The global electric ship market is estimated to exceed US$ 7.4 billion in 2023 to US$ 24.13 billion by 2032, growing at a compound annual growth rate (CAGR) of 14% during the forecast period from 2024 to 2032.
An electric ship is a vessel that predominantly uses an electric propulsion system for power. These ships harness electricity for propulsion and power generation rather than relying on traditional fossil fuel engines like diesel or steam. They depend on electrical energy to operate their propulsion systems, auxiliary machinery, and onboard systems. The increasing awareness and concern regarding climate change and environmental pollution have sparked a rising need for cleaner and more sustainable transportation options.
Rising Demand for Carbon Emissions in the Shipping Industry
Carbon emissions serve as a major catalyst for the electric ships market. In 2022, international shipping alone contributed to almost 3% of the world’s greenhouse gas emissions. The transportation sector, encompassing shipping, accounts for approximately 20.2% of the world’s total CO₂ emissions, establishing it as the second-largest contributor to global carbon pollution.
The maritime transportation sector predominantly relies on fossil fuels such as marine gas oil and heavy fuel oil (HFO). The combustion of HFO results in the release of harmful gases, including carbon dioxide (CO2), methane (CH₄), and nitrous oxide (N₂O), all of which contribute to climate change. Moreover, ships emit sulfur oxide (SOx) emissions, posing environmental and health hazards. Emission levels fluctuate based on ship size, fuel type, energy efficiency, and distances traveled.
To combat this issue, governments worldwide have implemented regulations and targets aimed at reducing carbon emissions from the shipping industry. Shipping companies will need to invest in low-carbon technologies, such as electric ships. These vessels emit minimal to no greenhouse gases during operation, contingent on the source of electricity used to charge the batteries. As a result, they present an appealing option for companies seeking to diminish their carbon footprint and comply with environmental regulations, thereby propelling market growth.
High Initial Capital Expenditure
The primary challenge facing the global market is the substantial initial expenses linked to electric ships, which arise from the costly batteries and electric propulsion systems they require. Furthermore, there are infrastructure complexities that need to be addressed. Presently, the infrastructure for electric vessels, including charging stations, is not widely available, posing difficulties in operating them on a large scale.
Electric vessels typically entail higher upfront costs compared to conventional ships with internal combustion engines. The expense of advanced battery systems and electric propulsion equipment can act as a deterrent for some shipowners and operators, particularly smaller companies or those with tight budget constraints.
The elevated initial investment may dissuade certain stakeholders from transitioning to electric ships, at least in the short term. For example, the Yara Birkeland ship, which costs approximately 25 million dollars, roughly three times the price of a “conventional ship,” will nevertheless lead to a 90% reduction in operational expenditure for Yara.
Growing Popularity of Autonomous Electric Ships
Research and development efforts are on the rise to create autonomous ships that can harness advanced sensors, artificial intelligence, and machine learning to navigate more efficiently and safely. By removing the human factor from ship operations, the risk of human errors and accidents is reduced, resulting in improved safety records and enhanced operational efficiency. Autonomous electric ships provide a dual advantage in terms of environmental impact. Electric propulsion reduces emissions and air pollution, while autonomy optimizes navigation and route planning, further reducing fuel consumption and environmental impact.
The combination of these two technologies aligns with the industry's sustainability goals and enhances the reputation of shipping companies as environmentally responsible. Autonomous ships generate vast amounts of data through sensors and onboard systems. This data can be analyzed and utilized to optimize vessel performance, maintenance scheduling, and route planning. The insights derived from this data can lead to continuous improvements in operational efficiency and overall fleet management. Therefore, the widespread adoption of fully autonomous electric ships is expected to offer lucrative opportunities for the growth of the market.
By Power Source
The fully electric segment is projected to experience substantial growth at a significant compound annual growth rate (CAGR) over the forecast period. One of the primary catalysts for this growth is the tightening of environmental regulations and the ambitious sustainability targets set by governments and international bodies. These regulations are designed to mitigate greenhouse gas emissions and combat pollution from the shipping sector. Consequently, shipowners and operators are increasingly compelled to seek cleaner and more sustainable alternatives, with fully electric vessels emerging as a prominent solution.
Moreover, the long-term cost savings associated with electric ships have become increasingly apparent, serving as an additional incentive for embracing this technology. Although the initial costs of electric vessels exceed those of conventional ships, the potential for substantial reductions in fuel and maintenance expenses over the ship's lifespan has made them a compelling investment for forward-thinking ship owners. This economic advantage further enhances the appeal of electric ships as viable long-term alternatives.
