Electric Ships Market Worldwide Industry Analysis, Future Demand and Forecast till 2029

The global electric ships market is anticipated to grow at a considerable CAGR of 11% during the forecast period. Rise in adoption of fully electric and hybrid propulsion for retrofitting the existing ships will propel the market growth. This is in response to the compliance of International Maritime Organization (IMO) ruling on reducing sulfur emissions. This ruling came into effect from January 01, 2020, and it mandates that the fuels used by ship operators should not surpass 0.50% sulfur against the previous limit of 3.50%. Thus, ship owners and integrators are shifting from conventional diesel driven engines towards the automation and integration through hybrid or complete electric propulsion. Several ship owners of China, Greece, Japan, Norway, France and the US are retrofitting their existing ship fleet with emerging technologies. For instance, in February 2019, Wartsila has commenced the delivery of first hybrid retrofit that can reduce greenhouse emissions, noise and fuel consumption. Wartsila has collaborated with Hagland Shipping AS to install hybrid retrofit. It is expected that the retrofit will lead to the reduction in NOx emissions upto 80% - 90% and overall fuel savings to be 5% - 10%. 

Besides, advanced battery technologies are driving the market growth as the batteries are being constantly upgraded and updated. The companies are more emphasizing towards the integration of electric power sources and development of energy storage devices. For instance, in October 2020, Kawasaki Heavy Industries received their first order for the supply of large capacity system of battery propulsion that is designed for coastal ships integration. The new battery propulsion system includes Lithium - ion marine batteries. Vessels operating completely through batteries reduces the emissions of NOx, CO2 and  SOx during the operation. Apart from these factors, the limited range in sigle charge offered by the electric ships restrains their growth. 

Furthermore, in November 2020, Wartsila got approval to supply engines and various electric solutions for two ships that are under construction in China. The ships are being designed to embrace the evolution of technology and are built for Finnlines. It is expected that the vessels will enter into operations in 2023. They will operate between Swedan and Finland. Vessels will feature Wartsila thrusters, 46F main engines and an electric package. A hybrid shaft system generator is also included. 

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Market Coverage

The market number available for - 2022-2030
Base year- 2022
Forecast period- 2023-2030

Segment Covered- 

By Type
By Mode of Operation
By Vessel Type
By Range
By End Use

Regions Covered-

North America
Europe
Asia-Pacific
Rest of the World

Competitive Landscape- Damen Shipyards Group, General Dynamics Electric Boat, MAN Energy Solutions Group, Echandia Marine AB, Eco Marine Power, Corvus Energy, VARD, Siemens, AKASOL AG, Norwegian Electric Systems and others.

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Electric Ships Market Segmentation

By Type

Fully Electric
Hybrid

By Mode of Operation

Manned
Autonomous

By Vessel Type

Commercial
Defense

By Range

. < 50 KM
50-100 KM
101-1000 KM
>1000 KM

By End-Use

Linefit
Retrofit

Regional Analysis

North America

United States
Canada

Europe

UK
Germany
Spain
France
Italy
Rest of Europe

Asia-Pacific

India
China
Japan
South Korea
Rest of APAC

Rest of the World

Company Profiles 

AKASOL AG
Corvus Energy
Echandia Marine AB
Eco Marine Power
Fjellstrand AS
Hollands Shipyards
Leclanche SA
Man Energy Solutions Group
Siemens
SCHOTTEL Group
SSC Marine Ltd
Tuco Marine ApS
VARD
Wartsila Corp.
WELLINGTON ELECTRIC BOAT BUILDING CO.

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