Product Code: TIPRE00007455
The global electric ships market is expected to grow from US$ 3.82 billion in 2021 to US$ 7.76 billion by 2028; it is estimated to grow at a CAGR of 10.3% from 2021 to 2028.
The electric ships market is expected to grow rapidly in the coming years due to the rise in the adoption of hybrid and electric propulsion systems for retrofitting ships and increasing regulatory support from government authorities & industry associations. Asia Pacific includes large emerging countries, such as China and India, where government and private sector investments in shipyard construction increase quickly. Similarly, governments in smaller countries, such as Indonesia and the Philippines, attract investors that boost the growth of the electric ships market. In APAC, the demand for electric ships increases due to the rising sea trade activities and growing government focus on reducing gas emissions. industry This has resulted in ship integrators and owners switching the existing diesel-driven engines with electric or hybrid propulsion systems. Therefore, these rising sea trade activities and increasing government focus on reducing gas emissions factors create a vast opportunity for the APAC electric ships market players to produce more electric ships.
The Asia Pacific electric ships market has many players accounting for small market shares. A few of the prominent companies in the market in this region are ABB, General Electric, and Wartsila. The major players are spending heavily on research and development of new products and delivering mobile cranes globally. For instance, Vallianz, SeaTech, Shift Clean Energy, and ABS are teaming up to design and build an all-electric harbor tug. Vallianz has cut steel on the first all-electric harbor tug in Asia Pacific at its shipyard in Batam, Indonesia. Based on the E-Volt Electric Tug design by SeaTech, the vessel will be driven by a fully-classed electric battery system provided by Shift. This follows a recent memorandum of understanding between Vallianz and Shift Clean Energy to collaborate on vessels that require electrification solutions.
The key stakeholders in the global electric ship market ecosystem include raw material suppliers, component providers, propulsion system manufacturers, Shipbuilders/electric ship manufacturers, and end users. The propulsion system manufacturer plays a crucial role in the growth of the electric ship market as they are continuously developing an advanced system to enhance electric power generations. The raw materials suppliers are the initial stakeholders of the electric ship market as they provide various metals, such as steel, plastics, GRP (Glass Reinforced Plastic), ferrous metals, and wood. The material improves the shipbuilding and components' quality for better performance and lifespan. The components providers offer various parts, including electric motors, propellers, switchboards, filters, generators, and control systems. Propulsion system manufacturers procure the components and assemble them into one system to be installed in the ships. YANMAR HOLDINGS CO., LTD; BAE Systems; Siemens AG; Wartsila Corporation; and ZF Friedrichshafen AG are among the key market players developing hybrid and electric propulsion systems in the market. The shipbuilders/electric ship manufacturers include BAE Systems, Hurtigruten, MAN Energy Solutions, Siemens Energy, and General Dynamics Electric Boat. They mainly focus on customers' requirements to integrate the advanced technology into ships that end users can use. These systems can also be customized as per specific requirements and operations of different end users involved in the electric ships market.
Impact of COVID-19 Pandemic on Electric Ships Market
The COVID-19 pandemic severely impacted APAC due to the widespread infection. Countries in this region are highly populated, subjecting them to a greater risk of spreading and contracting this contagious disease. According to the Organization for Economic Co-operation and Development (OECD), the pandemic affected major economies, such as China, India, Australia, and Japan, which are experiencing inflation. The supply chain disturbances and the tremendous demand for efficient treatments for the therapy of COVID-19 have put the tourism industry in a crucial situation in Asia Pacific. Prohibited measures have been taken to contain the spread of COVID-19 through waterways also. COVID-19 spread has affected the electric ships demand as there was decline in demand of goods in various countries due to the restrictions imposed. This restrictions on trade and tourism through waterways has affected the growth of the electric ships market in Asia Pacific. However, as the countries uplifted lockdown and industries resumed their operations, the demand for electric ships from various end-users surged at the end of 2020.
