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Electric Ships Market to 2028 - COVID-19 Impact and Global Analysis - by Type, Power, Range and Ship Type

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    Report

  • 164 Pages
  • March 2022
  • Region: Global
  • The Insight Partners
  • ID: 5576257
Electric Ships Market is expected to reach US$ 7.76 billion by 2028

FEATURED COMPANIES

  • Bae Systems
  • Fjellstrand As
  • Hurtigruten
  • Man Energy Solutions
  • Portliner
  • Siemens Energy
According to the latest research report titled “Electric Ships Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Power, Range and Ship Type,” the market is expected to grow from US$ 3.82 billion in 2021 to US$ 7.76 billion by 2028; it is estimated to grow at a CAGR of 10.3% from 2021 to 2028.



Increasing Regulatory Support from Government Authorities and Industry Associations to Favor Market Growth
Several marine industry associations are focusing on reducing the gas emission from the shipping industry. As per a report published by the Norwegian Ministry of Climate and Environment, in April 2018, International Maritime Organization (IMO) adopted a plan to reduce greenhouse gas emissions from international shipping by ~50% compared with the level in 2008 by the end of 2050. Additionally, the IMO strategy aims to improve the energy efficiency of each ship and to reduce the carbon intensity of the whole marine industry by reducing emissions per unit of transport work done by ~40% by 2030, and further toward 70% by 2050, according to a report published by the Norwegian Ministry of Climate and Environment. Further, several governments are focusing on reducing the gas emission from the shipping industry. For instance, according to a report published by the Norwegian Ministry of Climate and Environment, in 2019, the Norway government’s focus is on reducing greenhouse gas emissions from domestic shipping and fishing ships by half by 2030 and promoting the development of zero- and low-emission solutions for all vessel categories. For this, the government had allocated NOK 7 million (US$ 0.77 million) to the Green Shipping Programme in the 2019 budget. Therefore, the increasing regulatory support from government authorities and industry associations for reducing greenhouse gas emissions in the shipping industry supports the growth of electric ships by adopting electric or hybrid propulsion systems.

North America has the highest adoption rate of advanced technologies due to governments’ favorable policies to boost innovation and strengthen infrastructure capabilities. The COVID-19 pandemic forced the US government to impose several limitations on industrial, commercial, and public activities in the initial phases to control the spread of COVID-19. The record-long US economic expansion came to an end as a result of the COVID-19 pandemic, with effect of a deep recession in 2020. The outlook remains highly uncertain, as it is difficult to determine the social and economic impact of the COVID-19 pandemic, which will depend on the success of containing the outbreak and the measures to restart economic activities. In 2020, the COVID-19 pandemic adversely affected the growth of the global electric ship market due to the shutdown of manufacturing facilities and trade restrictions. Ship manufacturers had faced short-term operational issues due to supply chain disruption caused by several government initiatives to slow the spread of COVID-19. The shipping industry had become a significant part of several countries’ supply chains; it was significantly affected by the COVID-19 pandemic. The shipping industry depends on production, which was discontinued to prevent people from being affected by SARS-CoV-2, resulting in significant challenges. A South Florida-based cruise ship was affected for the third time, as Florida recorded its highest number of COVID-19 cases. SARS-CoV-2 infected an undisclosed number of passengers and crew of the Carnival Freedom cruise, so the ship was denied entry to Bonaire and Aruba. The growing maritime tourism industry helps in supporting the electric ships market growth. Thus, during 2021 and 2022, the COVID-19 pandemic will positively impact the market growth. This is expected to normalize the electric ships market growth over the forecast period of 2021-2028.

Key Findings of Study:


The electric ships market has been segmented into five major regions - North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In North America and Europe, the demand for electric ships increases due to its rising demand for fully electric passenger vessels, tugs, yachts, and cruise vessels. Norway, Finland, the US, and Denmark are replacing conventional passenger ferries with fully electric passenger ferries. Significant developments in autonomous electric vessels that use fuel cells and remotely controlled electric vessels are also driving the market growth.

In APAC, the demand for electric ships increases due to the rising sea trade activities and growing government focus on reducing gas emissions from the shipping industry. This has resulted in ship integrators and owners switching the existing diesel-driven engines with electric or hybrid propulsion systems. Therefore, these factors create a vast opportunity for the APAC electric ships market players to produce more electric ships. According to the UN Merchant Fleet 2020 statistics, ~93% of the global new shipbuilding occurred in China, Japan, and South Korea in 2019. The global shipping and offshore energy equipment industry has shifted unequivocally toward Asia. South Korea, Japan, and China now dominate with ~80% of orders. According to IHS Maritime, 134 liquefied natural gas (LNG) tankers built since 2009 - 133 were built in Asia, 100 in South Korea, 20 in China, and 13 in Japan. While domination by Asian manufacturers is expected to continue, it is important to recognize that each of Asia’s shipping giants has distinct strengths and challenges. Shipbuilding in Japan is going through a renaissance. Focus on shipbuilding and port development is driving the growth of the electric ships market in the region.

