Electric Ships Market to Hit New Heights: Emerging Trends and Growth Projections 2032

According to the report, the global electric ship industry generated $4.6 billion in 2022 and is anticipated to generate $23.8 billion by 2032, witnessing a CAGR of 18.0% from 2023 to 2032.

An electric ship relies on electricity for both generating power and propelling themselves, contrasting with traditional ships that employ fossil fuel engines like diesel or steam. With the growing awareness and concern regarding climate change and environmental pollution, there is an increasing demand for transportation solutions that are cleaner and more sustainable.

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Electric-powered ships contribute to this by decreasing fuel usage and minimizing emissions from oil-based sources. Furthermore, the compact design of electric propulsion systems takes up less space, creating additional cargo capacity on the ship. Moreover, electric ships offer cost savings over their lifetime due to lower fuel consumption and reduced maintenance expenses.

In addition to their eco-friendly nature, electric ferries provide several distinct advantages over conventional ferries, which include cost-effectiveness, reduced noise and vibration, enhanced efficiency, improved passenger experience, and lower maintenance requirements. Electric ferries provide cost advantages through lower operational expenses attributed to the relatively inexpensive cost of electricity compared to traditional fossil fuels. Furthermore, they necessitate reduced maintenance and possess fewer components, offering potential long-term cost savings.

Retrofitting refers to the process of upgrading existing ships with new technologies or systems to improve their performance, efficiency, or compliance with environmental regulations. Retrofitting allows ship owners to gradually adopt electric propulsion technology without the need for a complete fleet replacement. Retrofitting a hybrid system provides a more cost-effective approach to transition towards electric ships. This lower barrier to entry makes electric propulsion more accessible and attractive to ship owners.

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COVID-19 Impact Analysis

The COVID-19 pandemic resulted in a decline in economic activity and travel which led to decreased demand for passenger transportation services, including cruises and ferries. This reduced demand directly affected the requirement for new electric ships in these sectors, leading potential buyers to delay or cancel their orders. However, post-pandemic, the significance of environmental sustainability and adaptability increased. This renewed emphasis on sustainability aligned favorably with the advantages of electric ships, which are regarded as a greener and more environmentally friendly means of transport. Therefore, this further increased the demand for electric ships.

According to Sneha Kamble, Lead Analyst, Automotive & Transportation, at Allied Market Research, "By propulsion type, the hybrid segment dominated the global market in 2022, in terms of revenue. The fully electric segment is expected to lead the market throughout the forecast period. By mode of operation, the non-autonomous segment accounted for a major share in 2022. Based on system, the energy storage segment is anticipated to witness lucrative growth over the forecast timeframe. At present, Asia-Pacific is the highest revenue contributor, followed by Europe.

Based on the mode of operation, the non-autonomous segment held the highest market share in 2022, accounting for more than two-thirds of the global electric ship market revenue, and is estimated to maintain its leadership status throughout the forecast period as there is a surge in the redesigning of vessels and ferries with electric or hybrid propulsion system. However, the autonomous segment is projected to manifest the highest CAGR of 19.5% from 2023 to 2032, owing to rise in the number of contracts and agreements of shipyards with manufacturers to design autonomous electric ships for the transportation of goods with low greenhouse gas emissions.

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Based on propulsion type, the hybrid segment held the highest market share in 2022, accounting for around two-thirds of the global electric ship market revenue, and is estimated to maintain its leadership status throughout the forecast period, as there is a rise in the adoption of hybrid electric ships owing to its benefits such as reduced emissions compared to conventional vessels. However, the fully electric segment is projected to manifest the highest CAGR of 19.0% from 2023 to 2032, owing to the rise in the demand for electric ships in ports for environmental and economic benefits.

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the electric ship market revenue, and is likely to dominate the market during the forecast period, as public transport agencies and departments in various countries of the region aim to reduce the carbon footprint and environmental impact of their fleet with an investment in low-emission ferries. However, the LAMEA region is expected to witness the fastest CAGR of 20.3% from 2023 to 2032, owing to a rise in the adoption of advanced electric ferry technology to meet the growing demand for efficient and environmentally friendly marine transport.

The report provides a detailed analysis of these key players in the global electric ship market. These players have adopted various strategies such as product development, expansion, agreement, contract, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.

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