By Autonomy Level
The fully autonomous segment is expected to experience rapid growth, with a significant Compound Annual Growth Rate (CAGR) from 2024 to 2032. This growth is due to several advantages offered by these vessels compared to semi-autonomous marine ships. These benefits include efficient utilization of ship space, reduction in human errors, and risk mitigation in transportation. Advanced navigation systems and maneuvering systems utilizing sensors and GPS enable efficient maritime transportation without human involvement. Additionally, faster operations and reduced operational costs of fully autonomous electric ships are expected to propel the segment's growth over the forecast period.
The benefits of fully autonomous electric ships extend beyond operational efficiency. These vessels align with the industry's sustainability goals and enhance the reputation of shipping companies as environmentally responsible. By leveraging advanced sensors, artificial intelligence, and machine learning, autonomous ships can navigate more efficiently and safely, reducing the risk of human errors and accidents.
Furthermore, the combination of electric propulsion and autonomy offers a double advantage in terms of environmental impact. Electric propulsion reduces emissions and air pollution, while autonomy optimizes navigation and route planning, further reducing fuel consumption and environmental impact.
By Power Output
The 75-745 KW segment accounted for the largest revenue share in 2023. This growth can be due to the upgrades in existing passenger transport and inland transportation vessels. Factors such as low fuel consumption and lower maintenance costs compared to diesel propulsion have attracted more end-users to invest in this technology.
Additionally, the market for recreational boats is large and fast-growing, and the high adoption rate of electric vessels in maritime tourism is expected to fuel the market growth over the forecast period.
During the last decade, the 75-745 KW power output segment has been the most preferred in the shipping industry. The increasing awareness of environmental conservation has led to the development of propulsion systems that emit minimal emissions, giving particular importance to medium-sized marine vessels and boosting the growth of the 75-745 KW power output segment.
Regional Analysis
Europe secured the largest revenue share in 2023 and is projected to experience the fastest Compound Annual Growth Rate (CAGR) during the forecast period. This growth is primarily due to the stringent environmental regulations established by the European Union (EU). The EU's commitment to combat climate change and reduce greenhouse gas emissions has driven the push for cleaner and more sustainable transportation solutions, including maritime transport. Consequently, the shipping industry has been under pressure to explore alternative technologies, such as electric ships, to comply with these regulations and remain competitive.
Germany has emerged as a significant contributor to the market growth in Europe, driven by the increasing environmental awareness among the general population and government initiatives to promote electrically operated transportation modes. Additionally, the rising popularity of electric recreational and leisure vessels in marine tourism, water adventures, and fishing activities in the region is expected to propel the regional market growth.
Key Companies Operating in the Global Electric Ship Market
Market Segmentation Outline
By Power Source
By Power Output
By Autonomy Level
By Vessel
By Region
1 INTRODUCTION OF GLOBAL ELECTRIC SHIP MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: ELECTRIC SHIP MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL ELECTRIC SHIP MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL ELECTRIC SHIP MARKET, BY POWER SOURCE
5.1 OVERVIEW
5.2 FULLY ELECTRIC
5.3 HYBRID
6 GLOBAL ELECTRIC SHIP MARKET, BY POWER OUTPUT
6.1 OVERVIEW
6.2 <75 KW
6.3 75-745 KW
6.4 746-7,560 KW
6.5 >7,560 KW
7 GLOBAL ELECTRIC SHIP MARKET, BY AUTONOMY LEVEL
7.1 OVERVIEW
7.2 SEMI-AUTONOMOUS
7.3 FULLY AUTONOMOUS
8 GLOBAL ELECTRIC SHIP MARKET, BY VESSEL
8.1 OVERVIEW
8.2 COMMERCIAL VESSEL
8.3 DEFENSE VESSEL
8.4 SPECIAL VESSEL
9 GLOBAL ELECTRIC SHIP MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL ELECTRIC SHIP MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 AKASOL AG
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 ANGLO BELGIAN CORPORATION NV
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 CORVUS ENERGY
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 SCANDIA MARINE AB
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 SCHOTTEL
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 GENERAL ELECTRIC
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 SIEMENS
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8 ECO MARINE POWER
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 BAE SYSTEMS
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 GENERAL DYNAMICS ELECTRIC BOAT
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 MAN ENERGY SOLUTIONS SE
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
著作権 ©2022 無断複写・転載を禁じます
