Electric Ship Market Size [2023-2030] to Hit USD 12.87 Billion, Globally, at a CAGR of 18.9%

Electric Ships to Redefine Shipping Industry by Sailing toward a Greener Future and Lower Emissions of Electric Ships to Propel Demand of Electric Ships Will Boost the Market Growth: Fortune Business Insights

Pune, India., July 12, 2023 (GLOBE NEWSWIRE) -- The global electric ship market size was valued at USD 3.41 billion in 2022. The market is projected to grow from USD 3.83 billion in 2023 to USD 12.87 billion by 2030, exhibiting a CAGR of 18.9% during the forecast period. Fortune Business Insights published this information in its 2023 market research report titled " Global Electric Ship Market Analysis by Size, Share, Growth and Trends 2023-2030". Electric ship utilizes an electric drive system, including full battery electric and electric hybrid ships. The demand for these ships is driven by environmental concerns associated with conventional ships, which emit significant amounts of pollutants. Container ships, cruises, gas carriers, general cargo, and oil tankers predominantly rely on heavy diesel oil for their operations.

*Market Leaders Focus on Improving Efficiency to Increase Market Growth*

Key players in the market are prioritizing the development of autonomous systems to enhance operational efficiency. These systems incorporate advanced navigational systems and comprehensive route planning capabilities, enabling seamless and optimized vessel operations.

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*Report Highlights:*

*Report Coverage* *Details*
Forecast Period 2023-2030
Forecast Period 2023 to 2030 CAGR 18.9%
2030 Value Projection USD 12.87 Billion
Base Year 2022
Market Size in 2023 USD 3.83 Billion
Historical Data for 2019-2021
No. of Pages 180

*Market Drivers & Restraints-*

*Rising Demand for Eco-friendly Mode of Transportation Spurs Growth*

The growing concerns about climate change and ecological issues have led to an increased demand for environment-friendly modes of transportation. Electric ships, which produce no greenhouse gas emissions, are being seen as a viable alternative to traditional fossil fuel-powered vessels, which will increase the electric ship market share. This shift in demand is driven by the need to mitigate the environmental impact and address the challenges of climate change.

*To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit*: https://www.fortunebusinessinsights.com/electric-ships-market-104444*Segments-*

*Efforts for Reducing Carbon Emissions Propel the Hybrid Segment*

By propulsion type, the market is classified into hybrid and fully electric. Promoting zero-emission transportation systems and initiatives for lowering carbon emissions are factors driving the growth of the hybrid segment.

*Enhancement in Related Power Output to Lead to the 746-7560 kW Segmental Dominance*

Based on power output, the market is divided into up to 745 kW, 746-7560 kW, and above 7560 kW. Increasing adoption of electric/hybrid propulsion systems in vessels will assist the 746-7560 kW segment to dominate.

*Semi-autonomous Segment to Dominate due to Effective Operations *

Based on mode of operation, the market is segmented into semi-autonomous and fully autonomous. The semi-autonomous segment held the leading market share due to its potential to enhance operational efficiency.

*Commercial Vessels Segment to Dominate due to Trade Liberalization*

Based on ship type, the market is divided into commercial ship and passenger ship. Due to trade liberalization and addition of vessels, the commercial segment holds the largest market share. Geographically, the market is studied across North America, Europe, Asia Pacific, and the Rest of the World.

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*Regional Insights-*

*Early Adoption of Electric Vessels by Most European Nations Leads the Europe Market*

Europe emerged as the leading market, with a market size of USD 1.85 billion in 2022 due to the significant adoption of electric-powered ships by major countries within Europe. China, Japan, and South Korea, which collectively account for over 90% of global ship production, as per I.M.O, are expected to aid the Asia Pacific market growth during the projected period.

*Report Coverage:*

• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.

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*A list of prominent **Electric Ship manufacturers operating in the global market:*

· Kongsberg (Norway)
· Leclanche (Switzerland)
· Corvus Energy (Canada)
· Echandia Marine AB (Sweden)
· Siemens (Germany)
· Vard (part of Fincantieri SpA) (Norway)
· Norwegian Electric Systems (Norway)
· General Dynamics Electric Boat (U.S.)
· MAN Energy Solutions SE (Germany)
· Wartsila (Finland)
· Schottel Group (Germany)
· Anglo Belgian Corporation NV (Belgium)
· Eco Marine Power (Japan)
· Akasol AG (Germany)

*COVID-19 Impact:*

*Shutdown of Ports and Traveling Restrictions Declined Market Growth*

The shipping and marine industry faced severe challenges during the COVID-19 pandemic, with workforce closures implemented to ensure safety and prevent the spread of the virus. As a result, trade chains, including major import and export activities, experienced a significant decline. Container ship traffic saw a drop of 13% to 14%, while passenger ship traffic plummeted by 42% to 43% due to travel restrictions.