Reasons to Buy
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the electric ships market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the electric ships market thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
Frequently Asked Questions about the Global Electric Ships Market

What is the estimated value of the Global Electric Ships Market?

The Global Electric Ships Market was estimated to be valued at $3913.2 Million in 2021.

What is the growth rate of the Global Electric Ships Market?

The growth rate of the Global Electric Ships Market is 10.3%, with an estimated value of $7765.4 Million by 2028.

What is the forecasted size of the Global Electric Ships Market?

The Global Electric Ships Market is estimated to be worth $7765.4 Million by 2028.

Who are the key companies in the Global Electric Ships Market?

Key companies in the Global Electric Ships Market include Bae Systems, Duffy Electric Boat Company, Fjellstrand As, X Shore, General Dynamic Electric Boat, Hurtigruten, Man Energy Solutions, Portliner and Vard As.

FEATURED COMPANIES

  • Bae Systems
  • Fjellstrand As
  • Hurtigruten
  • Man Energy Solutions
  • Portliner
  • Siemens Energy

1. Introduction
1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Electric Ship Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America - PEST Analysis
4.2.2 Europe PEST - Analysis
4.2.3 Asia-Pacific - PEST Analysis
4.2.4 Middle East & Africa - PEST Analysis
4.2.5 South America - PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Global Electric Ship Market - Key Industry Dynamics
5.1 Market Drivers
5.1.1 Rise in Adoption of Hybrid and Electric Propulsion Systems for Retrofitting Ships
5.1.2 Increasing Regulatory Support from Government Authorities and Industry Associations
5.2 Market Restraints
5.2.1 Limited Range and Capacity of Fully Electric Ships
5.3 Market Opportunities
5.3.1 Suge in the adoption of Hybrid-Electric Propulsion Technology for Large Ships
5.4 Future Trends
5.4.1 Technological Advancements in Energy Storage Devices
5.5 Impact Analysis of Drivers and Restraints
6. Electric Ship Market - Global Analysis
6.1 Global Electric Ship Market Overview
6.2 Global Electric Ship Market Forecast and Analysis
6.3 Market Positioning -Top 5 Players
7. Electric Ships Market Analysis and Forecast to 2028 - By Type
7.1 Electric Ships Market Revenue Share, by Type (2020 and 2028)
7.2 Battery Electric Ships
7.2.1 Overview
7.2.2 Battery Electric Ships: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
7.3 Plug-in Electric Ships
7.3.1 Overview
7.3.2 Plug-in Electric Ships: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Hybrid Electric Ships
7.4.1 Overview
7.4.2 Hybrid Electric Ships: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
8. Electric Ships Market Analysis and Forecast to 2028 - By Power
8.1 Electric Ships Market Revenue Share, by Power (2020 and 2028)
8.2 Less than 75kW
8.2.1 Overview
8.2.2 Less than 75kW: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
8.3kW-150kW
8.3.1 Overview
8.3.2kW-150kW: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
8.4kW-745kW
8.4.1 Overview
8.4.2kW-745kW: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
8.5kW-7560kW
8.5.1 Overview
8.5.2kW-7560kW: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
8.6 More than 7560kW
8.6.1 Overview
8.6.2 More than 7560kW: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
9. Electric Ships Market Analysis and Forecast to 2028 - By Range
9.1 Electric Ships Market Revenue Share, by Range (2020 and 2028)
9.2 Less than 50 Km
9.2.1 Overview
9.2.2 Less than 50 km: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
9.3-100 Km
9.3.1 Overview
9.3.2-100 Km: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
9.4 -1000 Km
9.4.1 Overview
9.4.2-1001 Km: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
9.5 More than 1000 Km
9.5.1 Overview
9.5.2 More than 1000 Km: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
10. Electric Ships Market Analysis and Forecast to 2028 - By Ship Type
10.1 Electric Ships Market Revenue Share, by Ship Type (2020 and 2028)
10.2 Cruise Ships
10.2.1 Overview
10.2.2 Cruise Ships: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
10.3 Ferries
10.3.1 Overview
10.3.2 Ferries: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
10.4 Tankers
10.4.1 Overview
