3.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
- 8.6.4. India
- 8.6.4.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
- 8.6.5. Australia
- 8.6.5.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
- 8.6.6. South Korea
- 8.6.6.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
- 8.7. Latin America
- 8.7.1. Latin America Market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
- 8.7.2. Brazil
- 8.7.2.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
- 8.7.3. Mexico
- 8.7.3.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
- 8.8. MEA
- 8.8.1. MEA Market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
- 8.8.2. Saudi Arabia
- 8.8.2.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
- 8.8.3. South Africa
- 8.8.3.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
- 8.8.4. UAE
- 8.8.4.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Million)
Chapter 9. Competitive Landscape
- 9.1. Recent Developments & Impact Analysis, By Key Market Participants
- 9.2. Market Participant Categorization
- 9.2.1. Boesch Motorboote AG
- 9.2.1.1. Company overview
- 9.2.1.2. Financial performance
- 9.2.1.3. Product benchmarking
- 9.2.1.4. Strategic initiatives
- 9.2.2. Bureau Veritas
- 9.2.2.1. Company overview
- 9.2.2.2. Financial performance
- 9.2.2.3. Product benchmarking
- 9.2.2.4. Strategic initiatives
- 9.2.3. Canadian Electric Boat Company
- 9.2.3.1. Company overview
- 9.2.3.2. Financial performance
- 9.2.3.3. Product benchmarking
- 9.2.3.4. Strategic initiatives
- 9.2.4. Corvus Energy
- 9.2.4.1. Company overview
- 9.2.4.2. Financial performance
- 9.2.4.3. Product benchmarking
- 9.2.4.4. Strategic initiatives
- 9.2.5. Yara
- 9.2.5.1. Company overview
- 9.2.5.2. Financial performance
- 9.2.5.3. Product benchmarking
- 9.2.5.4. Strategic initiatives
- 9.2.6. Duffy Electric Boat Company.
- 9.2.6.1. Company overview
- 9.2.6.2. Financial performance
- 9.2.6.3. Product benchmarking
- 9.2.6.4. Strategic initiatives
- 9.2.7. General Dynamics Electric Boat
- 9.2.7.1. Company overview
- 9.2.7.2. Financial performance
- 9.2.7.3. Product benchmarking
- 9.2.7.4. Strategic initiatives
- 9.2.8. KONGSBERG
- 9.2.8.1. Company overview
- 9.2.8.2. Financial performance
- 9.2.8.3. Product benchmarking
- 9.2.8.4. Strategic initiatives
- 9.2.9. Electrovaya
- 9.2.9.1. Company overview
- 9.2.9.2. Financial performance
- 9.2.9.3. Product benchmarking
- 9.2.9.4. Strategic initiatives
- 9.2.10. TRITON
- 9.2.10.1. Company overview
- 9.2.10.2. Financial performance
- 9.2.10.3. Product benchmarking
- 9.2.10.4. Strategic initiatives
- 9.2.11. VARD AS
- 9.2.11.1. Company overview
- 9.2.11.2. Financial performance
- 9.2.11.3. Product benchmarking
- 9.2.11.4. Strategic initiatives
- 9.2.12. Baltic Workboats AS
- 9.2.12.1. Company overview
- 9.2.12.2. Financial performance
- 9.2.12.3. Product benchmarking
- 9.2.12.4. Strategic initiatives