Electric Ships Market Report by Type (Fully Electric and Hybrid), System (Energy Storage Systems, Power Generation, Power Conversion and Power Distribution Systems), Ship Type (Commercial and Defense), Operation (Manned, Remotely Operated and Autonomous) and Region - Forecast till 2027

Market Forecast

Electric Ships Market is projected to be valued at USD 15.7 Billion by 2030, registering a CAGR of 10.8% from 2019 to 2030.

The increase in seaborne trade globally and growing maritime tourism industry are driving the growth of the market. Furthermore, the implementation of the Sulfur 2020 regulation by the IMO is fueling the growth of the Electric Ships Market

Market USP

Increasing need to reduce fuel emissions

Growth Opportunities in the Market

Hybrid segment expected to register higher growth: The hybrid segment is expected to exhibit a higher CAGR during the review period. This can be attributed to the increased payload capacity offered by the flexible location of machinery components. Hybrid ships also offer environmental benefits due to low fuel consumption and emissions. Moreover, they deliver high performance in harsh ice conditions as they provide maximum torque at zero speed.

Commercial ship segment expected to register the higher growth rate: The commercial ship segment is expected to exhibit a higher CAGR during the review period. Increasing investments in the development of electric propulsion cargo and passenger vessels are driving the growth of the segment.

An autonomous segment to be the fastest-growing: The autonomous segment is expected to register the highest CAGR during the forecast period of 2019 to 2030. Autonomous ships offer advantages such as eliminating human error, increased safety of life, and reduced crewing costs. Moreover, they allow for the efficient use of space and fuel.

Key Players

• AKASOL AG (Germany)
• Anglo Belgian Corporation NV (Belgium)
• BAE Systems (UK)
• Corvus Energy (Canada)
• Echandia Marine AB (Sweden)
• ECO Marine Power (Japan)
• EST-Floattech (Netherlands)
• General Dynamics Electric Boat (US)
• General Electric (US)
• KONGSBERG (Norway)
• Leclanche (Switzerland)
• MAN Energy Solutions (Germany)
• Norwegian Electric Systems (Norway)
• Schottel (Germany)
• Siemens (Germany)
• VARD (Norway)
• Wärtsilä (Finland)

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