Electric Ships Market Research Report -Forecast till 2032

Electric Ships Market Research Report Information By Type (Fully Electric, and Hybrid), By System (Energy Storage Systems, Power Generation, Power Conversion, and Power Distribution Systems), By Ship Type (Commercial, and Defense), By Power (<75 kW, 75鈥150 kW, 151鈥745 kW, and 746鈥7,560 kW), By Range (<50 km, 50鈥100 km, 101鈥1,000 km, and >1,000 km), By Operation (Manned, Remotely Operated, and Autonomous), By End Use (Newbuild & Line Fit, and Retrofit) and By Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Sou

ID: MRFR/A&D/7202-CR | 128 Pages | Author: Swapnil Palwe | August 2023         

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Global Electric Ships Market Overview


Electric Ships Market Size was valued at USD 7064.20 million in 2022. The electric ships market industry is projected to grow from USD 7805.70 Million in 2023 to USD 18998.40 million by 2032, exhibiting a compound annual growth rate (CAGR) of 10.4% during the forecast period (2023 - 2032). Increase in seaborne trade, growing maritime tourism industry and development of lithium-ion batteries are some the key market drivers boosting the growth of the electric ships market.  


Electric Ships Market


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Electric Ships Market Drivers



  • Increase in seaborne trade and growing maritime tourism industry


Maritime transport is the backbone of global trade and economy; shipping carried more than 80% of the world’s goods. According to the International Chamber of Shipping, seaborne trade continues to expand, bringing benefits to consumers across the world through competitive freight costs. Seaborne trade is expected to grow in developing countries during the forecast period, creating job and business opportunities. The rise in international seaborne trade would lead to the increased chances of theft of sea goods and piracy, resulting in significant losses, creating the need for maritime security. Coastal and maritime tourism form a vital part of the global tourism sector. This industry has been witnessing significant growth globally. Furthermore, according to the Cruise Lines International Association (CLIA), the global cruise industry will continue to see significant growth in 2020 with more than two dozen deliveries scheduled to keep pace with the demand. The Chinese government has earmarked cruise shipbuilding as a key objective in its Made in China 2025 program to upgrade domestic manufacturing.


Development of lithium-ion batteries


Currently, various shipbuilders are developing hybrid and full-electric vessels in the maritime industry. Almost all commercial vessels will soon house some form of energy storage system and lithium-ion batteries are becoming one of the most popular choices for ship operators. Key players are investing heavily in developing advance battery storage systems for ships. Fully electric and hybrid ships with newly developed energy storage systems including large li-ion batteries can provide significant reductions in fuel cost, maintenance, and emissions as well as improved responsiveness, regularity, and safety. Therefore, due to such advantages, li-ion batteries are being adopted in fully electric and hybrid ships. Thus, the development of li-ion batteries is expected to drive the growth of the electric ships market in global during the forecast period.


Electric Ships Market Segment Insights


Electric Ships Type Insights


Based on Type, the Electric Ships Market segmentation includes Fully Electric, and Hybrid. The Fully Electric type is further segmented into, Lithium-Ion Battery, Lead-Acid Battery, Electro-Solar, and Fuel Cells, while the Hybrid type is further segmented into, Diesel & Battery-Driven, and LPG/LNG & Battery-Driven. The Hybrid Type held the majority share in 2022, contributing around ~90% to the market revenue. Ships with hybrid-electric propulsion systems produce less pollution as compared to conventional marine propulsion systems that involve the burning of heavy oil. In this system, the propeller shaft of the ship is connected to large propulsion motor, which can be driven by DC/AC power. The power for the propulsion motor is supplied by a diesel/natural gas generator and prime mover assembly.


Electric Ships System Insights


Based on the System, the Electric Ships Market segmentation includes (Energy Storage Systems, Power Generation, Power Conversion, and Power Distribution Systems). The Energy Storage Systems held the majority share in 2022. Energy storage is the accumulation of energy produced at one time for use later. A device that stores energy is generally called a battery. The electrical energy produced from a generator and renewable energy systems of a ship is stored in energy storage system for later use.