The overall electric ships market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the electric ships market with respect to all the market segments. Also, primary interviews were conducted with industry participants to validate data and gain more analytical insights. The participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders-specializing in the electric ships market. A few major players operating in the market are BAE Systems, Duffy Electric Boat Company, Fjellstrand AS, X Shore, General Dynamic Electric Boat, Hurtigruten, MAN Energy Solutions, PortLiner, Siemens Energy, and VARD AS.
Reasons to Buy:
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the electric ships market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the electric ships market thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
Table Of Contents
1. Introduction
- 1.1 Scope of the Study
- 1.2 The Insight Partners Research Report Guidance
- 1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
- 3.1 Coverage
- 3.2 Secondary Research
- 3.3 Primary Research
4. Electric Ship Market Landscape
- 4.1 Market Overview
- 4.2 PEST Analysis
- 4.2.1 North America - PEST Analysis
- 4.2.2 Europe PEST - Analysis
- 4.2.3 Asia-Pacific - PEST Analysis
- 4.2.4 Middle East & Africa - PEST Analysis
- 4.2.5 South America - PEST Analysis
- 4.3 Ecosystem Analysis
- 4.4 Expert Opinions
5. Global Electric Ship Market - Key Industry Dynamics
- 5.1 Market Drivers
- 5.1.1 Rise in Adoption of Hybrid and Electric Propulsion Systems for Retrofitting Ships
- 5.1.2 Increasing Regulatory Support from Government Authorities and Industry Associations
- 5.2 Market Restraints
- 5.2.1 Limited Range and Capacity of Fully Electric Ships
- 5.3 Market Opportunities
- 5.3.1 Suge in the adoption of Hybrid-Electric Propulsion Technology for Large Ships
- 5.4 Future Trends
- 5.4.1 Technological Advancements in Energy Storage Devices
- 5.5 Impact Analysis of Drivers and Restraints
6. Electric Ship Market - Global Analysis
- 6.1 Global Electric Ship Market Overview
- 6.2 Global Electric Ship Market Forecast and Analysis
- 6.3 Market Positioning -Top 5 Players
7. Electric Ships Market Analysis and Forecast to 2028 - By Type
- 7.1 Electric Ships Market Revenue Share, by Type (2020 and 2028)
- 7.2 Battery Electric Ships
- 7.2.1 Overview
- 7.2.2 Battery Electric Ships: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
- 7.3 Plug-in Electric Ships
- 7.3.1 Overview
- 7.3.2 Plug-in Electric Ships: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
- 7.4 Hybrid Electric Ships
- 7.4.1 Overview
- 7.4.2 Hybrid Electric Ships: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
8. Electric Ships Market Analysis and Forecast to 2028 - By Power
- 8.1 Electric Ships Market Revenue Share, by Power (2020 and 2028)
- 8.2 Less than 75kW
- 8.2.1 Overview
- 8.2.2 Less than 75kW: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
- 8.3kW-150kW
- 8.3.1 Overview
- 8.3.2kW-150kW: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
- 8.4kW-745kW
- 8.4.1 Overview
- 8.4.2kW-745kW: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
- 8.5kW-7560kW
- 8.5.1 Overview
- 8.5.2kW-7560kW: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
- 8.6 More than 7560kW
- 8.6.1 Overview
- 8.6.2 More than 7560kW: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
9. Electric Ships Market Analysis and Forecast to 2028 - By Range
