Press release
2025 Electric Ships Market Outlook: Key Indicators Shaping Growth Through 2034
Electric Ships Market
How Large Will the Electric Ships Market Size By 2025?
In recent times, the market size of electric ships has witnessed a swift expansion. The market, which is projected to rise from $8.87 billion in 2024 to $9.83 billion in 2025, will experience a compound annual growth rate (CAGR) of 10.8%. The previously seen growth is due to robust economic development in emerging markets, growth in global commercial exchange, and increased governmental backing.
How Big Is the Electric Ships Market Size Expected to Grow by 2029?
The market size for electric ships is predicted to experience accelerated expansion in the upcoming years, with projections setting it at $15.01 billion by 2029, increasing at a compound annual growth rate (CAGR) of 11.2%. This steady growth trajectory during the projection period can be ascribed to growing acceptance of hybrid and electric propulsion to retrofit ships, an upswing in defense spending, mounting concerns about the environment, along with a growth in sea-commerce. The forecast period will be dominated by various trends such as the influx of advanced, high-powered bass boats, concentration on battery-hybrid vessels, emphasis on zero-emission crafts, technological breakthroughs, a shift towards artificial intelligence, the launch of innovative electric foiling water taxis, and a series of strategic partnerships and cooperative ventures.
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Which Key Market Drivers Powering Electric Ships Market Expansion and Growth?
The increased interest in recreational boating and water sports is anticipated to give a significant boost to the electric ship market. Leisure activities on water like boating, sailing, fishing, kayaking, jet skiing, and other water sports for pleasure and relaxation all fall under the banner of recreational boating and water sports. The trend can be attributed to higher disposable incomes, along with growing curiosity in outdoor and adventurous activities. Electric motors are favored in tourist boats and leisure crafts for their serene, and pollution-free rides. For instance, the National Marine Manufacturers Association (NMMA), a United States-based trade association, disclosed that the recreational boating sector experienced a substantial economic upswing in May 2023. Specifically, annual economic activity spiked by 36% moving from $170 billion to $230 billion within the year. Additionally, 260,000 new boats were purchased in 2022, alongside over one million second-hand boats showing an upward trail in comparison to the prior year. Consequently, this increase in recreational boating and water sporting activities is set to stimulate the growth of the electric ship market.
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Which Fast-Growing Trends Are Poised to Disrupt the Electric Ships Market?
Leading corporations within the electric ship market are concentrating their efforts on technological advancements, such as fully electric tugs, as a means to secure an edge over competitors. An all-electric tug is a kind of tugboat powered exclusively by electric propulsion systems, doing away with the requirement for conventional fossil fuel engines. To exemplify, Damen Shipyards Group, a shipbuilding company based in the Netherlands, rolled out the entirely electric RSD-E Tug 2513 for the Port of Antwerp-Bruges in April 2024. This groundbreaking vessel seeks to heighten port operations' sustainability through the use of electric propulsion tech, which dramatically cuts down emissions and lessens harm to the environment. The RSD-E Tug 2513, characterized by its superior maneuverability and strong performance, will facilitate an array of harbour tasks such as towing and docking, thereby fostering a more eco-friendly maritime sector.
What Are the Emerging Segments in the Electric Ships Market?
The electric ships market covered in this report is segmented -
1) By Type: Fully Electric, Hybrid
2) By Mode of Operation: Manned, Remotely Operated, Autonomous
3) By System: Energy Storage Systems, Power Conversion, Power Generation, Power Distribution
4) By Power: Less Than 75KW, 75 To 150KW, 151 To 745KW, 746 To 7,560KW, Greater Than 7,560KW
5) By Range: Less Than 50Km, 50 To 100Km, 101 To 1000Km, Greater Than 1,000Km
Subsegments:
1) By Fully Electric: Battery-Powered Vessels, Electric Ferries, Electric Cargo Ships
2) By Hybrid: Diesel-Electric Vessels, Hybrid Ferries, Hybrid Container Ships
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Who Are the Global Leaders in the Electric Ships Market?
Major companies operating in the electric ships market include ABB Limited, Siemens Energy, BAE Systems, Wärtsilä, Kongsberg Gruppen ASA, MAN Energy Solutions SE, Schottel GmbH, Corvus Energy, Anglo Belgian Corporation (ABC) NV, Cochin Shipyard Limited, Western India Shipyard, Hindustan Shipyard Ltd, Adani Kattupalli Shipyard (Larsen & Toubro), Shanghai Waigaoqiao Shipbuilding Co. Ltd., Qingdao Captain Marine Co Ltd, HBM-Huanan Building Materials (Shenzhen) Co Ltd, COSCO Shipping, Headway Technology Co. Ltd, Star MarinePro Corp Limited, China Shipbuilding Industry Co Ltd, Duffy Electric Boats, General Dynamics Electric Boat, Leclanche SA, Tamarack Lake Electric Boat Company, SPRK Electric Boats, Canadian Electric Boat Company, Westport LLC, Midwest Lake Management Inc., Craig Catamaran Corporation, Astillero rio Santiago, Tandanor, Neptun Ship Design Gmbh, Spi astilleros, Lamwec Colombia, Navtek Naval Technologies, Empire Marine International LLC, Majix Marine, Al-Ghawas, Aries Marine, Ocean Boats, Royal Yachting, Crown Electric Ships and Boats, Alexandria, Joemarine Nautical Company Nigeria Limited, The Damen Group, Southern African Shipyards, Nigerdock FZE
Which are the Top Profitable Regional Markets for the Electric Ships Industry?
Western Europe was the largest region in the electric ship market in 2024. The regions covered in the electric ships market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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