Figure1: Electric Ships Market, by System, 2022 & 2032 (USD Million)


Electric Ships Market, by System, 2022 & 2032


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Electric Ships Ship Type Insights


Based on the Ship Type, the Electric Ships Market segmentation is Commercial, and Defense. The Commercial Ship Type segment has been further segmented into, Cargo Vessels, Passenger Vessels, and Others. The Defense Ship Type segment has been further segmented into, Destroyers, Frigates, Corvettes, Offshore Support Vessels (OSV), Aircraft Carriers, and Submarines. Commercial Ship Type segment dominated the market in 2022. In 2022, and it is expected to develop at a quick rate throughout the forecast period. Commercial ships include cargo vessels such as container vessels, tankers, bulk carriers, and general cargo ships, passenger vessels such as cruise ships, yachts, and ferries, and other vessels such as dredgers, fishing vessels, tugs and workboats, submarines, and research vessels. Factors such as an increase in seaborne trade, rising maritime tourism industry, and implementation of the IMO Sulphur 2020 Regulation, the demand for electric ships for commercial applications is expected to increase during the forecast period. Additionally, the growing development for hydrogen fuel cell power systems for cruise vessels is also expected to drive the growth of the segment.


Electric Ships Power Insights


Based on the Power, the Electric Ships Market segmentation is <75 kW, 75–150 kW, 151–745 kW, and 746–7,560 kW. The 75–150 kW segment dominated the market in 2022. The 75–150 kW electric propulsion system has slightly high load carrying capacity and is mostly used for medium-sized boats, tugs, and ferries.


Electric Ships Range Insights


Based on the Range, the Electric Ships Market segmentation is <50 km, 50–100 km, 101–1,000 km, and >1,000 km. The >1,000 km segment dominated the market in 2022. Electric ships with ranges greater than 1,000 km include cruise ships, container vessels, tankers, bulk carriers, and destroyers. These are also hybrid propulsion ships with solar and wind power generation and involve reduced fuel consumption.


Electric Ships Operation Insights


Based on the Operation, the Electric Ships Market segmentation is Manned, Remotely Operated, and Autonomous. The Manned segment dominated the market in 2022. This is the conventional ships that usually driven maritime pilots. The manned operated ships are largely used globally. This includes container vessels, tankers, bulk carriers, general cargo ships, cruise ships, yachts, ferries, fishing vessels, dredgers, tugs, research vessels, and defense vessels.


Electric Ships End Use Insights


Based on the End Use, the Electric Ships Market segmentation is Newbuild & Line Fit and Retrofit. The Newbuild & Line Fit segment dominated the market in 2022. The newly build & line fit of electric, or hybrid ships includes the design of ships according to its application and integration of electric or hybrid propulsion systems. The demand for newly built electric or hybrid ships has been increasing in the last few years, but the initial cost of such ships is very high.


Electric Ships Regional Insights


By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Europe electric ships market accounted for ~51.7% in 2022. The electric ships market in Europe includes the UK, Germany, France, Russia, Italy, Norway, Turkey, Sweden, Greece, and the rest of Europe. The need to develop environment-friendly solutions for the maritime industry is also expected to drive the market growth in the region. The UK is a high-potential market for electric ships owing to the presence of companies such as BAE Systems. Furthermore, rising investments made by the company in the country is also expected to drive the electric ships market in the UK. The market of maritime security in Germany is expected to grow at a fast pace. The German Federal Government recognizes the importance of maritime and presented a Maritime Agenda 2025. The agenda includes a comprehensive stock-take and a coherent program, aiming at strengthening the competitiveness of the maritime industry. Moreover, increasing investments by companies such as Siemens in the country is expected to add to the market growth. In France, the rising adoption of electric ships by the French Navy to offer enhanced security to the citizens. Thus, the growing maritime industry in the country raises the demand for electric ships in Italy.