10.4.2 Tankers: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
10.5 Bulk Carriers
10.5.1 Overview
10.5.2 Bulk Carriers: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
10.6 Fishing Vessels
10.6.1 Overview
10.6.2 Fishing Vessels: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
10.7 Destroyers
10.7.1 Overview
10.7.2 Destroyers: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
10.8 Aircraft Carriers
10.8.1 Overview
10.8.2 Aircraft Carriers: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
10.9 Others
10.9.1 Overview
10.9.2 Others: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
11. Electric Ship Market - Geographic Analysis
11.1 Overview
11.2 North America: Electric Ship Market
11.2.1 Overview
11.2.2 North America Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
11.2.3 North America Electric Ship Market Breakdown, By Type
11.2.4 North America Electric Ship Market Breakdown, By Power
11.2.5 North America Electric Ship Market Breakdown, By Range
11.2.6 North America Electric Ship Market Breakdown, By Ship Type
11.2.7 North America Electric Ship Market Breakdown, by Country
11.2.7.1 US Electric Ship Market, Revenue and Forecast to
11.2.7.1.1 US Electric Ship Market Breakdown, by Type
11.2.7.1.2 US Electric Ship Market Breakdown, by Power
11.2.7.1.3 US Electric Ship Market Breakdown, by Range
11.2.7.1.4 US Electric Ship Market Breakdown, by Ship Type
11.2.7.2 Canada Electric Ship Market, Revenue and Forecast to
11.2.7.2.1 Canada Electric Ship Market Breakdown, by Type
11.2.7.2.2 Canada Electric Ship Market Breakdown, by Power
11.2.7.2.3 Canada Electric Ship Market Breakdown, by Range
11.2.7.2.4 Canada Electric Ship Market Breakdown, by Ship Type
11.3 Europe: Electric Ship Market
11.3.1 Overview
11.3.2 Europe Electric Ship Market Revenue and Forecast to 2028 (US$ million)
11.3.3 Europe Electric Ship Market Breakdown, By Type
11.3.4 Europe Electric Ship Market Breakdown, By Power
11.3.5 Europe Electric Ship Market Breakdown, By Range
11.3.6 Europe Electric Ship Market Breakdown, By Ship Type
11.3.7 Europe Electric Ship Market Breakdown, by Country
11.3.7.1 Germany Electric Ship Market, Revenue and Forecast to
11.3.7.1.1 Germany Electric Ship Market Breakdown, by Type
11.3.7.1.2 Germany Electric Ship Market Breakdown, by Power
11.3.7.1.3 Germany Electric Ship Market Breakdown, by Range
11.3.7.1.4 Germany Electric Ship Market Breakdown, by Ship Type
11.3.7.2 France Electric Ship Market, Revenue and Forecast to
11.3.7.2.1 France Electric Ship Market Breakdown, by Type
11.3.7.2.2 France Electric Ship Market Breakdown, by Power
11.3.7.2.3 France Electric Ship Market Breakdown, by Range
11.3.7.2.4 France Electric Ship Market Breakdown, by Ship Type
11.3.7.3 Italy Electric Ship Market, Revenue and Forecast to
11.3.7.3.1 Italy Electric Ship Market Breakdown, by Type
11.3.7.3.2 Italy Electric Ship Market Breakdown, by Power
11.3.7.3.3 Italy Electric Ship Market Breakdown, by Range
11.3.7.3.4 Italy Electric Ship Market Breakdown, by Ship Type
11.3.7.4 UK Electric Ship Market, Revenue and Forecast to
11.3.7.4.1 UK Electric Ship Market Breakdown, by Type
11.3.7.4.2 UK Electric Ship Market Breakdown, by Power
11.3.7.4.3 UK Electric Ship Market Breakdown, by Range
11.3.7.4.4 UK Electric Ship Market Breakdown, by Ship Type
11.3.7.5 Rest of Europe Electric Ship Market, Revenue and Forecast to
11.3.7.5.1 Rest of Europe Electric Ship Market Breakdown, by Type
11.3.7.5.2 Rest of Europe Electric Ship Market Breakdown, by Power
11.3.7.5.3 Rest of Europe Electric Ship Market Breakdown, by Range
11.3.7.5.4 Rest of Europe Electric Ship Market Breakdown, by Ship Type
11.4 APAC: Electric Ship Market
11.4.1 Overview
11.4.2 APAC Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
11.4.3 APAC Electric Ship Market Breakdown, By Type
11.4.4 APAC Electric Ship Market Breakdown, By Power
11.4.5 APAC Electric Ship Market Breakdown, By Range
11.4.6 APAC Electric Ship Market Breakdown, By Ship Type
11.4.7 APAC Electric Ship Market Breakdown, by Country
11.4.7.1 China Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
11.4.7.1.1 China Electric Ship Market Breakdown, by Type
11.4.7.1.2 China Electric Ship Market Breakdown, by Power
11.4.7.1.3 China Electric Ship Market Breakdown, by Range
11.4.7.1.4 China Electric Ship Market Breakdown, by Ship Type
