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Pulished Date April, 2021
ID: 10656
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Global Electric Ships Market Segmentation by Power Source (Hybrid, Fully Electric and Others), By Vessel Type (Military and Commercial), By Power Output (<75 kW, 75 - 745 kW), By Autonomy Level (Semi-Autonomous and Fully Autonomous) & By Region and Segment Forecast (2021-2026)

Pulished: April, 2021
ID: 10656
Pages: 175

Electric Ships Market Recent Developments 2026:

In 2019, the global electric ships market size was valued at USD 5.2 billion and is estimated to grow at a 13.2% CAGR to reach USD 15.6 billion by 2026.

Electric ships are ships equipped with batteries and run-on electricity instead of conventional fuel. These ships follow environmental safety regulations as they do not harm any aquatic life. The development of these boats is very beneficial as there is a crisis for fuels.

The Global Electric Ships Market has witnessed high growth in recent years due to an increase in seaborne trade and implementing the IMO Sulfur 2021 Regulation. Moreover, the growing maritime tourism industry is driving the expansion of the market.

Recent Developments:

In November 2021: Hyundai Motors entered into a venture with Vinssen, a start-up based in Korea, to produce a new ship powered by hydrogen fuel cells by December 2021. Vinssen will provide 95kW hydrogen fuel cells. If the eco-friendly ship matches the expected level in terms of performance, it will be manufactured on a large scale.

In September 2021: Corvus Energy was chosen by Holland Ship Electric for lithium-ion battery-based energy storage systems (ESS). They will be used in the five new all-electric ferries developed by Holland Shipyards Group for GVB, the municipal public transport operator for Amsterdam.

Electric Ships Market Drivers:

An increase in seaborne trade, growing maritime tourism industry, and implementing the IMO Sulfur 2021 regulation are the primary factors driving the global electric ship market.

An increase in the use of renewable energy for battery charging and advancements in hybrid propulsion technology may further drive the global market.

Electric Ships Market Restraints:

The primary factors restraining the adoption of fully electric vessels is the current battery technology. Also, the associated expenses are considerably high owing to factors like the shortage of battery charging infrastructure and the prices of energy storage as the current battery capacity is still low. Therefore, these factors are predicted to hamper the growth of the market.

Electric Ships Market Segmentation:

By Power Source

The hybrid segment dominated the electric ship market with a market share of 81.3% in 2019 and is anticipated to hold its leading position throughout the forecast timeframe. Various benefits such as reliability offered by hybrid electric ships support its demand due to supplementary propulsion systems and better speed, decreasing the risk of failure and covering greater distances in lesser time. Hybrid electric vessel propulsion can be powered in two ways, namely electrical (via diesel-electric or battery power-driven) or mechanical (direct diesel drove).

Furthermore, ship-owners or shipping and logistic companies worldwide prefer hybrid electric ships to enable lower fuel consumption and reduce operational costs. The diesel-electric system's adoption at low power and a direct diesel-driven system in need of high power, i.e., inland water sailing with varying speed conditions, allows a reduction in operational cost in the electric ship. It is a smarter way to use available energy and save fuel costs by using hybrid electric ship propulsion. A fully electric vessel is foreseen to record moderate growth due to its preference for inland and nearby transportation worldwide.

By Vessel Type:

Commercial electric vessels valued for the largest market share of 77.1% in 2019. With growing production and globalization of trade, there has been an increase in the marine vessels added to the existing fleet. Rising competitiveness among logistics service providers and adopting a competitive pricing strategy is expected to fuel automated systems in commercial ships.

By Power Output:

The 75-745 KW power output segment, controlled the market for an electric ship, held 44.0% in 2019. In the previous years, 75-745 KW power output ships are holding the major portion in the shipping industry. Increasing awareness related to environmental protection leads to the development of propulsion systems, increasing attention in the medium-sized marine vessel, driving the 75-745 KW segment. Advantages like less vibration and lower engine noise have also boosted electric vessels' growth in medium-size passenger and luxury ships. Moreover, the electric propulsion system encapsulates less space, providing more space for the interior and increasing its preferability in luxury ships.

