Electric Ship Market Size & Share | Industry Report 2022

Riyaj Atar December 6, 2022

3 min read

The Electric Ships Market size was valued at USD 5.50 billion in 2021 and is projected to grow to USD 10.82 billion by 2028, exhibiting a CAGR of 11.2% during the forecast period. Most of the cruises, gas carriers, general cargo, oil tankers, and container ships utilize heavy diesel oil for operation. The growing maritime transportation and tourism will result in the increased emission of exhaust gases. According to the U.S. Environmental Protection Agency, transportation was responsible for more than 29% of greenhouse emissions in the U.S in 2017. The transportation sector is one of the prominent sources of increasing greenhouse emissions across the globe. These emissions from transportation primarily come from burning fossil fuels in ships.

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The utilization of electric ships in maritime transportation is environment-friendly due to electric ships are electrically driven ships equipped with batteries and run on electricity instead of conventional fuel. Electric ships use a battery bank as their source of power to drive electric motors. There are various battery banks utilized in ships such as lithium-ion batteries, lead-acid batteries, and others. Therefore, these ships reduced exhaust gases such as sulfur oxides, soot particles and fine dust, nitrogen oxides, and also carbon dioxide (CO2) during maritime transportation across the globe. Also, the rising need for reduction of greenhouse emissions and lower fuel wastage has led to rising demand for the electric-operated marine ship during the forecast period.

LIST OF KEY COMPANIES PROFILED:

Kongsberg (Norway)Leclanché SA (Switzerland)Corvus Energy (Canada) Echandia Marine AB (Sweden)Siemens (Germany)Norwegian Electric Systems (Norway)General Dynamics Electric Boat (U.S.)MAN Energy Solutions SE (Germany)Wartsila (Finland)Schottel Group (Germany)Anglo Belgian Corporation NV (Belgium)Eco Marine Power (Japan)Akasol AG (Germany)

REGIONAL INSIGHTS

Europe is the largest market for electric ships due to the growing popularity of electric recreational and leisure vessels in marine tourism, water adventures, and fishing activities in the region. Several government initiatives would propel the adoption of electric ships. In June 2019, the U.K. announced the Clean Maritime Plan. According to this plan, all new ships ordered for the European waters from 2025 have to be equipped with batteries and run on electricity instead of conventional fuel. The plan is part of the government's long-term Maritime 2050 strategy; under which it aims to achieve net-zero greenhouse gases by 2050. Hence, governmental support in terms of stringent greenhouse gas emission regulations is projected to increase the demand for electric ships in Europe during the forecast period.

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