Product Code: 4640
Electric ship market is set to grow at a robust rate through 2032 owing to the increasing demand for battery storage systems and electric propulsion in the shipping industry. Besides, increasing usage of advanced technologies in ships, such as 3D printing is also expected to augment the market demand.
Overall, the electric ship market has been segmented on the basis of power source, operation, end-use, system, platform, and region.
Based on power source, the market is likely to be characterized by the hybrid segment, which will grow at a substantial rate through the estimated timeframe. The increasing adoption of hybrid power source is due to its ability to function on both conventional and electric fuel-based systems. There are several advantages of hybrid power source such as easy upgrade, fuel efficiency, and operational flexibility regarding the generator which needs to be run.
Based on system, the market has been defined through power conversion segment, which held more than 15% market share in 2022. Since these systems are laced with higher efficiency and better cost-effectiveness, they assist ship owners to convert renewable energy sources and fossil fuels into electricity to run the ship's powertrain systems. Additionally, power conversion systems also offer other benefits including optimization of fuel consumption, lowering engine running hours, and reducing engine maintenance costs.
In terms of platform, the electric ship market will be defined by the commercial segment, which is slated to experience a robust growth, owing to the increasing transportation activities and marine logistics. Additionally, the size of the commercial fleet is increasing, which will contribute towards the segmental expansion.
In terms of operation, the market is likely to expand from the manned segment. The growth would come from an increasing adoption of vessels and crewed ships across the commercial market space. These ships are integrated with different operational components for operational efficiency and safety, and offer low-cost benefits, contributing to the market demand.
Based on end-use, the market is likely to be characterized by the retro fit segment. The increasing tendency of retrofitting hybrid or electric engines in existing vessels and ships, coupled with the aim for GHG neutralization by regulatory bodies and state-backed authorities, to save the marine ecosystem and biodiversity, will positively fuel the market growth through the studied timeframe.
In the regional context, the electric ship market is set to gain substantial traction between 2023 and 2032 in the MEA region, where it is anticipated to grow at more than 5% CAGR through the estimated timeframe. The primary driving factor behind this growth is introduction to favorable policies from the local government authorities which encourage the development of more environment-friendly marine transportation systems.
Table of Contents
Chapter 1 Methodology and Scope
- 1.1 Scope and definition
- 1.2 Methodology & forecast parameters
- 1.3 COVID-19 impact
- 1.4 Data Sources
- 1.4.1 Secondary
- 1.4.2 Primary
Chapter 2 Executive Summary
- 2.1 Electric ships industry 360 degree synopsis, 2018 - 2032
- 2.1.1 Business trends
- 2.1.1.1 Total Addressable Market (TAM), 2023 - 2032
- 2.1.2 Power source trends
- 2.1.3 System trends
- 2.1.4 Operation trends
- 2.1.5 Platform trends
- 2.1.6 End-use trends
- 2.1.7 Regional trends
Chapter 3 Industry Insights
- 3.1 Introduction
- 3.2 Impact of COVID-19 on electric ships industry landscape
- 3.2.1 Global outlook
- 3.2.2 Regional impact