- 9.1 Electric Ships Market Revenue Share, by Range (2020 and 2028)
- 9.2 Less than 50 Km
- 9.2.1 Overview
- 9.2.2 Less than 50 km: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
- 9.3-100 Km
- 9.3.1 Overview
- 9.3.2-100 Km: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
- 9.4 -1000 Km
- 9.4.1 Overview
- 9.4.2-1001 Km: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
- 9.5 More than 1000 Km
- 9.5.1 Overview
- 9.5.2 More than 1000 Km: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
10. Electric Ships Market Analysis and Forecast to 2028 - By Ship Type
- 10.1 Electric Ships Market Revenue Share, by Ship Type (2020 and 2028)
- 10.2 Cruise Ships
- 10.2.1 Overview
- 10.2.2 Cruise Ships: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
- 10.3 Ferries
- 10.3.1 Overview
- 10.3.2 Ferries: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
- 10.4 Tankers
- 10.4.1 Overview
- 10.4.2 Tankers: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
- 10.5 Bulk Carriers
- 10.5.1 Overview
- 10.5.2 Bulk Carriers: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
- 10.6 Fishing Vessels
- 10.6.1 Overview
- 10.6.2 Fishing Vessels: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
- 10.7 Destroyers
- 10.7.1 Overview
- 10.7.2 Destroyers: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
- 10.8 Aircraft Carriers
- 10.8.1 Overview
- 10.8.2 Aircraft Carriers: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
- 10.9 Others
- 10.9.1 Overview
- 10.9.2 Others: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
11. Electric Ship Market - Geographic Analysis
- 11.1 Overview
- 11.2 North America: Electric Ship Market
- 11.2.1 Overview
- 11.2.2 North America Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
- 11.2.3 North America Electric Ship Market Breakdown, By Type
- 11.2.4 North America Electric Ship Market Breakdown, By Power
- 11.2.5 North America Electric Ship Market Breakdown, By Range
- 11.2.6 North America Electric Ship Market Breakdown, By Ship Type
- 11.2.7 North America Electric Ship Market Breakdown, by Country
- 11.2.7.1 US Electric Ship Market, Revenue and Forecast to 2028
- 11.2.7.1.1 US Electric Ship Market Breakdown, by Type
- 11.2.7.1.2 US Electric Ship Market Breakdown, by Power
- 11.2.7.1.3 US Electric Ship Market Breakdown, by Range
- 11.2.7.1.4 US Electric Ship Market Breakdown, by Ship Type
- 11.2.7.2 Canada Electric Ship Market, Revenue and Forecast to 2028
- 11.2.7.2.1 Canada Electric Ship Market Breakdown, by Type
- 11.2.7.2.2 Canada Electric Ship Market Breakdown, by Power
- 11.2.7.2.3 Canada Electric Ship Market Breakdown, by Range
- 11.2.7.2.4 Canada Electric Ship Market Breakdown, by Ship Type
- 11.3 Europe: Electric Ship Market
- 11.3.1 Overview
- 11.3.2 Europe Electric Ship Market Revenue and Forecast to 2028 (US$ million)
- 11.3.3 Europe Electric Ship Market Breakdown, By Type
- 11.3.4 Europe Electric Ship Market Breakdown, By Power
- 11.3.5 Europe Electric Ship Market Breakdown, By Range
- 11.3.6 Europe Electric Ship Market Breakdown, By Ship Type
- 11.3.7 Europe Electric Ship Market Breakdown, by Country
- 11.3.7.1 Germany Electric Ship Market, Revenue and Forecast to 2028
- 11.3.7.1.1 Germany Electric Ship Market Breakdown, by Type
- 11.3.7.1.2 Germany Electric Ship Market Breakdown, by Power
- 11.3.7.1.3 Germany Electric Ship Market Breakdown, by Range
- 11.3.7.1.4 Germany Electric Ship Market Breakdown, by Ship Type
