Europe's Electric Ships Market Size was valued at USD 5.9billion in 2022. The Europe Electric Ships market industry is projected to grow from USD6.78559 billion in 2023 to USD 15.703 billion by 2030, exhibitinga compound annual growth rate (CAGR) of 15.01% during the forecast period (2023 - 2030). Increased seaborne trade and the growing maritime tourism industry are the key market drivers enhancing the growth.
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Shipbuilders and services are advancing toward robotization, a mix of new-build ships, and retrofitting the current ship with the half-breed and electric impetus. This is because of sticking to the IMO 2020 rule. As per this standard, transport administrators should utilize that ought not to surpass 0.50% sulfur content against the current furthest reaches of 3.50%. In this manner, transport integrators and proprietors exchange their current diesel-driven motors with electric or crossover impetus. Different boat proprietors of Norway, the US, Greece, China, and France are effectively engaged with retrofitting their flow transport armada with new advances like half-breed and electric, which boost the market CAGR.
Additionally, integrating diesel engines with an engine generator (electric generator, Genset) increases the ship's overall efficacy, particularly under high-loading conditions. This arrangement consumes less gasoline than a conventional internal combustion engine (diesel engine) used in a nautical ship. Additionally, rising competition among various end customers, including those in logistics, transportation, and commerce, has forced service providers to reduce operating costs, including using large personnel and gasoline. To boost their profit margin and reach breakeven, they are doing this. The efforts of transportation and logistics service providers to cut operating costs are projected to boost the growth of the Europe Electric Ships market revenue.
Europe Electric ShipsType Insights
Based on type, the Europe electric ships market segmentation includes fully electric and hybrid. The fully electric segment dominated the market. Fully electric vessels are much more capable of operating passenger vessels when compared to other hybrid propulsion systems in passenger's vessels; these engines also have less noise than others; they are the most suitable engine for short-range operations because of their lighter weight.
Figure 1: Europe Electric Ships Market, By Type, 2022& 2030 (USD billion)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe Electric ShipsSystem Insights
The Europe electric ships market segmentation is based on systems, energy storage systems, power generation, conversion, and distribution systems. The energy storage systems are projected to grow at the highest CAGR rate for the electric ship market during the forecast period. The demand for Energy Storage Systems is also increasing with the demand for commercial vessels across regions throughout the industry. Energy Storage Systems help give a more eco-friendly solution to maritime operations and more efficiency and reliability.
For instance, November 2020 Hyundai Motors partnered with Vinssen, a start-up based in Korea, to develop a new vessel powered by hydrogen fuel cells by December 2021. Vinssen will supply 95kW hydrogen fuel cells. If the eco-friendly ship reaches the expected level in terms of performance, it will be produced on a large scale.
For instance, September 2020 Holland Ship Electric selected Corvus Energy to deliver lithium-ion battery-based energy storage systems (ESS). They are meant for five new all-electric ferries developed by Holland Shipyards Group for GVB, Amsterdam's municipal public transport operator.
Europe ElectricShip Type Insights
Based on ship type, the Europe electric ships market data includes Commercial, Defense. The commercial segment is projected to grow at the highest CAGR rate for the electric ship market during the forecast period. Commercial vessels are as varied as the jobs they are required to do. According to their purpose, different commercial vessels are passenger vessels, cargo vessels, and others. Further, passenger vessels are segmented into yachts, ferries, cruises, and others. Under which the passenger and cargo vessels will see the maximum growth as these are the short ranged vessels that require less Power to operate efficiently.
For instance, October 2021 GroupeBeneteau declared the procurement of STARFISHER, which has become GB PORTUGAL, in this manner fortifying its creation limit with respect to 25 to 35-foot powers by setting
For instance, May 2021 Limestone Ship and Vision Marine Technologies joined forces to deliver detachable electric engines prepared for the powers created by Limestone Ship, intending to increment up to 510 powers in 2022.
Europe Electric Ships Power Insights
Based on Power, the Europe electric ships industry includes <75 kW, 75–150 kW, 151–745 kW, and 746–7,560 kW. The 75-150KW Power is projected to grow at the highest CAGR for the electric ship market during the forecast period. Large passenger ferries are considered under ships with Power between 76-150 kW. The need for a reduced or zero-emission transport system across countries is high. Countries such as Japan, New Zealand, and Australia are also moving toward using fully electric ferries for passenger transport. Norway has incorporated fully electric and hybrid technology in its ferries.
Europe Electric Ships Range Insights
Based on Range, the Europe electric ships industry includes <50 km, 50–100 km, 101–1,000 km, and >1,000 km. The <50 km is projected to grow at the highest CAGR for the electric ship market during the forecast period. Various cargo vessels such as small container vessels, Roll-on, and Roll - vessels for wheeled cargo are considered under the <50 km category. Container vessels are one of the most used modes of transportation and one of the most pollution-causing vessels. Hence, container vessels were the first to get a fully electric setup to reduce marine pollution. Hence, major companies are trying to find more efficient technology and power solution to develop better solutions for these long-range vessels.
Europe Electric Ships Regional Insights
By Region, the study provides market insights into U.K, Germany, France, and the Rest of the Europe. The U.K electric ships market area will dominate this market. The key factor responsible for Europe’s leading electric ship market owing to the rapid growth of the technologically advanced electric ships in the Region.
