Electric Ships Market to Perceive Biggest Trend and Opportunity with Key Players - MAN Energy Solutions SE, Siemens, BAE Systems, Corvus Energy

Electric Ships Market Outlook – 2027

The global electric ships market is experiencing a significant growth due to demand for environment friendly transport system. Electric ships are electrically driven ship unlike conventional diesel engine ships. These ships use a battery bank as its source of power to drive electric motor. Variety of battery banks can be used in an electric ship such as lead-acid battery, lithium-ion battery, and fuel cells among others. Solar powered ships are also used in lightweight ships that require low power output. However, the power requirements of cargo ships cannot be fulfilled by fully electric system due to heavy weight, hence cargo ships are utilizing hybrid diesel-electric system.

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COVID-19 scenario analysis:

Electric ship manufacturers are forced to stop all production operations due to government-imposed lockdown in the wake of COVID-19.

Ship manufacturers are facing short term operational issues due to supply chain disruption caused by the governments initiatives to slow the spread of COVID-19.

Naval prototype electric ship building projects are prone to delay due to delay in procurement of state-of-art equipment & components essential for naval vessels, since countries are witnessing financial globally during COVID-19 scenario.

In the wake of COVID-19 spread there is an increased vigilance globally against the consumption of animal & sea-food products, as a result marine trade and fishing activities has been disrupted due to plummet in demand for sea-food.

Travel restrictions imposed by governments worldwide to control COVID-19 has ceased all marine leisure & travel activities.

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Top impacting factors: market scenario analysis, trends, drivers and impact analysis

Surge in maritime trade, increase in demand for emission free transportation, and rise in adoption of fully electric passenger vessels are some of the factors that drive the global electric ships market. However, insufficient battery capacity and slow charging process products hinder the market growth. On the contrary, increasing marine sport activities, digitalization of marine industry, and research in energy storage devices present new pathways in the industry.

The global electric ships market trends are as follows:

Demand for emission free transportation
Diesel-operated cargo ships are major contributor to global carbon emissions. Recently, in 2020, Yara International (a chemical company headquartered in Oslo, Norway) commissioned a fully electric cargo ship named Yara Birkeland. The total cost of this fully electric cargo ship project is approx. 30 million USD. Yara Birkeland was developed to move the freighter between ports and abandon diesel truck usage, hence should be able to replace 40,000 journeys in a year. Such environment friendly electric mobility in water is expected to boost the global electric ships market.

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Rise in adoption of fully electric passenger vessels
Electric passenger vessels will set the trend for fully electric marine vehicles. For instance, in 2020, Brodrene AA AS (ship building company headquartered in Vestland, Norway) developed a carbon composite-hulled-all-electric ferry named Rygerelektra, that can carry up to 297 passengers. Rygerelektra is claimed to be the world’s fasted all-electric passenger catamaran (multi-hulled watercraft featuring two parallel hulls of equal size) that can go up to 40 nautical miles with a speed of 18 knots. Such fully electric passenger vessels drive the global electric ships market.

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