Electric Ships Market Size, By Power Source (Electric, Hybrid), By System (Energy Storage, Power Conversion, Power Generation, Power Distribution), By Operation (Manned, Autonomous), By Platform (Commercial, Defense), By End-Use (Line Fit, Retro Fit) Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020-2026

Published Date: Apr 2020  |  Report ID: GMI4640  |  Authors: Ankita Bhutani, Preeti Wadhwani

Report Format: PDF   |   Pages: 280   |   Base Year: 2019

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Electric Ships Market size exceeded USD 3 billion in 2019 and is anticipated to grow at a CAGR of over 8% between 2020 and 2026. The market growth is attributed to the rapid adoption of electric ships by various cargo, passenger, and defense sectors.

Major developed countries are investing in development of various power sources for the shipping industry in order to align themselves toward the goal of reducing carbon emission. The development in a complex power train and more efficient semi-conductors will support the market expansion.

Electric Ships Market Overview

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Companies operating in the market are engaged in design and development of ships, resulting in increased automation and reduced energy consumption, supporting the industry growth.

The market will experience a moderate slowdown in 2020 due to recent COVID-19 pandemic. Global trade limitation, temporary shutdown of manufacturing facilities, and reduction in fund allocation towards R&D activities are major reasons limiting the growth. The retro fit segment will experience accelerated growth after conclusion of COVID-19 pandemic to cater demand to resume operations in shipping sector.

Versatile scope of operation owing to dual power source will support the hybrid segment growth

The hybrid segment will dominate more than 90% of the market share in 2026 led by their abilities to operate on both power sources, electric as well as conventional. This has resulted in more efficient and reliable source of operation, catering to the industry expansion.  

The 140m long cruise ship can accommodate 530 guests and is built to sail in extreme conditions. The ship features integration of battery packs, allowing it to be 20% more efficient compared to the conventional ships. The ships plan to conclude three extreme expeditions including Antarctica by 2021.

Miniaturization of components supporting the power distribution segment progression

Electric Ships Market Revenue

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The power distribution segment in the electric ships market is predicted witness 7% growth rate through 2026. Ability to draw power from various sources and effectively channelize it across the vessel improve efficiency of the ship and reduce emission will boost the segment expansion. Conventional-powered distribution systems are required in big vessels, which have complex mechanisms. Various industry participates are targeting small vessels operation on electric or hybrids source, establishing a new market space.

Increasing investments and collaboration towards development of electric ships

The manned operation segment in APAC region is slated to attain a CAGR of 7% by 2026. Continuous efforts made by various corporate, educational and government organizations towards development of electric/hybrid ships will support the industry progression. For instance, in April 2020, a collaborated effort of South Korea’s Ministry of Oceans and Fisheries, Korea Research Institute of Ships & Ocean Engineering and University of South-Eastern Norway will be placed towards development of fully electric ferry. The project is estimated at the value of USD 21.9 million.

Rise in investment by the defense sector for acquisition of electric vessels

Electric Ships Market Share

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Defense organizations across the globe are engaged in increasing their naval defense capabilities to safeguard their borders. Properties, such as stealth operation and low maintenance, along with being ecofriendly in nature will support the market revenue in the defense segment. Industry participants are engaged in development of electric-hybrid ships exclusively for Navy.

Possibility to create novel design and establish a new ecosystem will support the line fit segment

Electric Ships Market Size

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The line fit segment accounted for 8% of revenue share in 2019 and will showcase growth of 11% during 2020 to 2026 impelled by the rising efforts of companies to develop new electric/hybrid ships and set records to gain confidence of customers.

Collaboration of corporate and educational bodies to support technological development of electric ships in APAC region

The Asia Pacific electric ships market is poised to expand at 7% CAGR through 2026 due to the efforts taken by various government, corporate, and educational bodies toward technological development of electric ships. For instance, in January 2020, the SM Group of Korea signed a Memorandum of Understanding (MoU) with Korea Maritime University for development of electric ships. The MoU will serve as a bridge between corporate bodies and educational institutions, allowing them to focus on developing ships as per the industry demand.

The North America market captured over 20% of revenue share in 2019. Efforts by regional defense bodies to increase automation in naval ships will drive the market. Various programs released by the government to facilitate research & development toward automation of ship are positively augmenting the market value.

MoUs and agreements for data sharing and increasing market transparency

Major companies operating in the market are Kongsberg Gruppen ABB, Wartsila, Norwegian Electric Systems AS, Corvus Energy, General Dynamics Electric Boat, MAN Energy Solutions SE, Vard, Siemens, Leclanché SA, Bae Systems, Echandia Marine AB, Anglo Belgian Corporation (ABC) NV, Schottel GmbH, Visedo, ECO Marine Power Co Ltd., Akasol AG, EST Floattech, and Saft.. The leaders are signing Memorandum of understanding (MoU) and agreements to share crucial data, which will increase transparency in the shipping industry and increase operational efficiency of ship operators.

The electric ships market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2026 for the following segments:

Market, By Power Source, 2017 - 2026 (USD Million)

  • Electric
  • Hybrid

Market, By System, 2017 - 2026 (USD Million)

  • Energy Storage
  • Power Conversion
  • Power Generation
  • Power Distribution

Market, By Operation, 2017 - 2026 (USD Million)

  • Manned
  • Autonomous

Market, By Platform, 2017 - 2026 (USD Million)

  • Commercial
  • Defense

Market, By End-Use, 2017 - 2026 (USD Million)

  • Line Fit
  • Retro Fit

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada 
  • Europe
    • France
    • Norway
    • Netherlands
    • UK
    • Russia
  • APAC
    • China
    • Japan
    • South Korea
    • New Zealand
  • Latin America
    • Brazil
    • Colombia
  • MEA
    • Iran
    • Egypt
    • Israel
    • Turkey


Frequently Asked Questions (FAQ) :

The market size of electric ships was exceeded USD 3 billion in 2019.
The industry share of electric ships is anticipated to grow at a CAGR of over 8% between 2020 and 2026.
According to the analysts at GMI, the hybrid ships segment will dominate the market with around 90% share by 2026.
Ability to draw power from various sources and effectively channelize it across the vessel to improve efficiency of the ship and reduce emissions will allow the power distribution segment to observe over 7% growth from 2020 to 2026.
The Asia Pacific market revenue is slated to grow at over 7% CAGR till 2026 due to efforts taken by various government, corporate, and educational bodies toward technological development of electric ships.
The manned electric ship segment in Asia Pacific is estimated to expand at more than 7% CAGR during the forecast timeframe.

Premium Report Details

  • Published Date: Apr 2020
  • Pages: 280
  • Tables: 352
  • Charts / Figures: 27
  • Companies covered: 19
  • Countries covered: 17

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