*Notable Industry Development:   *

· *February 2023 - *Kongsberg Maritime signed a contract with Grimaldi Group to supply engineering and technology for two new 7800-line meter (LM) Roll on – Roll off (Ro-Ro) vessels, which will be built at China Merchant Jinling Shipyard. The vessels will join Grimaldi Group’s fleet of low-emission, hybrid Ro-Ro vessels known as the Grimaldi Green 5th Generation (GG5G) class.

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*Table of Content: *

· Introduction

· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions

· Executive Summary
· Market Dynamics

· Market Drivers
· Market Restraints
· Market Opportunities

· Key Insights

· Key Industry Developments –Mergers, Acquisitions and Partnerships
· Porters Five Forces Analysis
· PEST Analysis
· Technological Development
· Impact of Covid-19

· Global Electric Ship Market Analysis, Insights and Forecast, 2019-2030

· Key Findings / Definitions
· Market Analysis, Insights and Forecast – By Ship Type

· Commercial Ship
· Passenger Ship

· Market Analysis, Insights and Forecast – By Mode of Operation

· Semi-Autonomous
· Fully Autonomous

· Market Analysis, Insights and Forecast – By Power Output

· Up to 745 kW
· 746-7560 kW
· More than 7560 kW

· Market Analysis, Insights and Forecast – By Propulsion Type

· Hybrid
· Fully Electric

· Market Analysis, Insights and Forecast – By Region

· North America
· Europe
· Asia pacific
· Rest of the world

· North America Electric Ship Market Analysis, Insights and Forecast, 2019-2030

· Key Findings / Definitions
· Market Analysis, Insights and Forecast – By Ship Type

· Commercial Ship
· Passenger Ship

· Market Analysis, Insights and Forecast – By Mode of Operation

· Semi-Autonomous
· Fully Autonomous

· Market Analysis, Insights and Forecast – By Power Output

· Up to 745 kW
· 746-7560 kW
· More than 7560 kW

· Market Analysis, Insights and Forecast – By Propulsion Type

· Hybrid
· Fully Electric

· Market Analysis – By Country

· U.S.

· Propulsion Type

· Canada

· Propulsion Type

· Mexico

· Propulsion Type

· Europe Electric Ship Market Analysis, Insights and Forecast, 2019-2030

· Key Findings / Definitions
· Market Analysis, Insights and Forecast – By Ship Type

· Commercial Ship
· Passenger Ship

· Market Analysis, Insights and Forecast – By Mode of Operation

· Semi-Autonomous
· Fully Autonomous

· Market Analysis, Insights and Forecast – By Power Output

· Up to 745 kW
· 746-7560 kW
· More than 7560 kW

· Market Analysis, Insights and Forecast – By Propulsion Type

· Hybrid
· Fully Electric

· Market Analysis – By Country

· U.K.

· Propulsion Type

· Germany

· Propulsion Type

· France

· Propulsion Type

· Rest of Europe

· Propulsion Type

· Asia Pacific Electric Ship Market Analysis, Insights and Forecast, 2019-2030

· Key Findings / Definitions
· Market Analysis, Insights and Forecast – By Ship Type

· Commercial Ship
· Passenger Ship

· Market Analysis, Insights and Forecast – By Mode of Operation

· Semi-Autonomous
· Fully Autonomous

· Market Analysis, Insights and Forecast – By Power Output

· Up to 745 kW
· 746-7560 kW
· More than 7560 kW

· Market Analysis, Insights and Forecast – By Propulsion Type

· Hybrid
· Fully Electric

· Market Analysis – By Country

· China

· Propulsion Type

· Japan

· Propulsion Type

· India

· Propulsion Type

· South Korea

· Propulsion Type

· Rest of Asia Pacific

· Propulsion Type

· Rest of the World Electric Ship Market Analysis, Insights and Forecast, 2019-2030

· Key Findings / Definitions
· Market Analysis, Insights and Forecast – By Ship Type

· Commercial Ship
· Passenger Ship

· Market Analysis, Insights and Forecast – By Mode of Operation

· Semi-Autonomous
· Fully Autonomous

· Market Analysis, Insights and Forecast – By Power Output

· Up to 745 kW
· 746-7560 kW
· More than 7560 kW

· Market Analysis, Insights and Forecast – By Propulsion Type

· Hybrid
· Fully Electric

· Competitive Analysis

· Key Industry Development
· Global Market Ranking Analysis (2022)
· Competition Dashboard
· Comparative Analysis – Major Players
· Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))

· Kongsberg (Norway)
· Leclanche (Switzerland)
· Corvus Energy (Canada)
· Echandia Marine AB (Sweden)
· Siemens (Germany)
· Vard (part of Fincantieri SpA) (Norway)
· Norwegian Electric Systems (Norway)
· General Dynamics Electric Boat (U.S.)
· MAN Energy Solutions SE (Germany)
· Wartsila (Finland)
· Schottel Group (Germany)
· Anglo Belgian Corporation NV (Belgium)
· Eco Marine Power (Japan)
· Akasol AG (Germany)

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· Electric Ship Market