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Electric Ships Global Market Report 2024: Industry Growth and Forecast Trends for 2033 | Key Players ABB Limited, Siemens Energy, BAE Systems, Wärtsilä, Kongsberg Gruppen ASA, MAN Energy Solutions SE.
Electric Ships Global Market Share
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According to The Business Research Company's, The electric ships market size has grown rapidly in recent years. It will grow from $8.06 billion in 2023 to $8.99 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the increasing global commercial trade, and the increasing government support.
The electric ships market size is expected to see rapid growth in the next few years. It will grow to $13.63 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to the rise in the adoption of hybrid and electric propulsion for retrofitting ships, the increasing defense expenditure, the increasing environmental concerns, and the increase in seaborne trade . Major trends in the forecast period include high-powered and technologically advanced bass boats, focus on battery-hybrid ships, focus on zero-emission vessels, technology innovations, focus on artificial intelligence, new electric foiling water taxis, and strategic partnerships and collaborations.
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Market Drivers and Trends:
The rise in the adoption of hybrid and electric propulsion for retrofitting ships is anticipated to drive the growth of the electric ship market. An eco-friendly ship's electric propulsion system is a hybrid system that uses dual-fuel engines, batteries, and fuel cells as multiple power sources. However, technologies such as fuel storage facilities, gas vaporizers, and battery thermal runaway avoidance must all be developed concurrently to apply these power sources to ships. For instance, in February 2021, the 2030 Green Ship-K Promotion Strategy, which is a key component of South Korea's aims to become carbon-neutral by 2050, focuses on the advancement and widespread use of low-carbon ship technologies, such as hydrogen fuel cells and propulsion systems. The initiative's goal is to reduce the country's shipping greenhouse gas emissions by 40% in the next 25 years, and 70% by 2050. Furthermore, Kawasaki has received its first order for large-capacity battery propulsion systems for coastal ships. Large-capacity lithium-ion (Li-ion) marine batteries, a propulsion control system, and an electric power management system are all part of the battery propulsion system.
Technological advancements are shaping the electric ship market. The welding consumables market is increasing its demand by introducing and applying new technologies and updated software for the industries. The automotive industry is increasingly focusing on integrating smarter and safer safety systems into vehicles for better safety in different terrains and conditions. For instance, in November 2021, The Yara Birkeland, the world's first electric and self-propelled container ship with zero emissions, had its first journey in the Oslo fjord. Yara Birkeland is a multi-actor project in which KONGSBERG is in charge of the development and delivery of all newly created technologies on the ship. Massterlys' monitoring and operations center in Horten will be in charge of the ship. KONGSBERG and Wilhelmsen have teamed up to form Massterly.
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Major Key Players of the Market:
Danaher Corporation, Hoffmann-La Roche Ltd, Koninklijke Philips N.V, Hamamatsu Photonics K.K, 3DHISTECH Ltd, Olympus Corporation, Nikon Corporation, Visiopharm A/S, Indica Labs Inc, Sectra AB, Grundium, Leica Biosystems, Apollo Enterprise Imaging Corp, Inspirata Inc, PathAI, Aiforia Technologies, Proscia, Ibex Medical Analytics, Better Doc, Biovotion, BrainControl, Coimbra Genomics, Dacadoo, Doctoralia, Emperra, Exovite, Genexyx, Giraff, Healthbank, NeurNation, Nutrino, Psious, Px Healthcare, SilverCloud, Systems Healthcare Solutions, TrialReach, XtremeVRI, Ventana Medical Systems, Huron Digital Pathology, Synevo, Gero AI, TeleMD, mediSensum, Apteki +, ECG for Everybody, Paige.ai, Morphle, Akoya, Aperio Digital Pathology, Smart in Media, MaRS, Perkin Elmer, Definiens AG, Digipath, Nuclei, Aspen Medical, Ensign Medical Coding, Al Talouk Medical Coding Training, WCM-Q, Response Plus Holding, Health-Tech Training, CAE, Medical-X, C3? Holter Monitor, BIOEGYPT, Pulse
Electric Ships Market 2024 Key Insights:
• The electric ships market size is expected to see rapid growth in the next few years. It will grow to $13.63 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%.
• Adoption Of Hybrid And Electric Propulsion In The Growing Electric Ship Market
• Technological Advancements Shaping The Electric Ship Market
• Western Europe was the largest region in the electric ship market in 2023
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The Business Research Company ([www.thebusinessresearchcompany.com](http://www.thebusinessresearchcompany.com/)) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
Learn More About The Business Research Company
The Business Research Company ([www.thebusinessresearchcompany.com](http://www.thebusinessresearchcompany.com/)) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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