The Electric Ship Market Size was valued at USD 5.63 billion in 2022 and is expected to reach USD 17.23 billion by 2030 with a growing CAGR of 15% over the forecast period 2023-2030.
Various reasons are driving the market, including an increase in the conversion of propulsion systems in passenger vessels, increased seaborne trade around the globe, and developing marine tourist industry. The growing commercial marine sector in many nations throughout various regions, together with the increased need for commercial boats, will fuel the demand for electric ships. Commercial vessels are becoming an important element of the electric ship sector, with countries such as the United States, China, Norway, Greece, and others investing extensively in commercial electric shipping operations.
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MARKET DYNAMICS
KEY DRIVERS
Expansion in Seaborne
Maritime Tourism Industry growing
Electric Ships development
RESTRAINTS
limited range.
Electric Ships Market development
Slow charging
Deficient battery
OPPORTUNITIES:
renewable energy utilization
Hybrid propulsion technology
Fuel cells
CHALLENGES
Country’s major supply chain
Production dependent
Failure to maintain vessels
Operational failure
THE IMPACT OF COVID-19
The COVID-19 pandemic has forced original equipment manufacturers and financial sponsors to postpone financing for revolutionary ventures such as autonomous vessel operations. Furthermore, the disturbing impact on the inventory of materials for battery frameworks has long been a source of concern. The vast majority of raw materials, such as cobalt, nickel, and lithium, are imported from Japan and China. Nonetheless, some countries are completely shut down due to the epidemic. However, because the issue is not under control, the Electric Ships Market is likely to expand in a post-covid space.
By Range
<50Km
50-100Km
101-1000Km
>1,000Km
By Power Source
Electric
Hybrid
By System
Power conversion
Power generation
Power distribution
By Tonnage
<500DWT
500-5,000DWT
5,001-15,000DWT
>15,000DWT
By Operation
Manned
Autonomous
By Platform
Commercial
Defense
By End-Use
Line fit
Retrofit
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REGIONAL ANALYSIS
According to a regional analysis report, the US Navy is monitoring the Electric Ships Market in North America with strategic equipment. Rely on the development of the Electric Ships Market during the research period. In addition, the presence of major energy producers, such as Corvus Energy, facilitates market development in North America. Europe dominated the Electric Ships Industry in 2020. This pattern is expected to be maintained during speculation due to the business of prominent players, such as AKASOL AG, BAE Systems, EST-Floattech, KONGSBERG, and Siemens to develop electric vessels.
The Electric Ships Asia-Pacific Market in the region is expected to register the highest CAGR in the limited period. Increasing defense use in India and China as well as the growing interest in new and improved marine vessels is driving the development of the local market. Increased defense spending in Saudi Arabia, the UAE, and Israel is driving the development of the business sector in the Middle East and Africa.
REGIONAL COVERAGE
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
South Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The Key Players are Boesch Motorboote AG, Bureau Veritas, Canadian Electric Boat Company, Corvus Energy, Baltic Workboats AS, VARD AS, TRITON, Electrovaya, KONGSBERG, General Dynamics Electric Boat, Duffy Electric Boat Company, Yara & Other Players.
Kongsberg-Company Financial Analysis
Report Attributes | Details |
---|---|
Market Size in 2022 | US$ 5.63 Billion |
Market Size by 2030 | US$ 17.23 Billion |
CAGR | CAGR of 15.1% From 2023 to 2030 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Historical Data | 2020-2021 |
Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
Key Segments | • By End-Use (Line fit, Retrofit) • By Range (<50Km, 50-100Km, 101-1000Km, >1,000Km) • By Power Source (Electric, Hybrid) • By System (Energy storage, Power conversion, Power generation, Power distribution) • By Tonnage (<500DWT, 500-5,000DWT, 5,001-15,000DWT, >15,000DWT) • By Operation (Manned, Autonomous) • By Platform (Commercial, Defense) |
Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Company Profiles | Boesch Motorboote AG, Bureau Veritas, Canadian Electric Boat Company, Corvus Energy, Baltic Workboats AS, VARD AS, TRITON, Electrovaya, KONGSBERG, General Dynamics Electric Boat, Duffy Electric Boat Company, Yara |
Key Drivers | • Environment pollution control. • Carbon-dioxide emissions. |
RESTRAINTS | • Low energy density of batteries. • Time Consuming |
Electric Ship Market Size was valued at USD 5.63 billion in 2022 and is expected to reach USD 17.23 billion by 2030, and grow at a CAGR of 15% over the forecast period 2023-2030.
The COVID-19 pandemic has forced original equipment manufacturers and financial sponsors to postpone financing for revolutionary ventures such as autonomous vessel operations. Furthermore, disturbing impact on the inventory of materials for battery frameworks has long been a source of concern.
Europe dominated the Electric Ships Industry in 2021. This pattern is expected to be maintained during speculation due to the business of prominent players
Expansion in Seaborne and Maritime Tourism Industry growing and Electric Ships development.
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Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of Ukraine War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Electric Ship Market Segmentation, By Range
8.1 <50Km
8.2 50-100Km
8.3 101-1000Km
8.4 >1,000Km
9. Electric Ship Market Segmentation, By Power Source
9.1 Electric
9.2 Hybrid
10. Electric Ship Market Segmentation, By System
10.1 Energy storage
10.2 Power conversion
10.3 Power generation
10.4 Power distribution
11. Electric Ship Market Segmentation, By Tonnage
11.1 <500DWT
11.2 500-5,000DWT
11.3 5,001-15,000DWT
11.4 >15,000DWT
12. Electric Ship Market Segmentation, By Operation
12.1 Manned
12.2 Autonomous
13. Electric Ship Market Segmentation, By Platform
13.1 Commercial
13.2 Defense
14. Electric Ship Market Segmentation, By End-Use
14.1 Line fit
14.2 Retro fit
15. Regional Analysis
15.1 Introduction
15.2 North America
15.2.1 USA
15.2.2 Canada
15.2.3 Mexico
15.3 Europe
15.3.1 Germany
15.3.2 UK
15.3.3 France
15.3.4 Italy
15.3.5 Spain
15.3.6 The Netherlands
15.3.7 Rest of Europe
15.4 Asia-Pacific
15.4.1 Japan
15.4.2 South Korea
15.4.3 China
15.4.4 India
15.4.5 Australia
15.4.6 Rest of Asia-Pacific
15.5 The Middle East & Africa
15.5.1 Israel
15.5.2 UAE
15.5.3 South Africa
15.5.4 Rest
15.6 Latin America
15.6.1 Brazil
15.6.2 Argentina
15.6.3 Rest of Latin America
16. Company Profiles
16.1 Boesch Motorboote AG
16.1.1 Financial
16.1.2 Products/ Services Offered
16.1.3 SWOT Analysis
16.1.4 The SNS view
16.2 Bureau Veritas
16.3 Canadian Electric Boat Company
16.4 Corvus Energy
16.5 Baltic Workboats AS
16.6 VARD AS
16.7 TRITON
16.8 Electrovaya
16.9 KONGSBERG
16.10 General Dynamics Electric Boat
16.11 Duffy Electric Boat Company
16.12 Yara
16.13 Other Players
17. Competitive Landscape
17.1 Competitive Benchmark
17.2 Market Share Analysis
17.3 Recent Developments
18. Conclusion
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