- 3.2.2.1 North America
- 3.2.2.2 Europe
- 3.2.2.3 Asia Pacific
- 3.2.2.4 Latin America
- 3.2.2.5 MEA
- 3.3 Russia-Ukraine war impact
- 3.4 China- U.S.trade war impact
- 3.5 Industry ecosystem analysis
- 3.5.1 Component suppliers
- 3.5.2 System integrators
- 3.5.3 Distribution channel analysis
- 3.5.4 Vendor matrix
- 3.6 Evolution of electric ship technology
- 3.7 Profit margin analysis
- 3.8 Technology & innovation landscape
- 3.9 Patent landscape
- 3.10 Key initiative & news
- 3.11 Regulatory landscape
- 3.11.1 North America
- 3.11.2 Europe
- 3.11.3 Asia Pacific
- 3.11.4 Latin America
- 3.11.5 MEA
- 3.12 Industry impact forces
- 3.12.1 Growth drivers
- 3.12.1.1 Introduction of new regulations limiting Green House Gas (GHG) emissions from the shipping industry
- 3.12.1.2 Technological advancements in energy storage devices
- 3.12.1.3 Integration of Information technology into the marine industry
- 3.12.1.4 Rising investments from the defense sector
- 3.12.2 Industry pitfalls & challenges
- 3.12.2.1 Limited range and capacity of fully electric ships
- 3.12.2.2 High initial costs and low availability of vessels
- 3.13 Investment landscape
- 3.14 Growth potential analysis
- 3.15 Porter's analysis
- 3.15.1 Supplier power
- 3.15.2 Buyer power
- 3.15.3 Threat of new entrants
- 3.15.4 Threat of substitutes
- 3.15.5 Internal rivalry
- 3.16 PESTEL analysis
Chapter 4 Competitive Landscape
- 4.1 Introduction
- 4.2 Company market share, 2022
- 4.3 Competitive analysis of ship OEM market players, 2022
- 4.3.1 Damen Shipyards Group
- 4.3.2 VARD AS
- 4.3.3 TSUNEISHI SHIPBUILDING Co.,Ltd.
- 4.3.4 Guangzhou Shipyard International Company Ltd
- 4.3.5 Tersan Shipyard
- 4.4 Competitive analysis of component and technology providers, 2022
- 4.4.1 Ulstein Group ASA
- 4.4.2 Remontowa Shipbuilding S.A.
- 4.4.3 HAV Group
- 4.4.4 Daewoo Shipbuilding and Marine Engineering
- 4.4.5 Brodrene AA
- 4.5 Competitive positioning matrix
- 4.6 Strategic outlook matrix
Chapter 5 Electric Ships Market, By Power Source
- 5.1 Key trends, by power source
- 5.2 Electric
- 5.2.1 Market estimates and forecast, 2018 - 2032
- 5.3 Hybrid
- 5.3.1 Market estimates and forecast, 2018 - 2032
Chapter 6 Electric Ships Market, By System
- 6.1 Key trends, by system
- 6.2 Energy storage
- 6.2.1 Market estimates and forecast, 2018 - 2032
- 6.3 Power conversion
- 6.3.1 Market estimates and forecast, 2018 - 2032
- 6.4 Power generation
- 6.4.1 Market estimates and forecast, 2018 - 2032
- 6.5 Power distribution
- 6.5.1 Market estimates and forecast, 2018 - 2032
Chapter 7 Electric Ships Market, By Operation
- 7.1 Key trends, by operation
- 7.2 Manned
- 7.2.1 Market estimates and forecast, 2018 - 2032
- 7.3 Autonomous
- 7.3.1 Market estimates and forecast, 2018 - 2032
Chapter 8 Electric Ships Market, By Platform
- 8.1 Key trends, by platform
- 8.2 Commercial
- 8.2.1 Market estimates and forecast, 2018 - 2032
- 8.3 Defense
- 8.3.1 Market estimates and forecast, 2018 - 2032
Chapter 9 Electric Ships Market, By End-Use
- 9.1 Key trends, by end-use
- 9.2 Line fit
- 9.2.1 Market estimates and forecast, 2018 - 2032
- 9.3 Retro fit
- 9.3.1 Market estimates and forecast, 2018 - 2032
Chapter 10 Electric Ships Market, By Region
- 10.1 Key trends, by region
- 10.2 North America
- 10.2.1 Market estimates and forecast, 2018-2032
- 10.2.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.2.3 Market estimates and forecast, by system, 2018 - 2032
- 10.2.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.2.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.2.6 Market estimates and forecast, by end-use, 2018 - 2032
- 10.2.7 U.S.
