Electric Ship Market

Electric Ship Market Overview

Conventional ship runs on fossil fuel such as diesel, which produces and emits huge amount of harmful gases. Electric ship is used to reduce the emission of harmful gases such as carbon dioxide (CO2), sulfur oxides, nitrogen oxides, soot particles and fine dust. Electric ship can be fully electric or hybrid. It uses batteries such as li-ion, lead acid fuel cells, and liquefied natural gas (LNG) to drive the ship.

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Major Electric Ship Market Drivers

The major factors which are driving the growth of the Global Electric Ship Market include the implementation of Sulfur 2020 Rule, increasing adoption of hybrid and electric propulsion for retrofitting of ships, rising marine time tourism industry, growing development of lithium-ion batteries, and increasing seaborne trades worldwide. The growing focus on reducing harmful emission from ships at the global level is further fuelling the growth of the market. For instance, in 2018, the European Union released a study on compliance with the sulfur requirements for marine fuels in order to reduce the sulfur content of all liquid fuels. The reforms seek to ensure the 0.50 per cent sulfur cap in marine fuels will be enforced by 2020. These amendments focusing on reducing contaminants at sea and in the air are projected to accelerate market growth during the forecast period. Moreover, potential in charging of batteries through renewable energy resources such as solar or wind energy, rising adoption of hybrid propulsion technologies in hybrid ships and growing development of high powered batteries are creating opportunities for the growth of the market. However, restricted capacity of fully-electric ships and high downtime in retrofitting of ships are restraining the growth of the market.

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Based on the system, the power conversion segment is expected to grow at a higher CAGR during the forecast period owing to the increasing transportation of cargo and passengers ship on electric ships which will increase the demand for power semiconductor devices as it required to sail the ship electrically. Electric and hybrid propulsion manufacturers such as ABB, Siemens, Wartsila, and other market players are using convertor with their components to convert direct current from batteries to alternate current for engines.

Based on the mode of operation, the manned segment is projected to grow at a higher CAGR during the forecast period owing to the increasing demand for electric and hybrid propulsion systems by commercial ships such as ferries, cargo ships, cruise ships among others for electric and hybrid propulsion systems.

Based on the range, the <50 km segment is anticipated to lead the market during the forecast period owing to the increasing adoption of fully-electric ships in Europe and North America for passenger transport. The countries of Europe and North America are continuously developing environmental-friendly ship technologies to reduce the emission of dangerous gases such as sulfur oxide, nitrogen oxide, among others. Leclanche and Corvus Energy are some of the companies that developed energy storage systems which is enabled to the small vessels such as yachts, and passenger ferries to sail throughout the day.

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Regional – Segment Analysis

Based on the region, Europe is projected to grow at higher CAGR in the global Electric Ship Market during the forecast period owing to the growing demand for electric ships for passenger ships, yachts, cruise vessels among others. European countries such as Norway, Denmark, and Finland are rapidly replacing their conventional ships to electric ships, which is also propelling the growth of the market. Moreover, growing development in autonomous electric ships using fuels cells and remotely controlled electric vessels are further boosting the growth of the market in Europe during the forecast period.

Top Market Players

The major key players in the market include Wartsila Corporation, Kongsberg Gruppen, General Electric, Vard Group AS, Siemens AG, Leclanche SA, BAE Systems plc, Norwegian Electric Systems, MAN Energy Solutions SE, General Dynamics Electric Boat, and Corvus Energy.

Key Developments:

• • In Nov 2019, Wartsila and Singapore-based PSA Marine entered into collaboration to develop smart technologies for marine sector. This collaboration includes the use of electric or hybrid technologies for low-emissions energy and propulsion systems, the incorporation of next-generation smart vessel technologies among others.
  • In May 2017, Kongsberg and Yara, a Norwegian chemical company entered into partnership to build zero-emission and autonomous ship.

Segments covered in the Report:

The Global Electric Ship Market has been segmented based on the type, system, mode of operation, ship type, power, range, end use, and region. Based on type, the market is segmented into fully electric and hybrid.

