Electric Ship Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Carriage Type (Passenger and Cargo), By Propulsion Type (Hybrid and Pure Electric), By Battery Type (Lead-acid, Lithium-ion, and Nickel-based Batteries), By Region, By Competition.

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Summary

Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 5.3 billion

CAGR (2023-2028)

12.1%

Fastest Growing Segment

Pure Electric

Largest Market

Europe


Market Overview

Global Electric Ship Market has valued at USD 5.3 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 12.1% through 2028. An electric ship, such as a full battery electric or electric hybrid ship, is propelled by an electric drive system. Renewable energy sources, such solar and wind power, are used by electric vessels. A fuel-powered engine serves as the major source of power in a hybrid ship, with an electric motor serving as a backup. Rising demand for hybrid and completely electric ships like ferries, yachts, cruise ships, container ships, and cargo ships is what's fueling the industry expansion. The push for zero-emission transportation systems, the reduction of carbon emissions, and technological advancements in energy storage systems are the main drivers of market expansion. Additionally, the use of electric ships is growing in popularity because of their eco-friendliness, energy efficiency, and cost-effectiveness. Electric ships will become more necessary as conventional ships emit more gasoline-related pollutants into the atmosphere. Additionally, many cruise ships, general cargo, oil tankers, gas carriers, and container ships run on heavy diesel oil. Around 90,000 ships operate in the global fleet, which annually emits roughly 370 Mt of petroleum and nearly 20 Mt of sulfur dioxide. Similar to how using marine boats (diesel) for inland shipping reduces pollution compared to using heavy oil. These ships will emit more exhaust gases because of the expanding maritime trade and tourism. In the ensuing years, this will lead to clean (green-electric) transportation ships.

Key Market Drivers

Environmental Concerns and Emission Reduction

One of the primary drivers of the global electric ship market is the growing emphasis on environmental sustainability and the need to reduce greenhouse gas emissions from the maritime sector. As awareness of climate change and its consequences continues to rise, the shipping industry is under increasing pressure to adopt cleaner and more efficient propulsion systems. Electric ships, powered by batteries or fuel cells, offer a promising solution to mitigate the environmental impact of maritime transportation. These electric propulsion systems produce zero direct emissions, making them an attractive option for shipowners and operators seeking to comply with stricter emission regulations. Additionally, as more regions implement stringent emission standards, electric ships become a crucial component of the maritime industry's efforts to reduce its carbon footprint. The global shift towards sustainability and the desire to minimize the adverse effects of shipping on marine ecosystems are driving the demand for electric ships across various vessel categories, including ferries, container ships, and cruise liners.

Technological Advancements and Battery Innovations

The rapid advancement of battery technology is a pivotal driver behind the growth of the electric ship market. Lithium-ion batteries have witnessed substantial improvements in terms of energy density, safety, and cost-effectiveness. These advancements have enabled electric ships to operate for longer durations and cover greater distances, making them a viable option for a wider range of maritime applications. Battery manufacturers are continually developing specialized marine batteries capable of withstanding the harsh conditions of the open sea. These batteries are designed to provide high energy output, fast charging capabilities, and extended operational life, all essential attributes for electric ships. Moreover, the decreasing cost of batteries is enhancing the economic viability of electric ship conversions and newbuild projects. In addition to traditional batteries, hydrogen fuel cells are emerging as an alternative power source for electric ships. Fuel cell technology offers the advantage of rapid refueling, which is particularly valuable for ships with tight schedules. As advancements in fuel cell efficiency and infrastructure continue, hydrogen-based electric ships are poised to become a competitive option in the maritime industry.

Cost Savings and Operational Efficiency

Electric ships can yield significant cost savings over their operational lifetime, driving their adoption among shipowners and operators. Although the upfront investment in electric propulsion systems may be higher than conventional diesel engines, electric ships benefit from lower operating and maintenance costs. These savings primarily stem from the reduced consumption of fossil fuels, which are not only expensive but also subject to price volatility. Electric ships are highly efficient, converting a higher percentage of their energy into propulsion compared to traditional combustion engines. This efficiency results in lower fuel consumption and decreased fuel-related expenses. Additionally, electric propulsion systems require less maintenance due to fewer moving parts and a simpler mechanical structure, contributing to further operational cost reductions. Furthermore, governments and organizations are offering financial incentives and subsidies to encourage the adoption of electric ships, further enhancing their cost-effectiveness. These incentives may include tax breaks, grants, and access to favorable financing terms, making the transition to electric propulsion even more appealing for shipowners.