By Autonomy Level:

Based on the level of autonomy, the market for the electric ship is categorized into semi-autonomous and fully autonomous. Semi-autonomous vessels captured the largest market share of 99.8% in 2019. Since fully autonomous marine vessels are predicted to be commercialized by 2021, the market sales have been primarily driven by semi-autonomous vessels. These naval ships are pre-equipped with systems and components like sensors, cameras, and navigation systems. Moreover, these systems can be installed in existing vessels that earlier had a manual operation.

The fully autonomous segment is predicted to observe the fastest growth from 2021 to 2027 due to several advantages that these vessels offer compared to the semi-autonomous marine ships.

Regional Analysis:

Europe valued for the largest market share of 34.9% in 2019 and is anticipated to witness considerable growth over the forecast period. Germany emerged as a significant contributor to Europe's market growth due to the general population's rising environmental awareness and government initiatives to expand electrically operated transportation modes. Besides, the increasing popularity of electric recreational and leisure ships in marine tourism, aquatic sports, and fishing activities is anticipated to drive the regional market growth. Nonetheless, the COVID-19 pandemic, which recently spread across European countries, especially Italy, U.K., Spain, and Germany, is expected to negatively impact regional market growth.

The Asia Pacific is estimated to come out as the second-fastest-growing regional market over the outlook period. Strong economic growth and high manufacturing rates are determined to help the region maintain its position as a manufacturing hub worldwide. Nonetheless, in recent months, there has been a considerable economic impact of coronavirus pandemic on financial markets and vulnerable sectors, such as manufacturing, tourism, hospitality, and travel, in Asia Pacific countries, such as China and Japan, and India. These countries add significantly to market growth in the Asia Pacific. However, the slow growth of these countries due to pandemic is expected to impact the regional market growth. However, since China is coming close to its recovery phase, it is anticipated that this pandemic's impact on China's market development would be at a lesser rate over the conjecture period.

Key Players Invoved in Electric Ships Marke:

The major players in the electric ship's market are Kongsberg (Norway), ABB (Switzerland), Wartsila (Finland), Norwegian Electric Systems AS (Norway), Corvus Energy (Canada), and General Dynamics Electric Boat (US), among others.

Impact of COVID-19 on Electric Ships Market:

The COVID-19 pandemic has forced original equipment manufacturers (OEMs) and investors to delay their investments for specific programs, such as autonomous vessel operations. Besides, disruptions in the supply of materials for battery systems are a primary concern for several manufacturers. Most raw materials, such as cobalt, nickel, and lithium, are shipped from Japan and China. But these nations are under complete lockdown amid the pandemic. We will help you better understand the current situation to look out for essential investment areas.