11.4.7.2 Japan Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
11.4.7.2.1 Japan Electric Ship Market Breakdown, by Type
11.4.7.2.2 Japan Electric Ship Market Breakdown, by Power
11.4.7.2.3 Japan Electric Ship Market Breakdown, by Range
11.4.7.2.4 Japan Electric Ship Market Breakdown, by Ship Type
11.4.7.3 South Korea Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
11.4.7.3.1 South Korea Electric Ship Market Breakdown, by Type
11.4.7.3.2 South Korea Electric Ship Market Breakdown, by Power
11.4.7.3.3 South Korea Electric Ship Market Breakdown, by Range
11.4.7.3.4 South Korea Electric Ship Market Breakdown, by Ship Type
11.4.7.4 Australia Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
11.4.7.4.1 Australia Electric Ship Market Breakdown, by Type
11.4.7.4.2 Australia Electric Ship Market Breakdown, by Power
11.4.7.4.3 Australia Electric Ship Market Breakdown, by Range
11.4.7.4.4 Australia Electric Ship Market Breakdown, by Ship Type
11.4.7.5 Rest of APAC Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
11.4.7.5.1 Rest of APAC Electric Ship Market Breakdown, by Type
11.4.7.5.2 Rest of APAC Electric Ship Market Breakdown, by Power
11.4.7.5.3 Rest of APAC Electric Ship Market Breakdown, by Range
11.4.7.5.4 Rest of APAC Electric Ship Market Breakdown, by Ship Type
11.5 RoW: Electric Ship Market
11.5.1 Overview
11.5.2 RoW Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
11.5.3 ROW Electric Ship Market Breakdown, By Type
11.5.4 ROW Electric Ship Market Breakdown, By Power
11.5.5 ROW Electric Ship Market Breakdown, By Range
11.5.6 ROW Electric Ship Market Breakdown, By Ship Type
11.5.7 ROW Electric Ship Market Breakdown, by Country
11.5.7.1 Middle East Electric Ship Market, Revenue and Forecast to
11.5.7.1.1 Middle East Electric Ship Market Breakdown, by Type
11.5.7.1.2 Middle East Electric Ship Market Breakdown, by Power
11.5.7.1.3 Middle East Electric Ship Market Breakdown, by Range
11.5.7.1.4 Middle East Electric Ship Market Breakdown, by Ship Type
11.5.7.2 South America Electric Ship Market, Revenue and Forecast to
11.5.7.2.1 South America Electric Ship Market Breakdown, by Type
11.5.7.2.2 South America Electric Ship Market Breakdown, by Power
11.5.7.2.3 South America Electric Ship Market Breakdown, by Range
11.5.7.2.4 South America Electric Ship Market Breakdown, by Ship Type
12. Impact of COVID -19 Pandemic - Electric Ship Market
12.1 North America: Impact Assessment of COVID-19 Pandemic
12.2 Europe: Impact Assessment of COVID-19 Pandemic
12.3 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
12.4 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
12.5 South and Central America: Impact Assessment of COVID-19 Pandemic
13. Industry Landscape
13.1 Overview
13.2 Agreements, Collaborations and Joint Ventures
13.3 New Product Launches
13.4 EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
14. Company Profiles
14.1 BAE Systems
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 Duffy Electric Boat Company
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Fjellstrand AS
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 X Shore
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 General Dynamic Electric Boat
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 Hurtigruten
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 MAN Energy Solutions
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 PortLiner
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 Siemens Energy
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 VARD AS
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Products and Services
14.10.4 Financial Overview
14.10.5 SWOT Analysis
14.10.6 Key Developments
15. Appendix
15.1 About the Publisher
15.2 Glossary of Terms
List of Tables
Table 1. Global Electric Ship Market Revenue and Forecasts to 2027 (US$ Million)
Table 2. North America Electric Ship Market, Revenue and Forecast To 2028 - By Type (US$ million)
Table 3. North America Electric Ship Market, Revenue and Forecast To 2028 - By Power (US$ million)
Table 4. North America Electric Ship Market, Revenue and Forecast To 2028 - By Range (US$ million)
Table 5. North America Electric Ship Market, Revenue and Forecast To 2028 - By Ship Type (US$ million)
Table 6. North America Electric Ship Market, Revenue and Forecast To 2028 - By Country (US$ million)