Stringent Emission Regulations

Stringent emission regulations imposed by governments and international organizations are a significant driver of the global electric ship market. Regulatory bodies like the International Maritime Organization (IMO) have set increasingly ambitious targets to reduce the maritime industry's emissions, forcing shipowners to seek cleaner propulsion alternatives. Emission control areas (ECAs) established in sensitive coastal regions impose strict limits on sulfur and nitrogen oxide emissions. Compliance with these regulations often requires the use of low-sulfur marine fuels or the installation of exhaust gas cleaning systems, both of which can be costly and logistically challenging. Electric ships, with their emissions-free operation, offer a straightforward solution for meeting ECA requirements.

Advancements in Charging Infrastructure

The availability of reliable and efficient charging infrastructure is critical for the widespread adoption of electric ships. In recent years, significant progress has been made in developing shoreside and onboard charging solutions that accommodate the unique requirements of electric vessels. Ports and terminals worldwide are investing in electric charging infrastructure to support the electrification of their fleets. Shore power connections, also known as "cold ironing," enable ships to plug into the electrical grid while in port, reducing the need to run onboard generators. These installations are becoming more common, especially in urban areas and regions with strict air quality regulations. Additionally, the development of fast-charging technologies for electric ships is gaining momentum. Fast chargers allow vessels to recharge their batteries quickly, reducing turnaround times and increasing operational efficiency. This innovation is particularly beneficial for ferries and short-sea shipping routes, where frequent stops and short layovers are typical.

Public and Private Sector Collaboration

Collaboration between the public and private sectors is instrumental in advancing the electric ship market. Governments, research institutions, and industry stakeholders are working together to accelerate the development and adoption of electric propulsion technology in the maritime sector. Public funding initiatives and research programs support the development of electric ship prototypes, the improvement of battery technology, and the establishment of testing facilities. These initiatives play a crucial role in reducing the technical and financial barriers associated with electric ship adoption. Furthermore, partnerships between shipbuilders, energy companies, and technology providers are fostering innovation in electric ship design and infrastructure. These collaborations lead to the creation of integrated solutions that address the unique challenges of electrifying various types of vessels. For example, partnerships between shipyards and battery manufacturers have resulted in the design of electric ferries with custom battery systems tailored to specific operational requirements.

 

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Key Market Challenges

Limited Infrastructure for Charging and Energy Supply (Approx. 400 words)

One of the foremost challenges confronting the electric ship market is the limited availability and adequacy of charging and energy supply infrastructure. Unlike conventional ships, which can refuel with ease at ports worldwide, electric ships require specialized charging facilities. These facilities must provide high-capacity electricity to replenish the vessel's batteries efficiently. Currently, only a limited number of ports and terminals are equipped with the necessary shore charging infrastructure. Establishing such infrastructure in existing ports or building entirely new facilities can be a resource-intensive and time-consuming process. Additionally, the compatibility of charging systems and connectors may vary, leading to compatibility issues and further complicating the charging process. The lack of standardized charging protocols and infrastructure presents an additional hurdle. Standardization is critical to ensure that electric ships can charge at different ports and under various conditions seamlessly. Collaborative efforts between governments, port authorities, and industry stakeholders are essential to address this challenge by establishing consistent and interoperable charging standards.

High Initial Costs and Limited Economic Viability

The transition to electric ships often entails a higher initial capital investment compared to traditional vessels with conventional propulsion systems. Electric propulsion systems, including batteries or hydrogen fuel cells, are currently more expensive than traditional internal combustion engines. This upfront cost can be a significant deterrent for ship owners, especially in a highly competitive industry with tight profit margins. Despite the long-term cost savings due to reduced fuel and maintenance expenses, the return on investment for electric ships may take several years to materialize. The economic viability of electric vessels depends on factors such as the vessel's size, intended use, and the availability of financial incentives or subsidies. Moreover, the uncertainty surrounding the future cost trajectory of electric propulsion technologies poses a financial risk for ship owners. As battery and fuel cell prices continue to evolve, it can be challenging to forecast the total cost of ownership accurately. This uncertainty can lead to hesitancy in adopting electric ship solutions.

Limited Range and Energy Storage Capacity

The limited range and energy storage capacity of batteries or fuel cells in electric ships represent a significant operational challenge. Unlike conventional ships that can carry vast quantities of fuel for extended voyages, electric vessels rely on their onboard energy storage systems. Electric ships face constraints related to the weight and space required for energy storage, which can impact their range and operational flexibility. For some vessel types, particularly long-haul container ships and deep-sea cargo vessels, the limited range of electric propulsion systems can be a critical barrier to adoption.