Figure2: Electric Ships Market, by Region, 2022 & 2032 (USD Million)


Electric Ships Market, by Region, 2022 & 2032


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Further, the major countries studied in the market report are the US, Canada, UK, Germany, France, Russia, Norway, Sweden, Greece, China, Japan, India, South Korea, New Zealand, and Brazil. 


North America electric ships market accounts for the second-largest market share. The market in North America is growth by the rising demand for fully electric cruise ships, yachts, and ferries among others. Rising adoption of all-electric vessels by the US Navy such as the USS Zumwalt which is the largest and most advanced stealth destroyer in its fleet is anticipated to drive the growth of the market in this region throughout the forthcoming years. North America has the highest adoption rate of advanced technologies due to governments favorable policies to boost innovation and strengthen infrastructure capabilities.


Asia-Pacific electric ships market is also expected to grow at the fastest CAGR between 2022 and 2032. Asia Pacific, backed by some of the most rapidly emerging countries like China and India, with the large-scale private sector and government investments in shipyard development, will garner the highest growth rate. Governments in other, smaller countries like the Philippines, and Indonesia are attracting investors, which should work in favor of the electric ships market. The demand for electric ships in the region has been soaring thanks to the surging sea trade activities coupled with the mounting government focus on bringing down the gas emissions. This has led to ship owners and integrators shifting their focus from diesel-driven engines to electric or hybrid propulsion systems. Simply put, the accelerated number of sea trade activities along with the rising government focus on the reduction of gas emissions will create lucrative opportunities for the electric ship developers in the region.


Electric Ships Key Market Players & Competitive Insights


The electric ship market is characterized by the presence of many global, regional, and local players. The market is competitive, with all the players competing to gain maximum market share. An increase in seaborne trade, a growing maritime tourism industry, and the implementation of the IMO sulfur 2020 regulation are key factors that drive the market growth. The limited range and capacity of fully electric ships restrain the growth of the electric ship market. However, the use of renewable energy for battery charging and advancements in hybrid propulsion technology will create opportunities for the market’s growth.


The key players in the market are AKASOL AG, Anglo Belgian Corporation NV, ABB, Echandia Marine AB, Siemens, BAE Systems, Corvus Energy, General Dynamics Electric Boat, General Electric, KONGSBERG MARITIME, Leclanche, MAN Energy Solutions, Norwegian Electric Systems, ECO Marine Power, EST-Floattech, Schottel, VARD, Wärtsilä, Visedo, and Saft (Total).


These companies are focusing on enhancing their products with the integration of improved technologies. Moreover, these companies are prominent providers of the electric ship and compete in the electric ship market to increase their geographic presence, expand their customer base, and form strategic partnerships.


Key Companies in the Electric Ships Market include



  • AKASOL AG

  • Anglo Belgian Corporation NV

  • ABB, Echandia Marine AB

  • Siemens

  • BAE Systems

  • Corvus Energy

  • General Dynamics Electric Boat

  • General Electric

  • KONGSBERG MARITIME

  • Leclanche

  • MAN Energy Solutions

  • Norwegian Electric Systems

  • ECO Marine Power

  • EST-Floattech

  • Schottel

  • VARD

  • Wärtsilä

  • Visedo

  • Saft (Total)


Electric Ships Industry Developments



  • In August 2022, Kongsberg Maritime has introduced EcoAdvisor, an intelligent and dynamic decision support system for optimizing a variety of vessel operations. It is used to monitor the vessel operation and its environment, including propulsion, environmental forces, power generation and control system dynamics.

  • In June 2022, Echandia Marine AB formed a strategic partnership with Toshiba to produce fuel cells for heavy-duty maritime applications. This alliance focuses on the production of fuel cell technology along with batteries to fast-track the electrification of the maritime sector.

  • In April 2021, Siemens AG launched Sitrans SCM IQ, a new Industrial Internet of Things (IIoT) solution for Smart Condition Monitoring, at the Hannover Messe 2021. It enables potential incidents to be detected and prevented early, thus reducing maintenance costs and downtimes and increasing plant performance by up to ten percent.