- 10.2.7.1 Market estimates and forecast, 2018-2032
- 10.2.7.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.2.7.3 Market estimates and forecast, by system, 2018 - 2032
- 10.2.7.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.2.7.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.2.7.6 Market estimates and forecast, by end-use, 2018 - 2032
- 10.2.8 Canada
- 10.2.8.1 Market estimates and forecast, 2018-2032
- 10.2.8.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.2.8.3 Market estimates and forecast, by system, 2018 - 2032
- 10.2.8.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.2.8.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.2.8.6 Market estimates and forecast, by end-use, 2018 - 2032
- 10.3 Europe
- 10.3.1 Market estimates and forecast, 2018-2032
- 10.3.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.3.3 Market estimates and forecast, by system, 2018 - 2032
- 10.3.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.3.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.3.6 Market estimates and forecast, by end-use, 2018 - 2032
- 10.3.7 France
- 10.3.7.1 Market estimates and forecast, 2018-2032
- 10.3.7.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.3.7.3 Market estimates and forecast, by system, 2018 - 2032
- 10.3.7.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.3.7.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.3.7.6 Market estimates and forecast, by end-use, 2018 - 2032
- 10.3.8 Norway
- 10.3.8.1 Market estimates and forecast, 2018-2032
- 10.3.8.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.3.8.3 Market estimates and forecast, by system, 2018 - 2032
- 10.3.8.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.3.8.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.3.8.6 Market estimates and forecast, by end-use, 2018 - 2032
- 10.3.9 Netherlands
- 10.3.9.1 Market estimates and forecast, 2018-2032
- 10.3.9.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.3.9.3 Market estimates and forecast, by system, 2018 - 2032
- 10.3.9.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.3.9.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.3.9.6 Market estimates and forecast, by end-use, 2018 - 2032
- 10.3.10 UK
- 10.3.10.1 Market estimates and forecast, 2018-2032
- 10.3.10.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.3.10.3 Market estimates and forecast, by system, 2018 - 2032
- 10.3.10.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.3.10.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.3.10.6 Market estimates and forecast, by end-use, 2018 - 2032
- 10.3.11 Russia
- 10.3.11.1 Market estimates and forecast, 2018-2032
- 10.3.11.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.3.11.3 Market estimates and forecast, by system, 2018 - 2032
- 10.3.11.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.3.11.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.3.11.6 Market estimates and forecast, by end-use, 2018 - 2032
- 10.4 Asia Pacific
- 10.4.1 Market estimates and forecast, 2018-2032
- 10.4.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.4.3 Market estimates and forecast, by system, 2018 - 2032
- 10.4.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.4.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.4.6 Market estimates and forecast, by end-use, 2018 - 2032
- 10.4.7 China
- 10.4.7.1 Market estimates and forecast, 2018-2032
- 10.4.7.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.4.7.3 Market estimates and forecast, by system, 2018 - 2032
- 10.4.7.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.4.7.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.4.7.6 Market estimates and forecast, by end-use, 2018 - 2032
- 10.4.8 Japan
- 10.4.8.1 Market estimates and forecast, 2018-2032
- 10.4.8.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.4.8.3 Market estimates and forecast, by system, 2018 - 2032
- 10.4.8.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.4.8.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.4.8.6 Market estimates and forecast, by end-use, 2018 - 2032
- 10.4.9 South Korea
- 10.4.9.1 Market estimates and forecast, 2018-2032
- 10.4.9.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.4.9.3 Market estimates and forecast, by system, 2018 - 2032
- 10.4.9.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.4.9.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.4.9.6 Market estimates and forecast, by end-use, 2018 - 2032
- 10.4.10 New Zealand
