Press release
Global Electric Ships Market Worth $14.6 Billion by 2029, Growing at 10.6% CAGR
Electric Ships
Electric Ships Market Outlook: What Size And CAGR Are Anticipated By 2025?
In the past few years, the scale of the electric ships market has expanded swiftly. The market, which is expected to surge from $8.87 billion in 2024 to $9.78 billion in 2025, boasts a compound annual growth rate (CAGR) of 10.3%. Factors that have contributed to this growth during the historical period include powerful economic growth in developing markets, a surge in global commercial trading, and rising governmental backing.
What Is the Expected CAGR for the Electric Ships Market Growth Through 2029?
The market size for electric ships is projected to exponentially increase in the coming years, to $14.6 billion by 2029 with a CAGR of 10.6%. This swift growth during the forecast period can be associated with factors such as the rising implementation of hybrid and electric propulsion in renovated ships, a surge in defense spending, escalating concerns over the environment, and the growth in seaborne commerce. Main trends over the forecast period involve high-performance and advanced technological bass boats, prioritizing battery-hybrid ships, focusing on zero-emission vessels, technological breakthroughs, emphasis on artificial intelligence, introduction of new electric foiling water taxis, and critical partnerships and alliances.
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What Are the Primary Drivers Behind Electric Ships Market Growth?
The electric ship market is predicted to surge due to the growing popularity of recreational boating and water sports. These outdoor activities, which include boating, sailing, fishing, kayaking, jet skiing, and other water-based activities for leisure and relaxation, are enjoying a significant boom. This growth is fueled by rising disposable incomes and an increasing fascination with outdoor and adventure activities. Leisure crafts and tourist boats often equip electric motors due to their quiet and pollution-free experience for passengers. The National Marine Manufacturers Association (NMMA), a trade organization based in the US, reported that in May 2023, there was a substantial economic surge in recreational boating. The annual economic activity saw a 36% increase from $170 billion to $230 billion in 2023. Furthermore, the sale of new boats hit 260,000 in 2022, joined by over one million second-hand boats, showing an uptick compared to the preceding year. As such, the future of the electric ship market is forecast to be positively influenced by the expansion of recreational boating and water sports.
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What Are the Key Segments Driving Electric Ships Market Growth?
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
What Are the Technological Trends Impacting the Electric Ships Market?
Leading corporations in the electric ship market are capitalizing on technological breakthroughs like all-electric tugboats in an effort to secure a competitive edge. All-electric tugs run solely on electric propulsion systems, making conventional fossil fuel engines redundant. For example, in April 2024, Damen Shipyards Group, a shipbuilding company from the Netherlands, unveiled their fully electric RSD-E Tug 2513, constructed for Port of Antwerp-Bruges. By harnessing electric propulsion technology, this innovative boat significantly lowers emissions and reduces environmental harm, thus improving the sustainability aspect in port operations. Beyond providing enhanced manoeuvrability and impressive power, the RSD-E Tug 2513 will aid in different harbour tasks like towing and berthing, all while fostering a more eco-friendly maritime industry.
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Who Are the Major Competitors in the Global 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 Region Dominates the Electric Ships Market Share in 2025?
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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