The electric ship market has been experiencing significant growth owing to rise in the environmental concerns, and stricter emission and regulation standards. There is a rise in electrification of ships to reduce emissions and increase sustainability. For instance, in 2019, the naval architecture and marine engineering firm Elliott Bay Design Group (EBDG) secured a contract to redesign the Olympic Class ferries for Washington State Ferries (WSF) with a new hybrid-electric propulsion system. The shipbuilder Vigor Fab granted the contract to EBDG, and the goal is to integrate a new type of propulsion system into the existing ferries without affecting their structural components. The new propulsion system will be all-battery driven, allowing the ferries to operate in a fully electric mode.
An energy storage system (ESS) in electric ships refers to a set of technologies and components that store electrical energy to power the vessel's propulsion system and onboard systems. Electric ships utilize ESS to store electricity generated from various sources (such as batteries, fuel cells, or supercapacitors) and release it as needed to drive electric motors for propulsion and other ship functions.
ESS used in electric ships typically have high energy density to store a large amount of energy in a relatively compact space, allowing for extended sailing durations without recharging. Electric ships powered by clean energy ESS contribute to reduced greenhouse gas emissions and air pollution compared to traditional fossil fuel-powered vessels. The maritime industry has shown a growing interest in electric ships and energy storage systems due to stricter environmental regulations and a push toward sustainable transportation solutions. Integrating ESS with renewable energy sources like solar panels or wind turbines is a growing trend, allowing ships to harness clean energy for propulsion and onboard operations.
The power generation system in electric ships refers to the technology and components responsible for generating electrical energy that powers the ship's propulsion system and onboard systems. It encompasses various methods of producing electricity, such as diesel generators, gas turbines, fuel cells, solar panels, and wind turbines, among others.
Electric ships often use a combination of power sources to generate electricity, providing flexibility and redundancy in power generation. Common sources include internal combustion engines, fuel cells, and renewable energy systems. Power generation systems are typically integrated with energy storage systems, allowing excess power to be stored for later use and ensuring continuous power supply during periods of low power generation. The adoption of electric ships with advanced power generation systems is steadily growing due to stricter environmental regulations, increased awareness of climate change, and a global push for sustainable transportation. Hydrogen fuel cells are gaining interest as a promising power generation option for electric ships, offering zero-emission propulsion and higher energy density than batteries. Ports are investing in shore power infrastructure, allowing electric ships to plug into the grid while docked, reducing emissions and noise pollution while at port.
A power storage system in electric ships refers to the technology and components used to store electrical energy generated from various sources and release it as needed to power the vessel's propulsion system and onboard systems. It is similar to the energy storage system mentioned earlier, but the term "power storage" specifically emphasizes the role of storing and delivering electrical power to meet the instantaneous demands of the ship's operations.
Power storage systems in electric ships are designed to deliver high power outputs quickly, enabling rapid acceleration and maneuverability. These systems have rapid response times, allowing them to meet sudden power demands during various operational conditions. Power storage systems offer high-efficiency energy conversion and utilization, reducing energy wastage during power transmission and distribution. Continuous research and development efforts are focused on improving the performance and cost-effectiveness of power storage systems, driving their widespread adoption in the maritime industry. Governments and international organizations are implementing stricter environmental regulations and providing support for sustainable shipping practices, encouraging the adoption of electric ships with power storage systems.
The electric market is segmented on the basis of propulsion type, mode of operation, system, and region. Based on propulsion type, it is segmented into fully electric, and hybrid. On the basis of mode of operation, it is classified into autonomous, and non-autonomous. By system, it is categorized into energy storage, power conversion, power generation, and power distribution. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some major companies operating in the market include Leclanché SA, Siemens, Wartsila, ECHANDIA AB, KONGSBERG, ABB, Corvus Energy, HOLLAND SHIPYARDS GROUP, Brodrene Aa, and Norwegian Electric Systems
An energy storage system (ESS) in electric ships refers to a set of technologies and components that store electrical energy to power the vessel's propulsion system and onboard systems. Electric ships utilize ESS to store electricity generated from various sources (such as batteries, fuel cells, or supercapacitors) and release it as needed to drive electric motors for propulsion and other ship functions.
ESS used in electric ships typically have high energy density to store a large amount of energy in a relatively compact space, allowing for extended sailing durations without recharging. Electric ships powered by clean energy ESS contribute to reduced greenhouse gas emissions and air pollution compared to traditional fossil fuel-powered vessels. The maritime industry has shown a growing interest in electric ships and energy storage systems due to stricter environmental regulations and a push toward sustainable transportation solutions. Integrating ESS with renewable energy sources like solar panels or wind turbines is a growing trend, allowing ships to harness clean energy for propulsion and onboard operations.
