Electric Ship Market Projection to Reach USD 14.2 Billion by 2030

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Electric Ship Market Projection to Reach USD
14.2 Billion by 2030
The Global Electric Ship Market is poised for
substantial growth, with a projected increase
from USD 3.3 billion in 2022 to USD 14.2 billion
by 2030. This forecast indicates a remarkable
Compound Annual Growth Rate (CAGR) of 20.0 from
2022 to 2030. The surge in market expansion is
primarily attributed to the escalating demand
for both hybrid and fully electric vessels across
various applications. Key Market Players Major
players contributing to the Electric Ship market
include ABB
(Switzerland), (Switzerland),
Leclanché S.A. Siemens AG

• (Germany), Wartsila (Finland),
  and Kongsberg Gruppen (Norway). These industry
  leaders play a pivotal role in shaping the
  landscape of electric propulsion systems for
  ships and contribute to the overall growth and
• innovation in the Electric Ship market.
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• The dominance of the 75-150 kW segment in the
  power category is anticipated throughout the
  forecast period. This is particularly significant
  in the context of medium-size passenger ferries,
  where the emphasis on a reduced or zero-emission
  transport system is driving the electrification
  trend. The adoption of electric propulsion in
  the maritime tourism industry represents a
  pivotal step towards mitigating emissions from
  conventional propulsion engines.
• In terms of systems, the Energy Storage System
  segment is expected to hold a dominant position
  in the Electric Ship market during the forecast
  period. The deployment of energy storage
  systems, incorporating batteries,
  ultra-capacitors, flywheels, and fuel cells, is
  prevalent in various ship types such as ferries,
  yachts, cruise ships, container ships, and cargo
  ships. Lithium-ion batteries, in particular,
  play a central role in fully electric
  zero-emission ferries with shorter routes.
• The mode of operation is another crucial factor,
  with the manned segment projected to dominate
  the market. Manned ships, characterized by
  traditional crewed vessels with human operators
  making decisions both onshore and offshore, are
  anticipated to lead the electric ships market.
  This leadership position is fueled by the
  retrofitting of diesel-driven ships with
  electric and hybrid propulsion systems.
• Geographically, Europe is expected to account for
  the largest market share in 2022 and is
  projected to witness the highest CAGR during the
  forecast period. The region's

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leadership in the market is attributed to factors
such as increasing trade activities,
electrification of marine vessels, and growing
global geopolitical tensions. The latter is
driving major economies to enhance their military
capabilities, leading to increased defense
expenditure and investments in the modernization
of defense vessels. Additionally, substantial
investments in research and development by key
players and Original Equipment Manufacturers
(OEMs) to manufacture advanced energy storage
systems, meeting future sustainability and
operational requirements, are key drivers for
the market in Europe. Ask for Sample Report _at_
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