Technological Advancements and Reliability

Electric propulsion technologies for ships are rapidly evolving, but they are not without technological challenges. Reliability and performance are paramount in the maritime industry, where vessels operate in demanding conditions and must meet strict schedules. Batteries must withstand the harsh marine environment, including exposure to saltwater, extreme temperatures, and vibrations. Ensuring the reliability and durability of marine-grade batteries remains a significant challenge. Furthermore, the performance of electric propulsion systems under varying load conditions and power demands must be optimized to match the requirements of different vessel types and operational profiles. Achieving a balance between power output, efficiency, and energy consumption is a complex task that requires ongoing research and development. The industry also faces challenges related to the supply chain for electric ship components, such as batteries and fuel cells. Ensuring a consistent and reliable supply of high-quality components is essential to avoid potential disruptions in ship production and operation.

Regulatory and Certification Challenges

The maritime industry is highly regulated to ensure safety, environmental protection, and operational standards. However, existing regulations and certification processes may not fully accommodate electric ships and their unique requirements. This misalignment can pose challenges for manufacturers, shipowners, and operators. Regulatory bodies, such as the International Maritime Organization (IMO), need to adapt existing rules and develop new standards to address electric propulsion systems. These standards should cover safety, emissions, and operational aspects of electric ships to ensure their compliance with international regulations. Certifying electric ships can be a complex process due to the novel technologies involved. Ensuring that electric propulsion systems meet stringent safety and performance standards is essential to secure regulatory approval. Furthermore, the certification process must consider the integration of charging infrastructure and shore power connections at ports.

Energy Source and Sustainability

The source of electricity for electric ships can be a complex issue with implications for sustainability. While electric propulsion systems themselves are emissions-free, the environmental impact depends on the source of the electricity used for charging or hydrogen production in fuel cell systems. In regions where electricity generation relies heavily on fossil fuels, the environmental benefits of electric ships may be compromised. Ships charging from grids powered by coal or natural gas may not achieve the desired reduction in greenhouse gas emissions. To maximize sustainability, it is essential to couple the adoption of electric ships with efforts to transition towards renewable energy sources for electricity generation. Additionally, the environmental impact of manufacturing and disposing of batteries or fuel cells must be considered. The extraction of materials for battery production and the recycling or disposal of used batteries pose environmental challenges. Developing more sustainable and environmentally friendly battery technologies and recycling processes is critical.

Key Market Trends

Increasing Emphasis on Environmental Sustainability

One of the most prominent trends in the global electric ship market is the increasing emphasis on environmental sustainability. Concerns about climate change and its impact on the marine ecosystem have led to a growing demand for cleaner and more sustainable maritime transportation solutions. Electric ships, powered by batteries, fuel cells, or other emissions-free technologies, are gaining popularity as a means to reduce greenhouse gas emissions and minimize the environmental footprint of the shipping industry. Regulatory bodies, such as the International Maritime Organization (IMO), are imposing stricter emissions standards, creating a strong incentive for shipowners to adopt electric propulsion systems. This trend aligns with global efforts to reduce carbon emissions from the transportation sector and achieve sustainability goals outlined in international agreements like the Paris Agreement.

Expansion of Electric Ship Applications

The trend towards the expansion of electric ship applications is significantly impacting the market. While electric propulsion systems were initially adopted in niche segments such as ferries and smaller vessels, there is a growing realization of their potential across a broader spectrum of maritime applications. Electric propulsion technology is now being explored for use in various vessel types, including container ships, bulk carriers, offshore support vessels, and even deep-sea exploration vessels. Advances in battery technology, increased charging infrastructure, and improved range capabilities have contributed to the feasibility of electric power for larger and more diverse ship categories.

Integration of Hybrid and Energy Management Systems

The integration of hybrid propulsion systems and advanced energy management systems is another noteworthy trend in the global electric ship market. Hybrid electric propulsion combines traditional internal combustion engines with electric systems, allowing ships to operate more efficiently and reduce fuel consumption and emissions. Hybrid solutions can be particularly advantageous for vessels with varying power requirements, such as those operating in dynamic conditions, like offshore supply vessels or research vessels. These systems can seamlessly switch between electric and conventional power sources, optimizing energy usage based on real-time demands.