Electric Ships Market Segmentation


Electric Ships Type Outlook



  • Fully Electric

  • Lithium-Ion Battery

  • Lead-Acid Battery

  • Electro-Solar

  • Fuel Cells

  • Hybrid

  • Diesel & Battery-Driven

  • LPG/LNG & Battery-Driven


Electric Ships System Outlook



  • Energy Storage Systems

  • Power Generation

  • Power Conversion

  • Power Distribution Systems


Electric Ships Ship Type Outlook



  • Commercial

    • Cargo Vessels

      • Container Vessels

      • Tankers

      • Bulk Carriers

      • General Cargo Ships



    • Passenger Vessels

      • Cruise Ships

      • Yachts

      • Ferries

      • Others





  • Fishing Vessels

  • Dredgers

  • Tugs & Workboats

  • Research Vessels

  • Submarines

  • Defense

  • Destroyers

  • Frigates

  • Corvettes

  • Offshore Support Vessels (OSV)

  • Aircraft Carriers

  • Submarines


Electric Ships Power Outlook



  • <75 kW

  • 75–150 kW

  • 151–745 kW

  • 746–7,560 kW


Electric Ships Range Outlook



  • <50 km

  • 50–100 km

  • 101–1,000 km

  • >1,000 km


Electric Ships Operation Outlook



  • Manned

  • Remotely Operated

  • Autonomous


Electric Ships End Use Outlook



  • Newbuild & Line Fit

  • Retrofit


Electric Ships Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • UK

    • Germany

    • France

    • Russia

    • Italy

    • Norway

    • Sweden

    • Greece

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea

    • New Zealand

    • Rest of Asia-Pacific



  • Middle East & Africa

  • South America



Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 7064.20 million
Market Size 2023 USD 7805.70 million
Market Size 2032 USD 18998.40 million
Compound Annual Growth Rate (CAGR) 10.4% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2019- 2021
Market Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, System, Ship Type, Power, Range, Operation, End Use, and Region
Geographies Covered Europe, North America, Asia-Pacific, Middle East & Africa, and South America.
Countries Covered The US, Canada, UK, Germany, France, Russia, Norway, Sweden, Greece, China, Japan, India, South Korea, New Zealand, and Brazil.聽
Key Companies Profiled AKASOL AG, Anglo Belgian Corporation NV, ABB, Echandia Marine AB, Siemens, BAE Systems, Corvus Energy, General Dynamics Electric Boat, General Electric, KONGSBERG MARITIME, Leclanche, MAN Energy Solutions, Norwegian Electric Systems, ECO Marine Power, EST-Floattech, Schottel, VARD, W盲rtsil盲, Visedo, and Saft (Total).
Key Market Opportunities 路聽聽聽聽聽聽 Use of Renewable Energy for Battery Charging 路聽聽聽聽聽聽 Advancements in Hybrid Propulsion Technology
Key Market Dynamics 路聽聽聽聽聽聽 Increase in Seaborne Trade 路聽聽聽聽聽聽 Growing Maritime Tourism Industry 路聽聽聽聽聽聽 Implementation of the IMO 2020 Regulation 路聽聽聽聽聽聽 Development of Lithium-Ion Batteries


Frequently Asked Questions (FAQ) :

The Electric Ships Market size is expected to be valued at USD 7064.20 Million in 2022.

The global market is projected to grow at a CAGR of 10.4% during the forecast period, 2023-2032.

Europe had the largest share of the Electric Ships Market.

The key players in the market are AKASOL AG, Anglo Belgian Corporation NV, ABB, Echandia Marine AB, Siemens, BAE Systems, Corvus Energy, General Dynamics Electric Boat, General Electric, KONGSBERG MARITIME, Leclanche, MAN Energy Solutions, Norwegian Electric Systems, ECO Marine Power, EST-Floattech, Schottel, VARD, Wärtsilä, Visedo, and Saft (Total).

The hybrid type led the electric ships market in 2022.

Commercial ship type had the largest market share in the electric ships market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
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  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players鈥 financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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