Electric Ships Market Demand, Size, Share, Industry Trend, Top Key Players Forecast 2028

The global Electric Ships Market is expected to grow from US$ 3.82 billion in 2021 to US$ 7.76 billion by 2028; it is estimated to grow at a CAGR of 10.3% from 2021 to 2028.

The electric ships market is poised for rapid growth in the coming years due to the increasing adoption of hybrid and electric propulsion systems for retrofitting ships and the growing regulatory support from government authorities and industry associations. In the Asia Pacific region, which includes emerging countries such as China and India, investments in shipyard construction by both government and private sectors are rising rapidly, while smaller countries such as Indonesia and the Philippines are also attracting investors that boost the growth of the electric ships market. With rising sea trade activities and growing government focus on reducing gas emissions, ship integrators and owners in APAC are switching their existing diesel-driven engines with electric or hybrid propulsion systems. This presents a significant opportunity for APAC electric ships market players to produce more electric ships.

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List of 10 Players:
1. BAE Systems
2. Duffy Electric Boat Company
3. Fjellstrand AS
4. X Shore
5. General Dynamic Electric Boat
6. Hurtigruten
7. MAN Energy Solutions
8. PortLiner
9. Siemens Energy
10. VARD AS

Key Findings of Study:

The global electric ships market has been segmented into five key regions, namely North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). The demand for electric ships in North America and Europe is on the rise due to the increasing demand for fully electric passenger vessels, tugs, yachts, and cruise vessels. Countries like Norway, Finland, the US, and Denmark are replacing their conventional passenger ferries with fully electric ones. Furthermore, the development of autonomous electric vessels using fuel cells and remotely controlled electric vessels is driving the market growth.

In the APAC region, the electric ships market is witnessing growth due to the rising sea trade activities and the focus of governments on reducing gas emissions from the shipping industry. Ship integrators and owners are switching to electric or hybrid propulsion systems from existing diesel-driven engines, creating significant opportunities for the APAC electric ships market players to produce more electric ships. According to the UN Merchant Fleet 2020 statistics, China, Japan, and South Korea accounted for around 93% of the global new shipbuilding in 2019. These countries dominate the global shipping and offshore energy equipment industry, with around 80% of orders. Notably, Japan is going through a shipbuilding renaissance, and its focus on shipbuilding and port development is driving the growth of the electric ships market in the region. It is crucial to recognize that each of Asia's shipping giants has distinct strengths and challenges, even though Asian manufacturers' domination is expected to continue.

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Government authorities and industry associations are providing increasing regulatory support to reduce gas emissions from the shipping industry, which is driving the growth of electric ships. The International Maritime Organization (IMO) adopted a plan in 2018 to reduce greenhouse gas emissions from international shipping by 50% compared to 2008 levels by the end of 2050. Additionally, the IMO aims to improve energy efficiency and reduce carbon intensity by 40% by 2030 and 70% by 2050. Governments, such as Norway, are also focusing on reducing emissions from domestic shipping and fishing ships by half by 2030 and promoting zero- and low-emission solutions for all vessel categories. This is evidenced by Norway's allocation of NOK 7 million (US$ 0.77 million) to the Green Shipping Programme in 2019. These initiatives support the adoption of electric or hybrid propulsion systems for ships.

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