Advancements in Battery Technology

Advancements in battery technology are a key trend shaping the global electric ship market. Batteries are a critical component of electric propulsion systems, and ongoing developments in battery chemistry, energy density, and safety are driving the adoption of electric ships. Lithium-ion batteries have seen significant improvements in energy density and reliability. These advancements have led to the development of high-capacity marine batteries capable of providing extended operational ranges and faster charging times. Lithium-sulfur and solid-state batteries are emerging as potential alternatives that offer even higher energy densities and improved safety profiles. Battery manufacturers are also focusing on developing batteries specifically designed for the maritime environment, which must withstand conditions such as saltwater exposure, extreme temperatures, and vibrations. Marine-grade batteries are essential for ensuring the reliability and durability of electric ships.

Segmental Insights

Propulsion Type Analysis

The market dominance of hybrid propulsion technology is a result of its lower failure risk. The market is divided into hybrid and fully electric segments based on the type of propulsion. Hybrid propulsion can cut fuel usage by over 20% and ship CO2 emissions by up to 15%. Increasing the adoption of zero-emission transportation systems and lowering carbon emissions are two significant aspects supporting the hybrid segment's supremacy. Electric and conventional propulsion systems are combined in hybrid propulsion technology. Due to the growing use of fully electric propulsion for small passenger ships and ferries operating on interior waterways, the fully electric segment is predicted to experience significant market growth. Additionally, compared to a traditional ferry, its CO2 emissions are only 5%.

Carraige Type Analysis

Due to expanding trade liberalization, the commercial ship segment held the largest share. The market is split into two categories based on carriage type: passenger ships and commercial ships. The market share that belonged to commercial ships was highest. Over the past few years, the volume of maritime trade has increased due to the expanding trade liberalization. The number of ships, such as bulk carriers, container ships, and oil tankers, added to the current fleet has also significantly expanded. However, worries about fuel economy, climate change, and air pollution have led to a rise in the use of electric ships, particularly hybrid ships.

 

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Regional Insights

The highest market share is estimated to be held by Europe, which is also anticipated to have significant growth throughout the forecast period. In response to expanding environmental rules and emission requirements, Sweden is actively promoting the adoption of electric boats and ships in the region along with Norway, Finland, and Finland. Additionally, it is anticipated that the rising demand for electric recreational and leisure vessels in the region's fishing, water sports, and marine tourism will fuel market expansion. To achieve their transportation-related carbon neutrality goals, various European nations like Sweden, Finland, Norway, and the Netherlands have adopted government initiatives and policies that are expected to play a significant role in making Europe one of the world's leading economies.

North America is anticipated to experience the highest growth after Europe, followed by Asia-Pacific. Given that the majority of Americans like boating and other leisure activities, the US is regarded as a key destination for boaters in North America.

The Asia-Pacific area is growing as a result of new technology like enhanced battery storage systems, expanding seaborne trade, and marine tourism. India, China, and Japan are expected to make substantial contributions to market expansion.

Recent Developments

  • For two new wind farm support CSOVs to be constructed at Cochin Shipyard in India, Kongsberg Gruppen was awarded a NOK 300 million (USD 30 million) contract by Pelagic Wind Services in November 2022. This contract calls for Kongsberg to provide cutting-edge vessel design and equipment. A complete hybrid propulsion system driving extremely effective, permanent magnet azimuth thrusters is part of the total equipment package for the vessels, which will be based on Kongsberg Maritime's UT 5519 HL design.
  • General Dynamics Electric Boat was awarded a USD 37.3 million modification contract by the US Navy in November 2022.
  • Samsung Heavy Industries created a liquid hydrogen fuel cell technology for ship propulsion in November 2022, and the classification organization DNV gave it its preliminary certification. The system makes advantage of the electricity produced by polymer and liquid hydrogen.
  • The new generation C-8 flying electric boat from Swedish electric boat manufacturer Candela was introduced in May 2022 for use as a water taxi in Venice, Italy.
  • After Yichang Xin Hui Shipbuilding launched China's first 100-meter-long battery-powered cruise ship with a capacity to carry 1300 passengers in May 2022, China declared the growth of the manufacture of electric ships.
  • In order to increase electric boat production in Sweden and grow their R&D and new product development operations, the Swedish electric boat company X Shore raised USD 50 million in April 2022.

