Northbrook, IL 60062 -- (SBWIRE) -- 12/01/2022 -- The global electric ship market size is projected to grow from USD 4.7 Billion in 2021 to USD 16.2 Billion by 2030, at a CAGR of 14.9% from 2021 to 2030. (Two forecast periods, i.e., 2021 to 2025 and 2025 to 2030.
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.
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Drivers: Rise in adoption of hybrid and electric propulsion for retrofitting ships
Shipbuilders and operators are moving toward automation and integration of newbuild ships and retrofit the existing ships with hybrid and electric propulsion. This is in response to adhere to the IMO 2020 rule. According to this rule, ship operators must use fuels that should not exceed 0.50% sulfur content against the current limit of 3.50%. Thus, ship integrators and owners are switching their existing diesel-driven engines with electric or hybrid propulsion. Various ship owners of Norway, the US, Greece, China, and France are actively involved in retrofitting their current ship fleet with new technologies like hybrid and electric.
Opportunities: Hybrid propulsion technology for large ships
Currently, hybrid propulsion technology is most suitable for small vessels such as ferries and cruise ships. However, with the development of marine electric propulsion technology and alternative fuels such as fuel cells, there is a huge opportunity for manufacturers to work on electric propulsion systems for larger ships.
Based on the mode of operation, the electric ship 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.
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Based on region, the electric ship market in Europe is projected to grow the highest CAGR during the forecast period, from USD 3,358 Million in 2021 to USD 11,922 Million in 2030 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.