Northbrook, IL -- (SBWire) -- 12/13/2020 --The global electric ships market size is projected to grow from USD 5.2 billion in 2019 to USD 15.6 billion by 2030, at a CAGR of 13.2% from 2025 to 2030. (Two forecast periods, i.e., 2019 to 2025 and 2025 to 2030 are considered in this market report, as the adoption of electric propulsion systems is estimated to grow at a higher rate post-2025). Some of the factors that are expected to fuel the growth of the electric ships are the International Maritime Organization's ruling on reducing sulfur emissions, effective from 1st January 2020, and wide adoption of fully electric passenger vessels.
Kongsberg (Norway), ABB (Switzerland), Wartsila (Finland), Norwegian Electric Systems as (Norway), Corvus Energy (Canada), General Dynamics Electric Boat (US), MAN Energy Solutions SE (Germany), Vard (Norway), Siemens (Germany), and Leclanché SA (Switzerland), among others are some of the players focusing on developing new electric ships with advanced features such as autonomous and remotely modes of operation, use of fuel cells, and solar power for providing power to ships, and fully electric propulsion for large ships among others. There are opportunities for innovative companies to manufacture lightweight, high-density marine lithium batteries.
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Based on the system, the power conversion segment of the electric ships is projected to grow at the highest CAGR during the forecast period.
Based on the system, the power conversion segment of the electric ships market is projected to grow at the highest CAGR from 2019 to 2025 and from 2025 to 2030. In the next few years, more cargo and passengers will be transported on electric ships. This increases the demand for power semiconductor devices, as ships could not sail electrically without the power semiconductor devices in their powertrain. ABB, Kongsberg, Wartsila, and Siemens, among others, are some of the electric and hybrid propulsion manufacturers. These companies use converters with components in their systems and engines, and they convert direct current from batteries to alternating current for engines.
Based on the mode of operation, the manned segment is expected to lead the electric ships market from 2019 to 2030.
Based on the mode of operation, the electric ships market is segmented into manned, remotely operated, and autonomous. The growth of the manned segment can be attributed to the high demand for electric and hybrid propulsion systems by commercial ships, including cruise ships, ferries, cargo ships, and container ships, among others. There is a large retrofit market potential for manned cargo vessels, as almost all cargo vessels currently operate with a crew.
Electric ships market in Europe is projected to grow at the highest CAGR from 2019 to 2025.
Based on region, the electric ships market in Europe is projected to grow at the highest CAGR during the forecast period, due to the increase in demand for electric ships for fully electric passenger vessels, tugs, yachts, and cruise vessels, among others. Countries such as Norway, Finland, and Denmark have actively started replacing conventional passenger ferries with fully electric passenger ferries. Major developments in autonomous electric vessels that use fuel cells and remotely controlled electric vessels are also driving the market in Europe to grow.
Key Market Players
The major players in the electric ships market are Kongsberg (Norway), ABB (Switzerland), Wartsila (Finland), Norwegian Electric Systems AS (Norway), Corvus Energy (Canada), General Dynamics Electric Boat (US), MAN Energy Solutions SE (Germany) Vard (Norway), Siemens (Germany), and Leclanché SA (Switzerland), among others among others. These players have adopted various growth strategies such as contracts, acquisitions, expansions, new product launches, and partnerships & agreements to expand their presence in the electric ships market further.
Electric Ships Market Is Projected to Grow at the Highest CAGR from 2019 to 2025
Based on the mode of operation, the manned segment is expected to lead the electric ships market from 2019 to 2030.