Key Market Players

  • Vision Marine Technologies Inc.
  • Grove Boats SA
  • Ruban Bleu
  • ElectraCraft Boats
  • Greenline Yachts
  • Domani Yachts
  • Ganz Boats GmbH
  • Quadrofoil
  • Duffy Electric Boats
  • Groupe Beneteau

 By Carriage Type

By Propulsion Type

By Battery Type

By Region
  • Passenger
  • Cargo
  • Hybrid
  • Pure Electric
  • Lead-acid
  • Lithium-ion
  • Nickel-based Batteries
  • North America
  • Europe & CIS
  • Asia Pacific
  • South America
  • Middle East & Africa

Report Scope:

In this report, the Global Electric Ship Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Electric Ship Market, By Carriage Type:

o   Passenger

o   Cargo

  • Electric Ship Market, By Propulsion Type:

o   Hybrid

o   Pure Electric

  • Electric Ship Market, By Battery Type:

o   Lead-acid

o   Lithium-ion

o   Nickel-based Batteries

  • Electric Ship Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe & CIS

§  Germany

§  Spain

§  France

§  Russia

§  Italy

§  United Kingdom

§  Belgium

o   Asia-Pacific

§  China

§  India

§  Japan

§  Indonesia

§  Thailand

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  Turkey

§  Iran

§  Saudi Arabia

§  UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Electric Ship Market.

Available Customizations:

Global Electric Ship Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Electric Ship Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]  

Table of content

1.    Introduction

1.1.  Market Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Impact of COVID-19 on Global Electric Ship Market

5.    Global Electric Ship Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Carriage Type Market Share Analysis (Passenger and Cargo)