Table 7. US Electric Ship Market, Revenue and Forecast to 2028 - By Type (US$ million)
Table 8. US Electric Ship Market, Revenue and Forecast to 2028 - By Power (US$ million)
Table 9. US Electric Ship Market, Revenue and Forecast to 2028 - By Range (US$ million)
Table 10. US Electric Ship Market, Revenue and Forecast to 2028 - By Ship Type (US$ million)
Table 11. Canada Electric Ship Market, Revenue and Forecast to 2028 - By Type (US$ million)
Table 12. Canada Electric Ship Market, Revenue and Forecast to 2028 - By Power (US$ million)
Table 13. Canada Electric Ship Market, Revenue and Forecast to 2028 - By Range (US$ million)
Table 14. Canada Electric Ship Market, Revenue and Forecast to 2028 - By Ship Type (US$ million)
Table 15. Europe Electric Ship Market, Revenue and Forecast To 2028 - By Type (US$ million)
Table 16. Europe Electric Ship Market, Revenue and Forecast To 2028 - By Power (US$ million)
Table 17. Europe Electric Ship Market, Revenue and Forecast To 2028 - By Range (US$ million)
Table 18. Europe Electric Ship Market, Revenue and Forecast To 2028 - By Ship Type (US$ million)
Table 19. Europe Electric Ship Market, Revenue and Forecast To 2028 - By Country (US$ million)
Table 20. Germany Electric Ship Market, Revenue and Forecast to 2028 - By Type (US$ million)
Table 21. Germany Electric Ship Market, Revenue and Forecast to 2028 - By Power (US$ million)
Table 22. Germany Electric Ship Market, Revenue and Forecast to 2028 - By Range (US$ million)
Table 23. Germany Electric Ship Market, Revenue and Forecast to 2028 - By Ship Type (US$ million)
Table 24. France Electric Ship Market, Revenue and Forecast to 2028 - By Type (US$ million)
Table 25. France Electric Ship Market, Revenue and Forecast to 2028 - By Power (US$ million)
Table 26. France Electric Ship Market, Revenue and Forecast to 2028 - By Range (US$ million)
Table 27. France Electric Ship Market, Revenue and Forecast to 2028 - By Ship Type (US$ million)
Table 28. Italy Electric Ship Market, Revenue and Forecast to 2028 - By Type (US$ million)
Table 29. Italy Electric Ship Market, Revenue and Forecast to 2028 - By Power (US$ million)
Table 30. Italy Electric Ship Market, Revenue and Forecast to 2028 - By Range (US$ million)
Table 31. Italy Electric Ship Market, Revenue and Forecast to 2028 - By Ship Type (US$ million)
Table 32. UK Electric Ship Market, Revenue and Forecast to 2028 - By Type (US$ million)
Table 33. UK Electric Ship Market, Revenue and Forecast to 2028 - By Power (US$ million)
Table 34. UK Electric Ship Market, Revenue and Forecast to 2028 - By Range (US$ million)
Table 35. UK Electric Ship Market, Revenue and Forecast to 2028 - By Ship Type (US$ million)
Table 36. Rest of Europe Electric Ship Market, Revenue and Forecast to 2028 - By Type (US$ million)
Table 37. Rest of Europe Electric Ship Market, Revenue and Forecast to 2028 - By Power (US$ million)
Table 38. Rest of Europe Electric Ship Market, Revenue and Forecast to 2028 - By Range (US$ million)
Table 39. Rest of Europe Electric Ship Market, Revenue and Forecast to 2028 - By Ship Type (US$ million)
Table 40. APAC Electric Ship Market, Revenue and Forecast To 2028 - By Type (US$ million)
Table 41. APAC Electric Ship Market, Revenue and Forecast To 2028 - By Power (US$ million)
Table 42. APAC Electric Ship Market, Revenue and Forecast To 2028 - By Range (US$ million)
Table 43. APAC Electric Ship Market, Revenue and Forecast To 2028 - By Ship Type (US$ million)
Table 44. APAC Electric Ship Market, Revenue and Forecast To 2028 - By Country (US$ million)
Table 45. China Electric Ship Market, Revenue and Forecast to 2028 - By Type (US$ million)
Table 46. China Electric Ship Market, Revenue and Forecast to 2028 - By Power (US$ million)
Table 47. China Electric Ship Market, Revenue and Forecast to 2028 - By Range (US$ million)
Table 48. China Electric Ship Market, Revenue and Forecast to 2028 - By Ship Type (US$ million)
Table 49. Japan Electric Ship Market, Revenue and Forecast to 2028 - By Type (US$ million)
Table 50. Japan Electric Ship Market, Revenue and Forecast to 2028 - By Power (US$ million)
Table 51. Japan Electric Ship Market, Revenue and Forecast to 2028 - By Range (US$ million)
Table 52. Japan Electric Ship Market, Revenue and Forecast to 2028 - By Ship Type (US$ million)