- 10.4.10.1 Market estimates and forecast, 2018-2032
- 10.4.10.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.4.10.3 Market estimates and forecast, by system, 2018 - 2032
- 10.4.10.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.4.10.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.4.10.6 Market estimates and forecast, by end-use, 2018 - 2032
- 10.5 Latin America
- 10.5.1 Market estimates and forecast, 2018-2032
- 10.5.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.5.3 Market estimates and forecast, by system, 2018 - 2032
- 10.5.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.5.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.5.6 Market estimates and forecast, by end-use, 2018 - 2032
- 10.5.7 Brazil
- 10.5.7.1 Market estimates and forecast, 2018-2032
- 10.5.7.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.5.7.3 Market estimates and forecast, by system, 2018 - 2032
- 10.5.7.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.5.7.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.5.7.6 Market estimates and forecast, by end-use, 2018 - 2032
- 10.5.8 Colombia
- 10.5.8.1 Market estimates and forecast, 2018-2032
- 10.5.8.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.5.8.3 Market estimates and forecast, by system, 2018 - 2032
- 10.5.8.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.5.8.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.5.8.6 Market estimates and forecast, by end-use, 2018 - 2032
- 10.6 MEA
- 10.6.1 Market estimates and forecast, 2018-2032
- 10.6.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.6.3 Market estimates and forecast, by system, 2018 - 2032
- 10.6.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.6.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.6.6 Market estimates and forecast, by end-use, 2018 - 2032
- 10.6.7 Iran
- 10.6.7.1 Market estimates and forecast, 2018-2032
- 10.6.7.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.6.7.3 Market estimates and forecast, by system, 2018 - 2032
- 10.6.7.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.6.7.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.6.7.6 Market estimates and forecast, by end-use, 2018 - 2032
- 10.6.8 Egypt
- 10.6.8.1 Market estimates and forecast, 2018-2032
- 10.6.8.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.6.8.3 Market estimates and forecast, by system, 2018 - 2032
- 10.6.8.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.6.8.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.6.8.6 Market estimates and forecast, by end-use, 2018 - 2032
- 10.6.9 Israel
- 10.6.9.1 Market estimates and forecast, 2018-2032
- 10.6.9.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.6.9.3 Market estimates and forecast, by system, 2018 - 2032
- 10.6.9.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.6.9.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.6.9.6 Market estimates and forecast, by end-use, 2018 - 2032
- 10.6.10 Turkey
- 10.6.10.1 Market estimates and forecast, 2018-2032
- 10.6.10.2 Market estimates and forecast, by power source, 2018 - 2032
- 10.6.10.3 Market estimates and forecast, by system, 2018 - 2032
- 10.6.10.4 Market estimates and forecast, by operation, 2018 - 2032
- 10.6.10.5 Market estimates and forecast, by platform, 2018 - 2032
- 10.6.10.6 Market estimates and forecast, by end-use, 2018 - 2032
Chapter 11 Company Profiles
- 11.1 ABB Limited
- 11.1.1 Business Overview
- 11.1.2 Financial Data
- 11.1.3 Product Landscape
- 11.1.4 Strategic Outlook
- 11.1.5 SWOT Analysis
- 11.2 Akasol AG
- 11.2.1 Business Overview
- 11.2.2 Financial Data
- 11.2.3 Product Landscape
- 11.2.4 Strategic Outlook
- 11.2.5 SWOT Analysis
- 11.3 Anglo Belgian Corporation (ABC)
- 11.3.1 Business Overview
- 11.3.2 Financial Data
- 11.3.3 Product Landscape
- 11.3.4 Strategic Outlook
- 11.3.5 SWOT Analysis
- 11.4 BAE Systems PLC
- 11.4.1 Business Overview
- 11.4.2 Financial Data
- 11.4.3 Product Landscape
- 11.4.4 Strategic Outlook
- 11.4.5 SWOT Analysis
- 11.5 Corvus Energy
- 11.5.1 Business Overview
- 11.5.2 Financial Data
- 11.5.3 Product Landscape
- 11.5.4 Strategic Outlook
- 11.5.5 SWOT Analysis
- 11.6 Damen Shipyards Group N.V.
- 11.6.1 Business Overview
- 11.6.2 Financial Data
- 11.6.3 Product Landscape
- 11.6.4 Strategic Outlook
- 11.6.5 SWOT Analysis
- 11.7 Echandia Marine AB
- 11.7.1 Business Overview
- 11.7.2 Financial Data
- 11.7.3 Product Landscape
- 11.7.4 Strategic Outlook
- 11.7.5 SWOT Analysis
- 11.8 Eco Marine Power Co. Ltd.