The power generation system in electric ships refers to the technology and components responsible for generating electrical energy that powers the ship's propulsion system and onboard systems. It encompasses various methods of producing electricity, such as diesel generators, gas turbines, fuel cells, solar panels, and wind turbines, among others.
Electric ships often use a combination of power sources to generate electricity, providing flexibility and redundancy in power generation. Common sources include internal combustion engines, fuel cells, and renewable energy systems. Power generation systems are typically integrated with energy storage systems, allowing excess power to be stored for later use and ensuring continuous power supply during periods of low power generation. The adoption of electric ships with advanced power generation systems is steadily growing due to stricter environmental regulations, increased awareness of climate change, and a global push for sustainable transportation. Hydrogen fuel cells are gaining interest as a promising power generation option for electric ships, offering zero-emission propulsion and higher energy density than batteries. Ports are investing in shore power infrastructure, allowing electric ships to plug into the grid while docked, reducing emissions and noise pollution while at port.
A power storage system in electric ships refers to the technology and components used to store electrical energy generated from various sources and release it as needed to power the vessel's propulsion system and onboard systems. It is similar to the energy storage system mentioned earlier, but the term "power storage" specifically emphasizes the role of storing and delivering electrical power to meet the instantaneous demands of the ship's operations.
Power storage systems in electric ships are designed to deliver high power outputs quickly, enabling rapid acceleration and maneuverability. These systems have rapid response times, allowing them to meet sudden power demands during various operational conditions. Power storage systems offer high-efficiency energy conversion and utilization, reducing energy wastage during power transmission and distribution. Continuous research and development efforts are focused on improving the performance and cost-effectiveness of power storage systems, driving their widespread adoption in the maritime industry. Governments and international organizations are implementing stricter environmental regulations and providing support for sustainable shipping practices, encouraging the adoption of electric ships with power storage systems.
The electric market is segmented on the basis of propulsion type, mode of operation, system, and region. Based on propulsion type, it is segmented into fully electric, and hybrid. On the basis of mode of operation, it is classified into autonomous, and non-autonomous. By system, it is categorized into energy storage, power conversion, power generation, and power distribution. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some major companies operating in the market include Leclanché SA, Siemens, Wartsila, ECHANDIA AB, KONGSBERG, ABB, Corvus Energy, HOLLAND SHIPYARDS GROUP, Brodrene Aa, and Norwegian Electric Systems
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric ships market analysis from 2022 to 2032 to identify the prevailing electric ships market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the electric ships market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global electric ships market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Propulsion Type
- Fully Electric
- Hybrid
By Mode of Operation
- Autonomous
- Non-autonomous
By System
- Energy Storage
- Power Conversion
- Power Generation
- Power Distribution
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Leclanché SA
- Wartsila
- Corvus Energy
- Norwegian Electric Systems
- Siemens
- ECHANDIA AB
- ABB
- HOLLAND SHIPYARDS GROUP
- Brodrene Aa
- KONGSBERG
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ELECTRIC SHIPS MARKET, BY PROPULSION TYPE
CHAPTER 5: ELECTRIC SHIPS MARKET, BY MODE OF OPERATION
CHAPTER 6: ELECTRIC SHIPS MARKET, BY SYSTEM
CHAPTER 7: ELECTRIC SHIPS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
The Electric Ship Market is likely to experience a significant growth rate of 18.0% from 2023-2032 owing to environmental regulations, an increase in demand for high efficiency and less life cycle cost, and a surge in the retrofitting of hybrid systems in shipsAn electric ship is an electrically propelled ship or electric ferry, a maritime transportation vessel that uses electricity as the primary source of propulsion and power generation. Unlike traditional ships that rely on internal combustion engines powered by fossil fuels, electric ships utilize electric motors and energy storage systems to drive their propulsion systems and onboard systems.
Key factors driving the growth of the electric ship market are the implementation of stricter environmental regulations, rising demand for enhanced efficiency and reduced life cycle costs and an increasing trend towards retrofitting ships with hybrid systems. The growth of the electric ship market can be attributed to technological advancements and the growing popularity of autonomous electric ships.