5.2.2.    By Propulsion Type Market Share Analysis (Hybrid and Pure Electric)

5.2.3.    By Battery Type Market Share Analysis (Lead-acid, Lithium-ion, and Nickel-based Batteries)

5.2.4.    By Regional Market Share Analysis

5.2.4.1.        Asia-Pacific Market Share Analysis

5.2.4.2.        Europe & CIS Market Share Analysis

5.2.4.3.        North America Market Share Analysis

5.2.4.4.        South America Market Share Analysis

5.2.4.5.        Middle East & Africa Market Share Analysis

5.2.5.    By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2022)

5.3.  Global Electric Ship Market Mapping & Opportunity Assessment

5.3.1.    By Carriage Type Market Mapping & Opportunity Assessment

5.3.2.    By Propulsion Type Market Mapping & Opportunity Assessment

5.3.3.    By Battery Type Market Mapping & Opportunity Assessment

5.3.4.    By Regional Market Mapping & Opportunity Assessment

6.    Asia-Pacific Electric Ship Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Carriage Type Market Share Analysis

6.2.2.    By Propulsion Type Market Share Analysis

6.2.3.    By Battery Type Market Share Analysis

6.2.4.    By Country Market Share Analysis

6.2.4.1.        China Market Share Analysis

6.2.4.2.        India Market Share Analysis

6.2.4.3.        Japan Market Share Analysis

6.2.4.4.        Indonesia Market Share Analysis

6.2.4.5.        Thailand Market Share Analysis

6.2.4.6.        South Korea Market Share Analysis

6.2.4.7.        Australia Market Share Analysis

6.2.4.8.        Rest of Asia-Pacific Market Share Analysis

6.3.  Asia-Pacific: Country Analysis

6.3.1.    China Electric Ship Market Outlook

6.3.1.1.        Market Size & Forecast

6.3.1.1.1.            By Value

6.3.1.2.        Market Share & Forecast

6.3.1.2.1.            By Carriage Type Market Share Analysis

6.3.1.2.2.            By Propulsion Type Market Share Analysis

6.3.1.2.3.            By Battery Type Market Share Analysis

6.3.2.    India Electric Ship Market Outlook

6.3.2.1.        Market Size & Forecast

6.3.2.1.1.            By Value

6.3.2.2.        Market Share & Forecast

6.3.2.2.1.            By Carriage Type Market Share Analysis

6.3.2.2.2.            By Propulsion Type Market Share Analysis

6.3.2.2.3.            By Battery Type Market Share Analysis

6.3.3.    Japan Electric Ship Market Outlook

6.3.3.1.        Market Size & Forecast

6.3.3.1.1.            By Value

6.3.3.2.        Market Share & Forecast

6.3.3.2.1.            By Carriage Type Market Share Analysis

6.3.3.2.2.            By Propulsion Type Market Share Analysis

6.3.3.2.3.            By Battery Type Market Share Analysis

6.3.4.    Indonesia Electric Ship Market Outlook

6.3.4.1.        Market Size & Forecast

6.3.4.1.1.            By Value

6.3.4.2.        Market Share & Forecast

6.3.4.2.1.            By Carriage Type Market Share Analysis

6.3.4.2.2.            By Propulsion Type Market Share Analysis

6.3.4.2.3.            By Battery Type Market Share Analysis

6.3.5.    Thailand Electric Ship Market Outlook

6.3.5.1.        Market Size & Forecast

6.3.5.1.1.            By Value

6.3.5.2.        Market Share & Forecast

6.3.5.2.1.            By Carriage Type Market Share Analysis

6.3.5.2.2.            By Propulsion Type Market Share Analysis

6.3.5.2.3.            By Battery Type Market Share Analysis

6.3.6.    South Korea Electric Ship Market Outlook

6.3.6.1.        Market Size & Forecast

6.3.6.1.1.            By Value

6.3.6.2.        Market Share & Forecast

6.3.6.2.1.            By Carriage Type Market Share Analysis

6.3.6.2.2.            By Propulsion Type Market Share Analysis

6.3.6.2.3.            By Battery Type Market Share Analysis

6.3.7.    Australia Electric Ship Market Outlook

6.3.7.1.        Market Size & Forecast

6.3.7.1.1.            By Value

6.3.7.2.        Market Share & Forecast

6.3.7.2.1.            By Carriage Type Market Share Analysis

6.3.7.2.2.            By Propulsion Type Market Share Analysis

6.3.7.2.3.            By Battery Type Market Share Analysis

7.    Europe & CIS Electric Ship Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Carriage Type Market Share Analysis

7.2.2.    By Propulsion Type Market Share Analysis

7.2.3.    By Battery Type Market Share Analysis

7.2.4.    By Country Market Share Analysis

7.2.4.1.        Germany Market Share Analysis

7.2.4.2.        Spain Market Share Analysis

7.2.4.3.        France Market Share Analysis

7.2.4.4.        Russia Market Share Analysis

7.2.4.5.        Italy Market Share Analysis

7.2.4.6.        United Kingdom Market Share Analysis

7.2.4.7.        Belgium Market Share Analysis

7.2.4.8.        Rest of Europe & CIS Market Share Analysis

7.3.  Europe & CIS: Country Analysis

7.3.1.    Germany Electric Ship Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.            By Value

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.            By Carriage Type Market Share Analysis

7.3.1.2.2.            By Propulsion Type Market Share Analysis

7.3.1.2.3.            By Battery Type Market Share Analysis

7.3.2.    Spain Electric Ship Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.            By Value

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.            By Carriage Type Market Share Analysis

7.3.2.2.2.            By Propulsion Type Market Share Analysis

7.3.2.2.3.            By Battery Type Market Share Analysis

7.3.3.    France Electric Ship Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.            By Value

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.            By Carriage Type Market Share Analysis

7.3.3.2.2.            By Propulsion Type Market Share Analysis

7.3.3.2.3.            By Battery Type Market Share Analysis

7.3.4.    Russia Electric Ship Market Outlook

7.3.4.1.        Market Size & Forecast

7.3.4.1.1.            By Value

7.3.4.2.        Market Share & Forecast

7.3.4.2.1.            By Carriage Type Market Share Analysis

7.3.4.2.2.            By Propulsion Type Market Share Analysis

7.3.4.2.3.            By Battery Type Market Share Analysis

7.3.5.    Italy Electric Ship Market Outlook

7.3.5.1.        Market Size & Forecast

7.3.5.1.1.            By Value

7.3.5.2.        Market Share & Forecast

7.3.5.2.1.            By Carriage Type Market Share Analysis

7.3.5.2.2.            By Propulsion Type Market Share Analysis

7.3.5.2.3.            By Battery Type Market Share Analysis

7.3.6.    United Kingdom Electric Ship Market Outlook

7.3.6.1.        Market Size & Forecast

7.3.6.1.1.            By Value

7.3.6.2.        Market Share & Forecast

7.3.6.2.1.            By Carriage Type Market Share Analysis

7.3.6.2.2.            By Propulsion Type Market Share Analysis

7.3.6.2.3.            By Battery Type Market Share Analysis

7.3.7.    Belgium Electric Ship Market Outlook

7.3.7.1.        Market Size & Forecast

7.3.7.1.1.            By Value

7.3.7.2.        Market Share & Forecast

7.3.7.2.1.            By Carriage Type Market Share Analysis

7.3.7.2.2.            By Propulsion Type Market Share Analysis

7.3.7.2.3.            By Battery Type Market Share Analysis

8.    North America Electric Ship Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Carriage Type Market Share Analysis

