How Has The Electric Ships Market Size Evolved Historically?
The electric ships market has seen considerable growth due to a variety of factors.
• In the past few years, the market size of electric ships has seen a significant expansion. It's predicted that it will rise from a worth of $8.87 billion in 2024 to about $9.83 billion in 2025, indicative of a compound annual growth rate (CAGR) of 10.8%.
Factors such as robust economic development in emerging markets, the growth of global commercial trade, and enhanced governmental backing, have all contributed to this growth witnessed in the historic period.
What is the Forecasted Market Size and CAGR for the Electric Ships Market?
The electric ships market is expected to maintain its strong growth trajectory in upcoming years.
• In the next few years, the market for electric ships is poised for significant expansion, predicted to reach a value of $15.01 billion in 2029, growing at an 11.2% CAGR.
A key contributor to this growth during the prediction period is the increasing adoption of hybrid and electric propulsion in the retrofitting of ships, rising defense spending, growing environmental awareness and an expansion in seaborne trade. During this same period, key market trends to watch include high-tech and powerful bass boats, an emphasis on battery-hybrid ships and zero-emission vessels, technological innovations, the integration of artificial intelligence, the advent of new electric foiling water taxis, and strategic alliances and collaborations.
What Are The Essential Drivers Behind The Growth Of The Electric Ships Market?
Expected growth in the electric ship market is attributed to the increasing popularity of recreational boating and water sports activities. These activities range from leisure boating and fishing to sailing and jet skiing among others, and are mostly used for enjoyment and relaxation. Their popularity is fuelled by increased disposal incomes, along with a rising interest in outdoor and adventure activities. Electric motors, due to their quiet and pollution-less operations, are increasingly being used in leisure crafts and tourist boats. The National Marine Manufacturers Association (NMMA), reported in May 2023 that recreational boating had experienced a substantial economic boom, witnessing a 36% leap from $170 billion to $230 billion in 2023 alone. Additionally, boat sales, both new and pre-owned, surged in 2022 - with 260,000 new boats sold and over one million second-hand boats. These rates surpass the figures for the preceding year. Therefore, the ongoing surge in recreational boating and water sports indicates a promising future for the electric ship market.
What are the Market Segments in the Electric Ships Market?
The electric ships market covered in this report is segmented –
1) By Type: Fully Electric, Hybrid
2) By Mode of Operation: Manned, Remotely Operated, Autonomous
3) By System: Energy Storage Systems, Power Conversion, Power Generation, Power Distribution
4) By Power: Less Than 75KW, 75 To 150KW, 151 To 745KW, 746 To 7,560KW, Greater Than 7,560KW
5) By Range: Less Than 50Km, 50 To 100Km, 101 To 1000Km, Greater Than 1,000Km
Subsegments:
1) By Fully Electric: Battery-Powered Vessels, Electric Ferries, Electric Cargo Ships
2) By Hybrid: Diesel-Electric Vessels, Hybrid Ferries, Hybrid Container Ships
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What Trends are Shaping the Electric Ships Market?
Top firms in the electric ship market are aiming to gain an edge over their rivals by concentrating on technological advancements like all-electric tugs. An all-electric tug is a tugboat variant that relies solely on electric propulsion systems, thereby eliminating the usage of conventional fossil fuel engines. For example, in April 2024, Netherlands' Damen Shipyards Group rolled out the entirely electric RSD-E Tug 2513, constructed for the Port of Antwerp-Bruges. This inventive tugboat is aimed at augmenting sustainability in port functions through the use of electric propulsion technology, significantly diminishing emissions and lessening environmental damage. Equipped with superior manoeuvrability and potent performance, the RSD-E Tug 2513 is set to assist in a variety of harbour tasks, like towing and berthing - all the while fostering a more environmentally friendly maritime sector.
Who Are the Key Players in the Electric Ships Market?
Major companies operating in the electric ships market include:
• ABB Limited
• Siemens Energy
• BAE Systems
• Wärtsilä
• Kongsberg Gruppen ASA
• MAN Energy Solutions SE
• Schottel GmbH
• Corvus Energy
• Anglo Belgian Corporation (ABC) NV
• Cochin Shipyard Limited
• Western India Shipyard
• Hindustan Shipyard Ltd
• Adani Kattupalli Shipyard (Larsen & Toubro)
• Shanghai Waigaoqiao Shipbuilding Co. Ltd.
• Qingdao Captain Marine Co Ltd
• HBM-Huanan Building Materials (Shenzhen) Co Ltd
• COSCO Shipping
• Headway Technology Co. Ltd
• Star MarinePro Corp Limited
• China Shipbuilding Industry Co Ltd
• Duffy Electric Boats
• General Dynamics Electric Boat
• Leclanche SA
• Tamarack Lake Electric Boat Company
• SPRK Electric Boats
• Canadian Electric Boat Company
• Westport LLC
• Midwest Lake Management Inc.
• Craig Catamaran Corporation
• Astillero rio Santiago
• Tandanor
• Neptun Ship Design Gmbh
• Spi astilleros
• Lamwec Colombia
• Navtek Naval Technologies
• Empire Marine International LLC
• Majix Marine
• Al-Ghawas
• Aries Marine
• Ocean Boats
• Royal Yachting
• Crown Electric Ships and Boats
• Alexandria
• Joemarine Nautical Company Nigeria Limited
• The Damen Group
• Southern African Shipyards
• Nigerdock FZE
What are the Regional Insights into the Electric Ships Market?
Western Europe was the largest region in the electric ship market in 2024. The regions covered in the electric ships market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