Based on fully electric, the market is further segmented into lithium battery, lead-acid battery, electro-solar, and fuel cells. Based on hybrid the market is further segmented into LPG/LNG & battery-driven, and diesel & battery-driven. Based on system, the market is segmented into energy storage, power conversion, power generation and power distribution. The Energy storage system includes <1,000 kW, 1,000-5,000 kW, and >5,000 kW. The Power generation comprises of generator, engines, and propulsion motors. Based on mode of operation, the market is segmented into manned, remotely operated and autonomous. Based on ship type, the market is segmented into commercial vessels, and Defence. The Passenger vessels includes passenger yachts, ferries, and cruise ships. The Cargo vessels comprises of container vessels, bulk vessels, tankers, and general cargo ships. Others segmented is further segmented into fishing vessels, dredgers, tugs & workboats, research vessels and submarines. Defence segment is further segmented into destroyers, frigates, corvettes, offshore support vessels (OSV), aircraft carrier, and submarines. Based on power, the market is segmented into <75kW, 75-150 kW, 151-745 kW, and 746-7,560 kW. Based on the range, the markets is categorised into <50 km, 50-100 km, 101-1,000 km, >1,000 km. Based on end use, the market is segmented into newbuild & line fit and retrofit.

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Key questions answered in this research report:

• • At what pace is the global Electric Ship Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global Electric Ship Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Electric Ship Market?
  • Which system generated maximum revenues in 2019 and identify the most promising products during the forecast period?
  • What are the various end use areas of the global Electric Ship Market, and how are they poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Value (USD Million)
Market Segment	By Type, By System, By Mode of Operation, By Ship Type, By Power, By Range, By End Use, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Wartsila Corporation, Kongsberg Gruppen, General Electric, Vard Group AS, Siemens AG, Leclanche SA, BAE Systems plc, Norwegian Electric Systems, MAN Energy Solutions SE, General Dynamics Electric Boat, Corvus Energy; a total of 11 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation:

Global Electric Ship Market by Type

• • Fully Electric
    • Lithium Battery
    • Lead Acid Battery
    • Electro-Solar
    • Fuel Cells
  • Hybrid
    • Diesel & Battery Driven
    • LPG/LNG & Battery Driven

Global Electric Ship Market by System

• • Energy Storage Systems
    • <1,000 kW
    • 1,000 – 5,000 kW
    • >5,000 kW
  • Power Conversion
  • Power Generation,
    • Generators
    • Engines
    • Propulsion Motors
  • Power Distribution

Global Electric Ship Market by Mode of Operation

• • Manned
  • Remotely Operated
  • Autonomous

Global Electric Ship Market by Ship Type

• • Commercial
    • Passenger Vessels
      • Yachts
      • Ferries
      • Cruise Ships
    • Cargo Vessels
      • Container Vessels
      • Bulk Vessels
      • Tankers
      • General Cargo Ships
    • Others
      • Fishing Vessels
      • Dredgers
      • Tugs, & Workboats
      • Research Vessels
      • Submarine
  • Defence
    • Destroyers
    • Frigates
    • Corvettes
    • Offshore Support Vessels (OSV)
    • Aircraft Carriers
    • Submarine

Global Electric Ship Market by Power

• • <75 kW
  • 75-150 kW
  • 151-745 kW
  • 756-7,560 kW

Global Electric Ship Market by Range

• • <50 km
  • 50-100 km
  • 101-1,000 km
  • >1,000 km

Global Electric Ship Market by End Use

• • Newbuild and Line Fit
  • Retrofits

Global Electric Ship Market by Region

• • North America Electric Ship Market (Option 1: As a part of the free 25% customization)

    • North America Market by Type
    • North America Market by System
    • North America Market by Mode of Operation
    • North America Market by Ship Type
    • North America Market by Power
    • North America Market by Range
    • North America Market by End Use
    • United States of America (US) Market All-Up
    • Canada Market All-Up

  • Europe Electric Ship Market (Option 2: As a part of the free 25% customization)

    • Europe Market by Type
    • Europe Market by System
    • Europe Market by Mode of Operation
    • Europe Market by Ship Type
    • Europe Market by Power
    • Europe Market by Range
    • Europe Market by End Use
    • United Kingdom (UK) Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Electric Ship Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Market by Type
    • Asia-Pacific Market by System
    • Asia-Pacific Market by Mode of Operation
    • Asia-Pacific Market by Ship Type
    • Asia-Pacific Market by Power
    • Asia-Pacific Market by Range
    • Asia-Pacific Market by End Use
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • ROW Electric Ship Market (Option 4: As a part of the free 25% customization)

    • RoW Market by Type
    • RoW Market by System
    • RoW Market by Mode of Operation
    • RoW Market by Ship Type
    • RoW Market by Power
    • RoW Market by Range
    • RoW Market by End Use
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Electric Ship Market Leading Players (Option 5: As a part of the free 25% customization – Profiles of 5 Additional Companies of your Choice)

• • Wartsila Corporation
  • Kongsberg Gruppen
  • General Electric
  • Vard Group AS
  • Siemens AG
  • Leclanche SA
  • BAE Systems plc
  • Norwegian Electric Systems
  • MAN Energy Solutions SE
  • General Dynamics Electric Boat
  • Corvus Energy