- 11.3.7.2 France Electric Ship Market, Revenue and Forecast to 2028
- 11.3.7.2.1 France Electric Ship Market Breakdown, by Type
- 11.3.7.2.2 France Electric Ship Market Breakdown, by Power
- 11.3.7.2.3 France Electric Ship Market Breakdown, by Range
- 11.3.7.2.4 France Electric Ship Market Breakdown, by Ship Type
- 11.3.7.3 Italy Electric Ship Market, Revenue and Forecast to 2028
- 11.3.7.3.1 Italy Electric Ship Market Breakdown, by Type
- 11.3.7.3.2 Italy Electric Ship Market Breakdown, by Power
- 11.3.7.3.3 Italy Electric Ship Market Breakdown, by Range
- 11.3.7.3.4 Italy Electric Ship Market Breakdown, by Ship Type
- 11.3.7.4 UK Electric Ship Market, Revenue and Forecast to 2028
- 11.3.7.4.1 UK Electric Ship Market Breakdown, by Type
- 11.3.7.4.2 UK Electric Ship Market Breakdown, by Power
- 11.3.7.4.3 UK Electric Ship Market Breakdown, by Range
- 11.3.7.4.4 UK Electric Ship Market Breakdown, by Ship Type
- 11.3.7.5 Rest of Europe Electric Ship Market, Revenue and Forecast to 2028
- 11.3.7.5.1 Rest of Europe Electric Ship Market Breakdown, by Type
- 11.3.7.5.2 Rest of Europe Electric Ship Market Breakdown, by Power
- 11.3.7.5.3 Rest of Europe Electric Ship Market Breakdown, by Range
- 11.3.7.5.4 Rest of Europe Electric Ship Market Breakdown, by Ship Type
- 11.4 APAC: Electric Ship Market
- 11.4.1 Overview
- 11.4.2 APAC Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
- 11.4.3 APAC Electric Ship Market Breakdown, By Type
- 11.4.4 APAC Electric Ship Market Breakdown, By Power
- 11.4.5 APAC Electric Ship Market Breakdown, By Range
- 11.4.6 APAC Electric Ship Market Breakdown, By Ship Type
- 11.4.7 APAC Electric Ship Market Breakdown, by Country
- 11.4.7.1 China Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
- 11.4.7.1.1 China Electric Ship Market Breakdown, by Type
- 11.4.7.1.2 China Electric Ship Market Breakdown, by Power
- 11.4.7.1.3 China Electric Ship Market Breakdown, by Range
- 11.4.7.1.4 China Electric Ship Market Breakdown, by Ship Type
- 11.4.7.2 Japan Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
- 11.4.7.2.1 Japan Electric Ship Market Breakdown, by Type
- 11.4.7.2.2 Japan Electric Ship Market Breakdown, by Power
- 11.4.7.2.3 Japan Electric Ship Market Breakdown, by Range
- 11.4.7.2.4 Japan Electric Ship Market Breakdown, by Ship Type
- 11.4.7.3 South Korea Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
- 11.4.7.3.1 South Korea Electric Ship Market Breakdown, by Type
- 11.4.7.3.2 South Korea Electric Ship Market Breakdown, by Power
- 11.4.7.3.3 South Korea Electric Ship Market Breakdown, by Range
- 11.4.7.3.4 South Korea Electric Ship Market Breakdown, by Ship Type
- 11.4.7.4 Australia Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
- 11.4.7.4.1 Australia Electric Ship Market Breakdown, by Type
- 11.4.7.4.2 Australia Electric Ship Market Breakdown, by Power
- 11.4.7.4.3 Australia Electric Ship Market Breakdown, by Range
- 11.4.7.4.4 Australia Electric Ship Market Breakdown, by Ship Type
- 11.4.7.5 Rest of APAC Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
- 11.4.7.5.1 Rest of APAC Electric Ship Market Breakdown, by Type
- 11.4.7.5.2 Rest of APAC Electric Ship Market Breakdown, by Power
- 11.4.7.5.3 Rest of APAC Electric Ship Market Breakdown, by Range
- 11.4.7.5.4 Rest of APAC Electric Ship Market Breakdown, by Ship Type
- 11.5 RoW: Electric Ship Market
- 11.5.1 Overview
- 11.5.2 RoW Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