Moreover, the maritime industry is actively working to decrease emissions and shift toward more environmentally friendly solutions. Electric vessels, frequently incorporating battery or fuel cell systems for propulsion, are becoming increasingly popular for their ability to reduce greenhouse gas emissions and align with more stringent environmental standards. Enhancements in battery technology played a pivotal role in facilitating the integration of electric ships. Progress in developing more effective and higher-capacity batteries was enabling ships to undertake longer journeys without requiring frequent refueling. Therefore, there is a rise in demand for the use of lithium-ion batteries for propulsion.
Hybrid electric ships are vessels that combine traditional fossil fuel engines and electric propulsion systems to power their operations. These ships can switch between different power sources, using electric power alone, conventional fuel power, or a combination of both, based on operational needs and environmental conditions. In addition to electric propulsion, they are equipped with conventional combustion engines such as diesel or gas turbines to generate power.
There is a rise in the adoption of hybrid electric ships owing to its benefits such as reduced emissions compared to conventional vessels. When operating in electric mode, they achieve zero emissions, leading to improved air quality and decreased greenhouse gas emissions. Moreover, the integration of electric propulsion and energy storage systems also enables these ships to optimize energy consumption, resulting in reduced fuel usage and operational costs. In addition, numerous companies are working toward the creation of sustainable and environmentally friendly vessels. For instance, in August 2022, BOS Power received a contract from Norwegian marine entrepreneur AQS to supply an electric/hybrid propulsion system for a new aquaculture work vessel. The electric/hybrid propulsion system is a key component that will enable the vessel to operate with reduced emissions and increased energy efficiency. Therefore, such investment in low-emission ships to reduce environmental impact is expected to drive the growth of the segment in the market.
Autonomous electric ships are vessels that operate autonomously, without direct human intervention and are propelled by electric propulsion systems. These ships utilize sophisticated automation, artificial intelligence (AI), and sensor technologies to navigate and perform tasks without the need for an onboard crew. The electric energy required for operation is typically stored in advanced batteries.
Autonomous electric ships are equipped with cutting-edge sensors, cameras, and AI systems. Autonomous electric ships can analyze their surroundings, detect obstacles, and make navigation decisions independently. The maritime industry is continuously investing in research and development to advance autonomous technology, improve AI capabilities, and optimize electric propulsion systems, with the aim of making autonomous electric ships more dependable, efficient, and economically viable.
Ship manufacturers receive contracts to design autonomous electric ships for the transportation of goods with low greenhouse gas emissions. For instance, in July 2020, Cochin Shipyard Ltd (CSL) entered into a contract with ASKO Maritime AS, a subsidiary of Norges Gruppen ASA, a major player in the Norwegian retail sector, to construct autonomous electric vessels in Norway. The agreement involves building and supplying two autonomous electric ferries, with the potential to construct two more identical vessels in the future. The primary objective of this project is to achieve emission-free transport of goods across the Oslo fjord. Such developments are expected to drive the growth of the market.
The electric ships market is segmented into propulsion type, mode of operation, system, and region. On the basis of propulsion type, the market is categorized into fully electric, and hybrid. On the basis of mode of operation, it is categorized into autonomous, and non-autonomous. On the basis of system, it is divided into energy storage, power conversion, power generation, and power distribution. Region-wise, it is analyzed across North America (the U. S., Canada, and Mexico), Europe (UK, Germany, France, Russia, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study are Leclanché SA, Siemens, Wartsila, ECHANDIA AB, KONGSBERG, ABB, Corvus Energy, HOLLAND SHIPYARDS GROUP, Brodrene Aa, and Norwegian Electric Systems. The players in the market have been actively engaged in the adoption of various strategies such as agreement, product development, partnership, contract, and others to remain competitive and gain an advantage over the competitors in the market.
Key Market Insights
By propulsion type, the hybrid segment was the highest revenue contributor to the market, and is estimated to reach $15.06 billion by 2032, with a CAGR of 17.5%.By mode of operation, the non-autonomous segment dominated the global market, and is estimated to reach $14.85 billion by 2032, with a CAGR of 17.2%.
Based on system, the energy storage segment was the highest revenue contributor to the market, with $1.54 billion in 2022, and is estimated to reach $7.72 billion by 2032, with a CAGR of 17.7%.
Based on region, Asia-Pacific was the highest revenue contributor, accounting for $1.88 billion in 2022, and is estimated to reach $8.84 billion by 2032, with a CAGR of 17.0%.
Companies Mentioned
- Leclanché SA
- Wartsila
- Corvus Energy
- Norwegian Electric Systems
- Siemens
- ECHANDIA AB
- ABB
- HOLLAND SHIPYARDS GROUP
- Brodrene Aa
- KONGSBERG
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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