Table 53. South Korea Electric Ship Market, Revenue and Forecast to 2028 - By Type (US$ million)
Table 54. South Korea Electric Ship Market, Revenue and Forecast to 2028 - By Power (US$ million)
Table 55. South Korea Electric Ship Market, Revenue and Forecast to 2028 - By Range (US$ million)
Table 56. South Korea Electric Ship Market, Revenue and Forecast to 2028 - By Ship Type (US$ million)
Table 57. Australia Electric Ship Market, Revenue and Forecast to 2028 - By Type (US$ million)
Table 58. Australia Electric Ship Market, Revenue and Forecast to 2028 - By Power (US$ million)
Table 59. Australia Electric Ship Market, Revenue and Forecast to 2028 - By Range (US$ million)
Table 60. Australia Electric Ship Market, Revenue and Forecast to 2028 - By Ship Type (US$ million)
Table 61. Rest of APAC Electric Ship Market, Revenue and Forecast to 2028 - By Type (US$ million)
Table 62. Rest of APAC Electric Ship Market, Revenue and Forecast to 2028 - By Power (US$ million)
Table 63. Rest of APAC Electric Ship Market, Revenue and Forecast to 2028 - By Range (US$ million)
Table 64. Rest of APAC Electric Ship Market, Revenue and Forecast to 2028 - By Ship Type (US$ million)
Table 65. ROW Electric Ship Market, Revenue and Forecast To 2028 - By Type (US$ million)
Table 66. ROW Electric Ship Market, Revenue and Forecast To 2028 - By Power (US$ million)
Table 67. ROW Electric Ship Market, Revenue and Forecast To 2028 - By Range (US$ million)
Table 68. ROW Electric Ship Market, Revenue and Forecast To 2028 - By Ship Type (US$ million)
Table 69. ROW Electric Ship Market, Revenue and Forecast To 2028 - By Country (US$ million)
Table 70. Middle East Electric Ship Market, Revenue and Forecast to 2028 - By Type (US$ million)
Table 71. Middle East Electric Ship Market, Revenue and Forecast to 2028 - By Power (US$ million)
Table 72. Middle East Electric Ship Market, Revenue and Forecast to 2028 - By Range (US$ million)
Table 73. Middle East Electric Ship Market, Revenue and Forecast to 2028 - By Ship Type (US$ million)
Table 74. South America Electric Ship Market, Revenue and Forecast to 2028 - By Type (US$ million)
Table 75. South America Electric Ship Market, Revenue and Forecast to 2028 - By Power (US$ million)
Table 76. South America Electric Ship Market, Revenue and Forecast to 2028 - By Range (US$ million)
Table 77. South America Electric Ship Market, Revenue and Forecast to 2028 - By Ship Type (US$ million)
Table 78. Glossary of Term: ELECTRIC SHIP Market
List of Figures
Figure 1. Global Electric Ship Market Segmentation
Figure 2. Global Electric Ship Market Segmentation - By Geography
Figure 3. Global Electric Ship Market Overview
Figure 4. Hybrid Electric Ships Segment Held the Largest Market Share in 2020
Figure 5. - 7560 Kw Held the Largest Market Share in 2020
Figure 6. - 1000 Km Held the Largest Market Share in 2020
Figure 7. Ferries Held the Largest Market Share in 2020
Figure 8. Europe was the Largest Revenue Contributor in 2020
Figure 9. North America - PEST Analysis
Figure 10. Europe PEST - Analysis
Figure 11. Asia-Pacific - PEST analysis
Figure 12. Middle East & Africa - PEST analysis
Figure 13. South America - PEST Analysis
Figure 14. Electric Ship Market - Ecosystem Analysis
Figure 15. Electric Ship Market: Impact Analysis of Drivers and Restraints
Figure 16. Global Electric Ship Market, 2020 - 2028, US$ Million
Figure 17. Global Electric Ship Market Forecast and Analysis to 2028, US$ Million
Figure 18. Electric Ships Market Revenue Share, by Type (2020 and 2028)
Figure 19. Battery Electric Ships: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
Figure 20. Plug-in Electric Ships: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
Figure 21. Hybrid Electric Ships: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
Figure 22. Electric Ships Market Revenue Share, by Power (2020 and 2028)
Figure 23. Less than 75kW: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
Figure 24.kW-150kW: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
Figure 25.kW-745kW: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
Figure 26.kW-7560kW: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
Figure 27. More than 7560kW: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
Figure 28. Electric Ships Market Revenue Share, by Range (2020 and 2028)