8.2.2.    By Propulsion Type Market Share Analysis

8.2.3.    By Battery Type Market Share Analysis

8.2.4.    By Country Market Share Analysis

8.2.4.1.        United States Market Share Analysis

8.2.4.2.        Mexico Market Share Analysis

8.2.4.3.        Canada Market Share Analysis

8.3.  North America: Country Analysis

8.3.1.    United States Electric Ship Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.            By Value

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.            By Carriage Type Market Share Analysis

8.3.1.2.2.            By Propulsion Type Market Share Analysis

8.3.1.2.3.            By Battery Type Market Share Analysis

8.3.2.    Mexico Electric Ship Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.            By Value

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.            By Carriage Type Market Share Analysis

8.3.2.2.2.            By Propulsion Type Market Share Analysis

8.3.2.2.3.            By Battery Type Market Share Analysis

8.3.3.    Canada Electric Ship Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.            By Value

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.            By Carriage Type Market Share Analysis

8.3.3.2.2.            By Propulsion Type Market Share Analysis

8.3.3.2.3.            By Battery Type Market Share Analysis

9.    South America Electric Ship Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Carriage Type Market Share Analysis

9.2.2.    By Propulsion Type Market Share Analysis

9.2.3.    By Battery Type Market Share Analysis

9.2.4.    By Country Market Share Analysis

9.2.4.1.        Brazil Market Share Analysis

9.2.4.2.        Argentina Market Share Analysis

9.2.4.3.        Colombia Market Share Analysis

9.2.4.4.        Rest of South America Market Share Analysis

9.3.  South America: Country Analysis

9.3.1.    Brazil Electric Ship Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.            By Value

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.            By Carriage Type Market Share Analysis

9.3.1.2.2.            By Propulsion Type Market Share Analysis

9.3.1.2.3.            By Battery Type Market Share Analysis

9.3.2.    Colombia Electric Ship Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.            By Value

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.            By Carriage Type Market Share Analysis

9.3.2.2.2.            By Propulsion Type Market Share Analysis

9.3.2.2.3.            By Battery Type Market Share Analysis

9.3.3.    Argentina Electric Ship Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.            By Value

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.            By Carriage Type Market Share Analysis

9.3.3.2.2.            By Propulsion Type Market Share Analysis

9.3.3.2.3.            By Battery Type Market Share Analysis

10.  Middle East & Africa Electric Ship Market Outlook

10.1.           Market Size & Forecast

10.1.1. By Value

10.2.           Market Share & Forecast

10.2.1. By Carriage Type Market Share Analysis

10.2.2. By Propulsion Type Market Share Analysis

10.2.3. By Battery Type Market Share Analysis

10.2.4. By Country Market Share Analysis

10.2.4.1.     Turkey Market Share Analysis

10.2.4.2.     Iran Market Share Analysis

10.2.4.3.     Saudi Arabia Market Share Analysis

10.2.4.4.     UAE Market Share Analysis

10.2.4.5.     Rest of Middle East & Africa Market Share Africa

10.3.           Middle East & Africa: Country Analysis

10.3.1. Turkey Electric Ship Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Carriage Type Market Share Analysis

10.3.1.2.2.         By Propulsion Type Market Share Analysis

10.3.1.2.3.         By Battery Type Market Share Analysis

10.3.2. Iran Electric Ship Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Carriage Type Market Share Analysis

10.3.2.2.2.         By Propulsion Type Market Share Analysis

10.3.2.2.3.         By Battery Type Market Share Analysis

10.3.3. Saudi Arabia Electric Ship Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Carriage Type Market Share Analysis