1. Introduction                                

               1.1 Market Definition                    

               1.2 Scope of the report                 

               1.3 Study Assumptions                  

               1.4 Base Currency, Base Year and Forecast Periods    

2. Research Methodology                                          

               2.1 Analysis Design                         

               2.2 Research Phases                      

                              2.2.1 Secondary Research            

                              2.2.2 Primary Research  

                              2.2.3 Data Modelling      

                              2.2.4 Expert Validation   

               2.3 Study Timeline                          

3. Report Overview                                       

               3.1 Executive Summary                 

               3.2 Key Inferencees                       

4. Market Dynamics                                      

               4.1 Impact Analysis                        

                              4.1.1 Drivers      

                              4.1.2 Restaints  

                              4.1.3 Opportunities         

               4.2 Regulatory Environment                       

               4.3 Technology Timeline & Recent Trends  

5. Competitor Benchmarking Analysis                                    

               5.1 Key Player Benchmarking                      

                              5.1.1 Market share analysis         

                              5.1.2 Products/Service   

                              5.1.3 Regional Presence

               5.2 Mergers & Acquistion Landscape                       

               5.3 Joint Ventures & Collaborations                         

6. Market Segmentation                              

               6.1 Electric Ships Market, By Power Source  

                              6.1.1 Hybrid       

                              6.1.2 Fully Electric           

   6.1.3 Market Size Estimations & Forecasts (2021-2026)     

                              6.1.4 Y-o-Y Growth Rate Analysis              

                              6.1.5 Market Attractiveness Index             

               6.2 Electric Ships Market, By Vessel Type               

                              6.2.1 Military     

                              6.2.2 Commercial            

   6.2.3 Market Size Estimations & Forecasts (2021-2026)     

                              6.2.4 Y-o-Y Growth Rate Analysis              

                              6.2.5 Market Attractiveness Index             

               6.3 Electric Ships Market, By Power Output 

                              6.3.1 <75 kW     

                              6.3.2 75 - 745 kW            

 6.3.3 Market Size Estimations & Forecasts (2021-2026)     

                              6.3.4 Y-o-Y Growth Rate Analysis              

                              6.3.5 Market Attractiveness Index             

               6.4 Electric Ships Market, By Autonomy Level 

                              6.4.1 Semi-Autonomous

                              6.4.2 Fully Autonomous 

 6.4.3 Market Size Estimations & Forecasts (2021-2026)     

                              6.4.4 Y-o-Y Growth Rate Analysis              

                              6.4.5 Market Attractiveness Index             

7. Geographical Landscape                                        

 7.1 Global Identity Governance and Administration Market, by Region  

               7.2 North America - Market Analysis (2021-2026)         

                              7.2.1 By Country              



                              7.2.2 By Power Source   

                              7.2.3 By Vessel Type       

                              7.2.4 By Power Output   

                              7.2.5 By Autonomy Level              

               7.3 Europe                        

                              7.3.1 By Country              






                                    Rest of Europe

                              7.3.2 By Power Source   

                              7.3.3 By Vessel Type       

                              7.3.4 By Power Output   

                              7.3.5 By Autonomy Level              

               7.4 Asia Pacific                 

                              7.4.1 By Country              




                                    South Korea

                                    South East Asia

                                    Australia & NZ

                                    Rest of Asia-Pacific

                              7.4.2 By Power Source   

                              7.4.3 By Vessel Type       

                              7.4.4 By Power Output   

                              7.4.5 By Autonomy Level              

               7.5 Latin America                           

                              7.5.1 By Country              




                                    Rest of Latin America

                              7.5.2 By Power Source   

                              7.5.3 By Vessel Type       

                              7.5.4 By Power Output   

                              7.5.5 By Autonomy Level              

               7.6 Middle East and Africa                           

                              7.6.1 By Country              

                                    Middle East


                              7.6.2 By Power Source   

                              7.6.3 By Vessel Type       

                              7.6.4 By Power Output   

                              7.6.5 By Autonomy Level              

8. Key Player Analysis                                   

               8.1 Kongsberg                  

                              8.1.1 Business Description            

                              8.1.2 Products/Service   

                              8.1.3 Financials 

                              8.1.4 SWOT Analysis       

                              8.1.5 Recent Developments         

                              8.1.6 Analyst Overview  

               8.2 ABB               

               8.3 Wartsila                      

               8.4 Norwegian Electric Systems AS                          

               8.5 Corvus Energy                          

               8.6 General Dynamics Electric Boat                         

9. Market Outlook & Investment Opportunities                                  


               List of Tables                    

               List of Figures                   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Electric Ships Market By Region, From 2021-2026 ( USD Billion )
  2. Global Electric Ships Market By Power Source, From 2021-2026 ( USD Billion )
  3. Global Hybrid Market By Region, From 2021-2026 ( USD Billion )
  4. Global Fully Electric Market By Region, From 2021-2026 ( USD Billion )
  5. Global Electric Ships Market By Vessel Type, From 2021-2026 ( USD Billion )
  6. Global Military Market By Region, From 2021-2026 ( USD Billion )
  7. Global Commercial Market By Region, From 2021-2026 ( USD Billion )
  8. Global Electric Ships Market By Power Output, From 2021-2026 ( USD Billion )
  9. Global <75 kW Market By Region, From 2021-2026 ( USD Billion )
  10. Global 75 - 745 kW Market By Region, From 2021-2026 ( USD Billion )
  11. Global Electric Ships Market By Autonomy Level, From 2021-2026 ( USD Billion )
  12. Global Semi-Autonomous Market By Region, From 2021-2026 ( USD Billion )
  13. Global Fully Autonomous Market By Region, From 2021-2026 ( USD Billion )

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