Electric Ship Companies

The electric ship market is expected to reach USD 18.39 billion by 2032, from USD 4.85 billion in 2025, with a CAGR of 21.0%. The market is driven by stringent emission regulations, high fuel costs, and the shift toward sustainable maritime operations. It encompasses the design, development, and integration of fully electric and hybrid propulsion systems, batteries, fuel cells, and related charging infrastructure. These technologies enable vessel operators to reduce emissions and operating costs without compromising reliability. Growth is further supported by government initiatives, port electrification programs, and demand across passenger, cargo, offshore, and defense segments.

The electric ship market is defined by the presence of five leading players, namely ABB (Switzerland), Wärtsilä (Finland), GE Vernova (US), SCHOTTEL Group (Germany), and Corvus Energy (Norway). These companies provide critical technologies for propulsion, storage, and integrated electrification, making them central to the maritime industry’s transition toward hybrid and fully electric vessels.

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Major Electric Ship Companies Include:

• ABB (Switzerland)
• Wartsila (Finland)
• Kongsberg (Norway)
• GE Vernova (US)
• VARD AS (Norway)
• Siemens (Germany)
• Leclanché (Switzerland)
• BAE Systems (UK)
• Saft (France)
• Norwegian Electric Systems (Norway)
• Everllence (Germany)
• Corvus Energy (Norway)
• Anglo Belgian Corporation (Belgium)
• SCHOTTEL Group (Germany)
• Danfoss (Denmark)
• Fjellstrand AS (Norway)
• Søby Shipyard (Denmark)
• MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan)
• ECO Marine Power (Japan)
• Damen Shipyard Group (Netherlands)
• EST-Floattech (Netherlands)
• Baltic Workboats AS (Estonia)

In January 2024, ABB (Switzerland) acquired the maritime software division of DTN to expand its shipboard digital solutions portfolio. The acquisition added voyage planning, fuel analytics, and weather routing tools to ABB’s offerings, enabling optimized energy use and improved decision-making in hybrid and electric ship operations.

In November 2023, Wärtsilä (Finland) signed an agreement with the Water Emergency Transportation Authority (US) to provide fleet electrification and systems integration for the first zero-emission high-speed ferries in the country. The project, under WETA’s REEF Program, includes vessel and shore charging concepts for three 150-passenger and two 300-passenger ferries.

ABB’s operations are classified into four segments: Electrification, Motion, Process Automation, and Robotics & Discrete Automation. Its key activities include energy distribution, industrial process control, robotics, and digital automation across power generation, transportation, and manufacturing sectors. The company invests 4–5% of its annual revenue in R&D and follows a decentralized management structure that assigns operational responsibility to each business area. In the maritime industry, ABB provides electric and hybrid propulsion technologies. Its portfolio covers propulsion drives, energy storage integration, onboard power distribution, and shore-to-ship charging systems. These technologies are applied in ferries, cruise ships, offshore support vessels, and cargo carriers to lower fuel consumption and support compliance with emission standards. The company’s expertise in electrification and automation enables it to supply integrated systems for electric and hybrid vessels.

Wartsila (Finland) is a technology company operating in the marine and energy industries. The company supplies integrated power and propulsion systems, energy storage technologies, and hybrid solutions that enable passenger, cargo, and offshore vessels to meet low- and zero-emission requirements. Its portfolio also includes shore charging systems, microgrids, and energy management platforms to support the operation of electric and hybrid vessels. Marine operations are organized under the Marine Power and Marine Systems divisions, providing hardware and digital tools. The Wärtsilä Navius battery energy storage system is deployed in high-capacity ferries and service vessels, while hybrid systems are applied in offshore support vessels and short-sea shipping. The company also develops digital platforms that integrate with its propulsion and storage technologies, supporting operators in managing energy use and complying with emission regulations.

Market Ranking

ABB (Switzerland) delivers propulsion drives, onboard power distribution, and charging infrastructure, with applications across ferries, cruise ships, and offshore vessels. Wärtsilä (Finland) offers integrated powertrains, hybrid systems, and battery storage solutions for passenger and service vessels and naval platforms. GE Vernova (US) applies its expertise in power conversion and energy storage to marine propulsion, supporting commercial, cargo, and defense operations. SCHOTTEL Group (Germany) contributes specialized propulsion and maneuvering technologies, including EcoPellers and RimThrusters, which are incorporated into electric and hybrid ship designs. Corvus Energy (Norway) supplies battery and fuel cell systems, such as Dolphin NxtGen, that are widely deployed in ferries, cargo carriers, and cruise vessels. Together, these companies form a concentrated competitive environment where propulsion, storage, and system integration are advancing simultaneously. Their portfolios influence vessel design, compliance with environmental regulations, and operational efficiency, establishing them as key actors in shaping the adoption of electric and hybrid propulsion across the maritime industry.

Related Reports:

Electric Ship Market by Point of Sale (Newbuild & Line Fit vs. Retrofit), Technology (Fully Electric vs. Hybrid), Ship Type (Commercial, Defense), Solution (Storage, Conversion, Generation, Distribution, Drive) and Region - Global Forecast to 2032

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