- 11.8.1 Business Overview
- 11.8.2 Financial Data
- 11.8.3 Product Landscape
- 11.8.4 Strategic Outlook
- 11.8.5 SWOT Analysis
- 11.9 EST Floattech
- 11.9.1 Business Overview
- 11.9.2 Financial Data
- 11.9.3 Product Landscape
- 11.9.4 Strategic Outlook
- 11.9.5 SWOT Analysis
- 11.10 General Dynamics Electric Boat
- 11.10.1 Business Overview
- 11.10.2 Financial Data
- 11.10.3 Product Landscape
- 11.10.4 Strategic Outlook
- 11.10.5 SWOT Analysis
- 11.11 Guangzhou Shipyard International Co., Ltd.
- 11.11.1 Business Overview
- 11.11.2 Financial Data
- 11.11.3 Product Landscape
- 11.11.4 Strategic Outlook
- 11.11.5 SWOT Analysis
- 11.12 HAV Group
- 11.12.1 Business Overview
- 11.12.2 Financial Data
- 11.12.3 Product Landscape
- 11.12.4 Strategic Outlook
- 11.12.5 SWOT Analysis
- 11.13 Kongsberg Gruppen
- 11.13.1 Business Overview
- 11.13.2 Financial Data
- 11.13.3 Product Landscape
- 11.13.4 Strategic Outlook
- 11.13.5 SWOT Analysis
- 11.14 Leclanche SA
- 11.14.1 Business Overview
- 11.14.2 Financial Data
- 11.14.3 Product Landscape
- 11.14.4 Strategic Outlook
- 11.14.5 SWOT Analysis
- 11.15 MAN Energy Solutions SE
- 11.15.1 Business Overview
- 11.15.2 Financial Data
- 11.15.3 Product Landscape
- 11.15.4 Strategic Outlook
- 11.15.5 SWOT Analysis
- 11.16 Norwegian Electric Systems AS
- 11.16.1 Business Overview
- 11.16.2 Financial Data
- 11.16.3 Product Landscape
- 11.16.4 Strategic Outlook
- 11.16.5 SWOT Analysis
- 11.17 Saft
- 11.17.1 Business Overview
- 11.17.2 Financial Data
- 11.17.3 Product Landscape
- 11.17.4 Strategic Outlook
- 11.17.5 SWOT Analysis
- 11.18 Schottel GmbH
- 11.18.1 Business Overview
- 11.18.2 Financial Data
- 11.18.3 Product Landscape
- 11.18.4 Strategic Outlook
- 11.18.5 SWOT Analysis
- 11.19 Siemens AG
- 11.19.1 Business Overview
- 11.19.2 Financial Data
- 11.19.3 Product Landscape
- 11.19.4 Strategic Outlook
- 11.19.5 SWOT Analysis
- 11.20 Vard
- 11.20.1 Business Overview
- 11.20.2 Financial Data
- 11.20.3 Product Landscape
- 11.20.4 Strategic Outlook
- 11.20.5 SWOT Analysis
- 11.21 Danfoss
- 11.21.1 Business Overview
- 11.21.2 Financial Data
- 11.21.3 Product Landscape
- 11.21.4 Strategic Outlook
- 11.21.5 SWOT Analysis
- 11.22 Wartsila
- 11.22.1 Business Overview
- 11.22.2 Financial Data
- 11.22.3 Product Landscape
- 11.22.4 Strategic Outlook
- 11.22.5 SWOT Analysis
- 11.23 Tsuneishi Shipbuilding
- 11.23.1 Business Overview
- 11.23.2 Financial Data
- 11.23.3 Product Landscape
- 11.23.4 Strategic Outlook
- 11.23.5 SWOT Analysis
- 11.24 Tersan Shipyard
- 11.24.1 Business Overview
- 11.24.2 Financial Data
- 11.24.3 Product Landscape
- 11.24.4 Strategic Outlook
- 11.24.5 SWOT Analysis