Figure 29. Less than 50 Km: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
Figure 30.-100 Km: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
Figure 31.-1001 Km: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
Figure 32. More than 1000 Km: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
Figure 33. Electric Ships Market Revenue Share, by Ship Type (2020 and 2028)
Figure 34. Cruise Ships: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
Figure 35. Ferries: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
Figure 36. Tankers: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
Figure 37. Bulk Carriers: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
Figure 38. Fishing Vessels: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
Figure 39. Destroyers: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
Figure 40. Aircraft Carriers: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
Figure 41. Others: Electric Ships Market - Revenue and Forecast to 2028 (US$ Million)
Figure 42. Global Electric Ship Market Breakdown, by Region, 2020 & 2028 (%)
Figure 43. North America Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 44. North America Electric Ship Market Breakdown, By Type, 2020 & 2028 (%)
Figure 45. North America Electric Ship Market Breakdown, By Power, 2020 & 2028 (%)
Figure 46. North America Electric Ship Market Breakdown, By Range, 2020 & 2028 (%)
Figure 47. North America Electric Ship Market Breakdown, By Ship Type, 2020 & 2028 (%)
Figure 48. North America Electric Ship Market Breakdown, by Country, 2020 & 2028 (%)
Figure 49. US Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 50. Canada Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 51. Europe Electric Ship Market, Revenue and Forecast To 2028 (US$ million)
Figure 52. Europe Electric Ship Market Breakdown, By Type, 2020 & 2028 (%)
Figure 53. Europe Electric Ship Market Breakdown, By Power, 2020 & 2028 (%)
Figure 54. Europe Electric Ship Market Breakdown, By Range, 2020 & 2028 (%)
Figure 55. Europe Electric Ship Market Breakdown, By Ship Type, 2020 & 2028 (%)
Figure 56. Europe Electric Ship Market Breakdown, by Country, 2020 & 2027(%)
Figure 57. Germany Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 58. France Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 59. Italy Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 60. UK Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 61. Rest of Europe Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 62. APAC Electric Ship Market, Revenue and Forecast To 2028 (US$ million)
Figure 63. APAC Electric Ship Market Breakdown, By Type, 2020 & 2028 (%)
Figure 64. APAC Electric Ship Market Breakdown, By Power, 2020 & 2028 (%)
Figure 65. APAC Electric Ship Market Breakdown, By Range, 2020 & 2028 (%)
Figure 66. APAC Electric Ship Market Breakdown, By Ship Type, 2020 & 2028 (%)
Figure 67. APAC Electric Ship Market Breakdown, by Country, 2020 & 2028 (%)
Figure 68. China Electric Ship Market, Revenue and Forecast To 2028 (US$ million)
Figure 69. Japan Electric Ship Market, Revenue and Forecast To 2028 (US$ million)
Figure 70. South Korea Electric Ship Market, Revenue and Forecast To 2028 (US$ million)
Figure 71. Australia Electric Ship Market, Revenue and Forecast To 2028 (US$ million)
Figure 72. Rest of APAC Electric Ship Market, Revenue and Forecast To 2028 (US$ million)
Figure 73. ROW Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 74. ROW Electric Ship Market Breakdown, By Type, 2020 & 2028 (%)
Figure 75. ROW Electric Ship Market Breakdown, By Power, 2020 & 2028 (%)
Figure 76. ROW Electric Ship Market Breakdown, By Range, 2020 & 2028 (%)
Figure 77. ROW Electric Ship Market Breakdown, By Ship Type, 2020 & 2028 (%)
Figure 78. ROW Electric Ship Market Breakdown, by Country, 2020 & 2028 (%)
Figure 79. Middle East Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 80. South America Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 81. Impact of COVID-19 Pandemic in North America Country Markets
Figure 82. Impact of COVID-19 Pandemic in European Country Markets
Figure 83. Impact of COVID-19 Pandemic in Asia Pacific Country Markets
Figure 84. IMPACT OF COVID-19 PANDEMIC IN MIDDLE EAST AND AFRICAN COUNTRY MARKETS
Figure 85. Impact of COVID-19 Pandemic in South and Central America Country Markets