- 11.5.3 ROW Electric Ship Market Breakdown, By Type
- 11.5.4 ROW Electric Ship Market Breakdown, By Power
- 11.5.5 ROW Electric Ship Market Breakdown, By Range
- 11.5.6 ROW Electric Ship Market Breakdown, By Ship Type
- 11.5.7 ROW Electric Ship Market Breakdown, by Country
- 11.5.7.1 Middle East Electric Ship Market, Revenue and Forecast to 2028
- 11.5.7.1.1 Middle East Electric Ship Market Breakdown, by Type
- 11.5.7.1.2 Middle East Electric Ship Market Breakdown, by Power
- 11.5.7.1.3 Middle East Electric Ship Market Breakdown, by Range
- 11.5.7.1.4 Middle East Electric Ship Market Breakdown, by Ship Type
- 11.5.7.2 South America Electric Ship Market, Revenue and Forecast to 2028
- 11.5.7.2.1 South America Electric Ship Market Breakdown, by Type
- 11.5.7.2.2 South America Electric Ship Market Breakdown, by Power
- 11.5.7.2.3 South America Electric Ship Market Breakdown, by Range
- 11.5.7.2.4 South America Electric Ship Market Breakdown, by Ship Type
12. Impact of COVID -19 Pandemic - Electric Ship Market
- 12.1 North America: Impact Assessment of COVID-19 Pandemic
- 12.2 Europe: Impact Assessment of COVID-19 Pandemic
- 12.3 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
- 12.4 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
- 12.5 South and Central America: Impact Assessment of COVID-19 Pandemic
13. Industry Landscape
- 13.1 Overview
- 13.2 Agreements, Collaborations and Joint Ventures
- 13.3 New Product Launches
- 13.4 EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
14. Company Profiles
- 14.1 BAE Systems
- 14.1.1 Key Facts
- 14.1.2 Business Description
- 14.1.3 Products and Services
- 14.1.4 Financial Overview
- 14.1.5 SWOT Analysis
- 14.1.6 Key Developments
- 14.2 Duffy Electric Boat Company
- 14.2.1 Key Facts
- 14.2.2 Business Description
- 14.2.3 Products and Services
- 14.2.4 Financial Overview
- 14.2.5 SWOT Analysis
- 14.2.6 Key Developments
- 14.3 Fjellstrand AS
- 14.3.1 Key Facts
- 14.3.2 Business Description
- 14.3.3 Products and Services
- 14.3.4 Financial Overview
- 14.3.5 SWOT Analysis
- 14.3.6 Key Developments
- 14.4 X Shore
- 14.4.1 Key Facts
- 14.4.2 Business Description
- 14.4.3 Products and Services
- 14.4.4 Financial Overview
- 14.4.5 SWOT Analysis
- 14.4.6 Key Developments
- 14.5 General Dynamic Electric Boat
- 14.5.1 Key Facts
- 14.5.2 Business Description
- 14.5.3 Products and Services
- 14.5.4 Financial Overview
- 14.5.5 SWOT Analysis
- 14.5.6 Key Developments
- 14.6 Hurtigruten
- 14.6.1 Key Facts
- 14.6.2 Business Description
- 14.6.3 Products and Services
- 14.6.4 Financial Overview
- 14.6.5 SWOT Analysis
- 14.6.6 Key Developments
- 14.7 MAN Energy Solutions
- 14.7.1 Key Facts
- 14.7.2 Business Description
- 14.7.3 Products and Services
- 14.7.4 Financial Overview
- 14.7.5 SWOT Analysis
- 14.7.6 Key Developments
- 14.8 PortLiner
- 14.8.1 Key Facts
- 14.8.2 Business Description
- 14.8.3 Products and Services
- 14.8.4 Financial Overview
- 14.8.5 SWOT Analysis
- 14.8.6 Key Developments
- 14.9 Siemens Energy
- 14.9.1 Key Facts
- 14.9.2 Business Description
- 14.9.3 Products and Services
- 14.9.4 Financial Overview
- 14.9.5 SWOT Analysis
- 14.9.6 Key Developments
- 14.10 VARD AS
- 14.10.1 Key Facts
- 14.10.2 Business Description
- 14.10.3 Products and Services
- 14.10.4 Financial Overview
- 14.10.5 SWOT Analysis
- 14.10.6 Key Developments
15. Appendix
- 15.1 About The Insight Partners
- 15.2 Glossary of Terms