Further, the major countries studiedin the market reportare The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: EUROPE ELECTRIC SHIPS MARKET SHARE BY REGION 2022 (%)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
In Europe, Germany Electric Ships market accounts for the second-largest market share due to the Increased in seaborne trade. The rise in manufacturing industries and the growing commercial and defense maritime industry is encouraging manufacturers of electric ships to introduce technologically advanced and efficient products across various vessel types.
The France Electric Ships Market is expected to grow at the fastest CAGR from 2023 to 2030. This is due to the growing maritime tourism industry.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Europe electric Ships Market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. Europe's Electric Ships industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Europe Electric Shipsindustry to benefit clients and increase the market sector. In recent years, the Europe Electric Ships industry has offered some of the most significant advantages to seaborne trade. Major players in the Europe Electric Ships Market , including BAE Systems plc (UK), Kongsberg Maritime (Norway), Wärtsilä (Finland), Siemens (Germany), ABB (Switzerland), General Electric (US), Leclanché (Switzerland), AKASOL AG (Germany), Norwegian Electric Systems (Norway), and Volvo Penta (Sweden) and others, are attempting to increase market demand by investing in research and development operations.
Hyundai Motor India Limited (HMIL) is a wholly-owned subsidiary of Hyundai Motor Company (HMC). HMIL is India’s first smart mobility solutions provider and the number one car exporter since its inception in India. It has 12 car models across segments GRAND i10 NIOS, All New i20, i20 N Line, AURA, VENUE, VENUE N Line, Spirited New VERNA, All New CRETA, ALCAZAR, New TUCSON, KONA Electric and All Electric SUV IONIQ 5. HMIL’s fully integrated state-of-the-art manufacturing plant near Chennai boasts advanced production, quality, and testing capabilities. HMIL forms a critical part of HMC’s export hub. It currently exports to around 85 countries across Africa, the Middle East, Latin America, Australia, and Asia Pacific. Hyundai Motors partnered with Vinssen, a start-up based in Korea, to develop a new vessel powered by hydrogen fuel cells by December 2021. Vinssen will supply 95kW hydrogen fuel cells. If the eco-friendly ship reaches the expected level in terms of performance, it will be produced on a large scale.
Electrical application Specialist for the Shipping Industry We arrange the complete electrical installation for Marine purposes, like inland- and sea-going vessels, workboats, dredgers, accommodation vessels, etc. Although holland ship electric has 50 years of heritage in marine electrics, our Rotterdam-based company keeps evolving and innovating. In hybrid systems, for instance, where we have implemented several systems.Holland Ship Electric selected Corvus Energy to deliver lithium-ion battery-based energy storage systems (ESS). They are meant for five new all-electric ferries developed by Holland Shipyards Group for GVB, Amsterdam's municipal public transport operator.
Europe's Electric Ships Market includes
For instance,November 2020 Hyundai Motors partnered with Vinssen, a start-up based in Korea, to develop a new vessel powered by hydrogen fuel cells by December 2021. Vinssen will supply 95kW hydrogen fuel cells. If the eco-friendly ship reaches the expected level in terms of performance, it will be produced on a large scale.
For instance,September 2020 Holland Ship Electric selected Corvus Energy to deliver lithium-ion battery-based energy storage systems (ESS). They are meant for five new all-electric ferries developed by Holland Shipyards Group for GVB, Amsterdam's municipal public transport operator.
Europe Electric Ships Type Outlook
Europe Electric Ships System Outlook
Europe Electric Ships Ship Type Outlook
Europe Electric Ships Power Outlook
Europe Electric Ships Range Outlook
Europe Electric Ships Regional Outlook
| Report Attribute/Metric | Details |
| Market Size2022 | USD 5.9billion |
| Market Size 2023 | USD6.78559billion |
| Market Size 2030 | USD 15.7036billion |
| Compound Annual Growth Rate (CAGR) | 15.01%(2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2019- 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, System,Ship Type, Power, Range, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | BAE Systems plc (UK), Kongsberg Maritime (Norway), Wärtsilä (Finland), Siemens (Germany), ABB (Switzerland), General Electric (US), Leclanché (Switzerland), AKASOL AG (Germany), Norwegian Electric Systems (Norway), and Volvo Penta (Sweden). |
| Key Market Opportunities | · New product launches and R&D Amongst major key Players |
| Key Market Dynamics | · Increase in seaborne trade and the growing maritime tourism industry. |
Europe Electric Ships Market Highlights:
Frequently Asked Questions (FAQ) :
The Europe electric Ships Market size was valued at USD 5.9 Billion in 2022.
The market is projected to grow at a CAGR of 15.01% during the forecast period, 2023-2030.
Europe had the largest share of the market
The key players in the market areBAE Systems plc (UK), Kongsberg Maritime (Norway), Wärtsilä (Finland), Siemens (Germany), ABB (Switzerland), General Electric (US), Leclanché (Switzerland), AKASOL AG (Germany), Norwegian Electric Systems (Norway), and Volvo Penta (Sweden).
The Fully Electric Europe, electric ships category, dominated the market in 2022.
The commercial had the largest share of the market.
The Norway market can advance at a rate of 10.75% during the appraisal period.
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