FEATURED COMPANIES

  • Bae Systems
  • Fjellstrand As
  • Hurtigruten
  • Man Energy Solutions
  • Portliner
  • Siemens Energy
The global electric ships market is expected to grow from US$ 3.82 billion in 2021 to US$ 7.76 billion by 2028; it is estimated to grow at a CAGR of 10.3% from 2021 to 2028.

The electric ships market is expected to grow rapidly in the coming years due to the rise in the adoption of hybrid and electric propulsion systems for retrofitting ships and increasing regulatory support from government authorities & industry associations. Asia Pacific includes large emerging countries, such as China and India, where government and private sector investments in shipyard construction increase quickly. Similarly, governments in smaller countries, such as Indonesia and the Philippines, attract investors that boost the growth of the electric ships market. In APAC, the demand for electric ships increases due to the rising sea trade activities and growing government focus on reducing gas emissions. industry This has resulted in ship integrators and owners switching the existing diesel-driven engines with electric or hybrid propulsion systems. Therefore, these rising sea trade activities and increasing government focus on reducing gas emissions factors create a vast opportunity for the APAC electric ships market players to produce more electric ships.

The Asia Pacific electric ships market has many players accounting for small market shares. A few of the prominent companies in the market in this region are ABB, General Electric, and Wartsila. The major players are spending heavily on research and development of new products and delivering mobile cranes globally. For instance, Vallianz, SeaTech, Shift Clean Energy, and ABS are teaming up to design and build an all-electric harbor tug. Vallianz has cut steel on the first all-electric harbor tug in Asia Pacific at its shipyard in Batam, Indonesia. Based on the E-Volt Electric Tug design by SeaTech, the vessel will be driven by a fully-classed electric battery system provided by Shift. This follows a recent memorandum of understanding between Vallianz and Shift Clean Energy to collaborate on vessels that require electrification solutions.

The key stakeholders in the global electric ship market ecosystem include raw material suppliers, component providers, propulsion system manufacturers, Shipbuilders/electric ship manufacturers, and end users. The propulsion system manufacturer plays a crucial role in the growth of the electric ship market as they are continuously developing an advanced system to enhance electric power generations. The raw materials suppliers are the initial stakeholders of the electric ship market as they provide various metals, such as steel, plastics, GRP (Glass Reinforced Plastic), ferrous metals, and wood. The material improves the shipbuilding and components' quality for better performance and lifespan. The components providers offer various parts, including electric motors, propellers, switchboards, filters, generators, and control systems. Propulsion system manufacturers procure the components and assemble them into one system to be installed in the ships. YANMAR HOLDINGS CO., LTD; BAE Systems; Siemens AG; Wartsila Corporation; and ZF Friedrichshafen AG are among the key market players developing hybrid and electric propulsion systems in the market. The shipbuilders/electric ship manufacturers include BAE Systems, Hurtigruten, MAN Energy Solutions, Siemens Energy, and General Dynamics Electric Boat. They mainly focus on customers' requirements to integrate the advanced technology into ships that end users can use. These systems can also be customized as per specific requirements and operations of different end users involved in the electric ships market.

Impact of COVID-19 Pandemic on Electric Ships Market
The COVID-19 pandemic severely impacted APAC due to the widespread infection. Countries in this region are highly populated, subjecting them to a greater risk of spreading and contracting this contagious disease. According to the Organization for Economic Co-operation and Development (OECD), the pandemic affected major economies, such as China, India, Australia, and Japan, which are experiencing inflation. The supply chain disturbances and the tremendous demand for efficient treatments for the therapy of COVID-19 have put the tourism industry in a crucial situation in Asia Pacific. Prohibited measures have been taken to contain the spread of COVID-19 through waterways also. COVID-19 spread has affected the electric ships demand as there was decline in demand of goods in various countries due to the restrictions imposed. This restrictions on trade and tourism through waterways has affected the growth of the electric ships market in Asia Pacific. However, as the countries uplifted lockdown and industries resumed their operations, the demand for electric ships from various end-users surged at the end of 2020.

The overall electric ships market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the electric ships market with respect to all the market segments. Also, primary interviews were conducted with industry participants to validate data and gain more analytical insights. The participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders—specializing in the electric ships market. A few major players operating in the market are BAE Systems, Duffy Electric Boat Company, Fjellstrand AS, X Shore, General Dynamic Electric Boat, Hurtigruten, MAN Energy Solutions, PortLiner, Siemens Energy, and VARD AS.

A selection of companies mentioned in this report includes:

  • Bae Systems
  • Duffy Electric Boat Company
  • Fjellstrand As
  • X Shore
  • General Dynamic Electric Boat
  • Hurtigruten
  • Man Energy Solutions
  • Portliner
  • Siemens Energy
  • Vard As