10.3.3.2.2.         By Propulsion Type Market Share Analysis

10.3.3.2.3.         By Battery Type Market Share Analysis

10.3.4. UAE Electric Ship Market Outlook

10.3.4.1.     Market Size & Forecast

10.3.4.1.1.         By Value

10.3.4.2.     Market Share & Forecast

10.3.4.2.1.         By Carriage Type Market Share Analysis

10.3.4.2.2.         By Propulsion Type Market Share Analysis

10.3.4.2.3.         By Battery Type Market Share Analysis

11.  SWOT Analysis

11.1.           Strength

11.2.           Weakness

11.3.           Opportunities

11.4.           Threats

12.  Market Dynamics

12.1.           Market Drivers

12.2.           Market Challenges

13.  Market Trends and Developments

14.  Competitive Landscape

14.1.           Company Profiles (Up to 10 Major Companies)

14.1.1. Vision Marine Technologies Inc.

14.1.1.1.     Company Details

14.1.1.2.     Key Product Offered

14.1.1.3.     Financials (As Per Availability)

14.1.1.4.     Recent Developments

14.1.1.5.     Key Management Personnel

14.1.2. Grove Boats SA

14.1.2.1.     Company Details

14.1.2.2.     Key Product Offered

14.1.2.3.     Financials (As Per Availability)

14.1.2.4.     Recent Developments

14.1.2.5.     Key Management Personnel

14.1.3. Ruban Bleu

14.1.3.1.     Company Details

14.1.3.2.     Key Product Offered

14.1.3.3.     Financials (As Per Availability)

14.1.3.4.     Recent Developments

14.1.3.5.     Key Management Personnel

14.1.4. Electra Craft Boats

14.1.4.1.     Company Details

14.1.4.2.     Key Product Offered

14.1.4.3.     Financials (As Per Availability)

14.1.4.4.     Recent Developments

14.1.4.5.     Key Management Personnel

14.1.5. Greenline Yachts

14.1.5.1.     Company Details

14.1.5.2.     Key Product Offered

14.1.5.3.     Financials (As Per Availability)

14.1.5.4.     Recent Developments

14.1.5.5.     Key Management Personnel

14.1.6. Domani Yachts

14.1.6.1.     Company Details

14.1.6.2.     Key Product Offered

14.1.6.3.     Financials (As Per Availability)

14.1.6.4.     Recent Developments

14.1.6.5.     Key Management Personnel

14.1.7. Ganz Boats GmbH

14.1.7.1.     Company Details

14.1.7.2.     Key Product Offered

14.1.7.3.     Financials (As Per Availability)

14.1.7.4.     Recent Developments

14.1.7.5.     Key Management Personnel

14.1.8. Quadrofoil

14.1.8.1.     Company Details

14.1.8.2.     Key Product Offered

14.1.8.3.     Financials (As Per Availability)

14.1.8.4.     Recent Developments

14.1.8.5.     Key Management Personnel

14.1.9. Duffy Electric Boats

14.1.9.1.     Company Details

14.1.9.2.     Key Product Offered

14.1.9.3.     Financials (As Per Availability)

14.1.9.4.     Recent Developments

14.1.9.5.     Key Management Personnel

14.1.10.               Groupe Beneteau

14.1.10.1.   Company Details

14.1.10.2.   Key Product Offered

14.1.10.3.   Financials (As Per Availability)

14.1.10.4.   Recent Developments

14.1.10.5.   Key Management Personnel

15.  Strategic Recommendations

15.1.           Key Focus Areas

15.1.1. Target Regions

15.1.2. Target Carriage Type

15.1.3. Target Propulsion Type

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global Electric Ship Market was estimated to be USD 5.3 billion in 2022.

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Due to expanding trade liberalization, the commercial ship segment held the largest share. The market is split into two categories based on carriage type: passenger ships and commercial ships. The market share that belonged to commercial ships was highest. Over the past few years, the volume of maritime trade has increased due to the expanding trade liberalization. The number of ships, such as bulk carriers, container ships, and oil tankers, added to the current fleet has also significantly expanded. However, worries about fuel economy, climate change, and air pollution have led to a rise in the use of electric ships, particularly hybrid ships.

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The highest market share is estimated to be held by Europe, which is also anticipated to have significant growth throughout the forecast period. In response to expanding environmental rules and emission requirements, Sweden is actively promoting the adoption of electric boats and ships in the region along with Norway, Finland, and Finland. Additionally, it is anticipated that the rising demand for electric recreational and leisure vessels in the region's fishing, water sports, and marine tourism will fuel market expansion. To achieve their transportation-related carbon neutrality goals, various European nations like Sweden, Finland, Norway, and the Netherlands have adopted government initiatives and policies that are expected to play a significant role in making Europe one of the world's leading economies.

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Technological Advancements and Battery Innovations, Cost Savings and Operational Efficiency and Advancements in Charging Infrastructure is growing are the major drivers for the Global Electric Ship Market.

Related Reports

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Srishti Verma

Business Consultant
Press Release

Electric Ship Market to Grow with a CAGR of 12.1% through 2028

Sep, 2023

Technological Advancements and Battery Innovations, Cost Savings and Operational Efficiency and Advancements in Charging Infrastructure is driving the Global Electric Ship Market in the forecast peri

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