Electric Ship Market

Market Leaders- Top Electric Ship

An electric ship is a vessel powered by a battery system and has diesel generators to back up the battery system during high power requirements, or when the batteries are drained. 

The report on the electric ships market covers the electrification of existing ships under the retrofit segment. The demand for new ships with hybrid propulsion is covered under the line fit segment, and the demand for fully electric ships with electric propulsion is covered under the newbuild segment.

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The demand for fully electric and hybrid ships is high in the North American and European regions, especially, in countries such as the US, Canada, Norway, Sweden, Denmark, Finland, Australia, and New Zealand, due to the stringent regulations formulated by agencies and organizations such as the International Maritime Organization (IMO) and various local government legislation regarding pollution and emissions from ships.

The electric ship market size is projected to grow from USD 3.3 billion in 2022 to USD 14.2 billion by 2030, at a CAGR of 20.0 % from 2022 to 2030. The rise in global sea-borne trade and increasing number of hybrid and fully electric maritime vessels will drive the market for marine batteries.

The shipping industry plays a vital role in the expansion of business and trade. It is the most effective mode of trading and has a significant influence on the global economy. For years, shipping companies have transported cargo effortlessly.

However, the rising number of ships with diesel drive propulsion has become an international concern in terms of airborne pollution, as high sulfur fuel is used in them, which emits a high amount of SOx, NOx, and carbon monoxide. Hence, the International Maritime Organization (IMO) formulated the 2020 regulations, which entails the reduction of sulfur content in ship fuel by 80% by switching to lower sulfur fuels from 1 January 2020. This acts as an opportunity for all stakeholders in this market.

Major Electric Ship Companies Include:

  • Wartsila (Finland)
  • ABB (Switzerland)
  • Saft (France)
  • Siemens AG (Germany)
  • Corvus Energy (Canada)
  • Norwegian Electric System AS (Norway)
  • Shift (Canada)

Siemens (Germany) is the leading player in the electric ships market. The company has a global presence and is currently focusing on increasing and gaining clients worldwide. It formed a partnership with Powercell Sweden AG (Sweden) to produce fuel cells with advanced and cutting edge technology for electric ships such as ferries, yachts, and cruise ships, which currently witness high demand worldwide.

ABB (Switzerland) is ranked second in the electric ships market. It has a global chain of customers; the major strength of the company is its electrification business segment. ABB is also focused on developing both, propulsion and electric solutions for the electric shipping industry which is touted to be in demand in the future. It is also focusing on expanding its business in rapidly growing economies such as China and India. It has received multiple contracts from companies such as Global Mercy,(Switzerland) Orange Marine(France), Oceano(Netherlands) and others for its electric propulsion system, Azipod.

Norwegian Electric System AS (Norway) is ranked third in the electric ships market. The company has a strong presence in Norway, South Korea, and China. Norwegian Electric System AG is totally focused on providing its customers with marine electric and diagnostic systems and has divided its business segments into energy design and smart control, which provide services for a wide range of vessels for the global marine market. It has received contracts from various players in the marine industry, such as Fjord1 and Baltic Workboats, to provide power control for their vessels.

Corvus Energy (Canada) is another major organization when it comes to vessels and their electric batteries and solutions. It is a well-known energy storage system solution provider in Europe and North America. It majorly provides electric solutions and services specifically for commercial vessels. Corvus Energy has a strong R&D team, enabling it to deliver new products along with innovations. The company has also been working with ABB; it announced that it was selected by ABB Marine & Ports to supply the energy storage system for the all-electric tug eWolf by Crowley Maritime Corporation. The vessel will be installed with 6.2 MWh of Corvus Orca Energy battery, which will become an essential part of the complete integrated electrical propulsion system delivered by ABB.

Shift (Canada) is also a major company when it comes to electric ships, along with its energy solutions and services. The company offers four major services: energy storage, Cellcool cooling liquid, E-vent and Cell swap battery re-coring. The company has a leading name in providing marine solution and services for various types of vessels such as cruise, ferries, offshore vessels, special vessels, and yachts.

Related Reports:

Electric Ship Market by Type (Fully electric, Hybrid), Ship Type (Commercial, Defense), System, Mode of Operation (Manned, Remotely Operated, Autonomous), End Use (Newbuild & Linefit, Retrofit), Power, Tonnage, Range and Region – Global Forecast to 2030

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Electric Ship Market Size,  Share & Growth Report
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