Electric Ship Market Size to Hit US$ 31.48 Billion by 2034: Fact.MR Report

Electric Ships Heralding New Era of Sustainability and Innovation amidst Growing Demand for Cleaner Shipping Options

Rockville , Nov. 13, 2023 (GLOBE NEWSWIRE) -- The global electric ship market has grown rapidly in recent years, and this trend is projected to continue over the next few years as well. According to the latest market research by Fact.MR, a market research and competitive intelligence provider, the market is projected to reach a valuation of US$ 31.48 billion by 2034-end, advancing at 17% CAGR between 2024 and 2034. The global market is charting a road toward sustainability and innovation as demand for cleaner shipping options grows.

As the world grapples with climate change and environmental preservation, the electric ship industry is expanding as a beacon of hope, providing a green and efficient alternative to traditional fossil-fueled vessels. Electric ships significantly cut greenhouse gas emissions, making them a popular choice among environmentally conscious consumers.

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Governments throughout the world are establishing stricter pollution regulations for the marine industry, which is pushing the usage of electric ships. These limitations are intended to reduce sulfur and nitrogen oxide emissions from ship engines, making electric propulsion systems a viable option.

Report AttributeDetails
Value Projection (2034)US$ 31.48 Billion
Growth Rate (2024-2034)17% CAGR
No. of pages170 Pages
No. of Tables80 Tables
No. of Figures246 Figures

Key Takeaways from Market Study

  • The global electric ship market is estimated at US$ 6.55 billion in 2024.
  • Demand for electric ships is projected to rise at a high-value CAGR of 17% from 2024 to 2034.
  • The market is projected to reach US$ 31.48 billion by 2034.
  • Commercial ships comprised approximately 66% of electric ship sales in 2023.
  • Europe held 35.7% of global revenue share in 2023.
  • Sales of fully electric ships are forecasted to rise at 12.5% CAGR through 2034.
  • Demand for semi-autonomous electric ships is predicted to rise at 11.2% CAGR over the next 10 years.

“The market for electric ships is being propelled by innovation, technological improvements, and a shared obligation to minimize the global maritime industry's carbon footprint. As the market expands, it represents a ray of hope in a world striving for a cleaner, greener future,” says a Fact.MR analyst.

Key Companies Profiled in This Report

  • ABB
  • Boesch Motorboote
  • Bureau Veritas
  • Canadian Electric Boat Company
  • Corvus Energy Ltd.
  • Yara Birkeland
  • Duffy Electric Boat
  • General Dynamics (Electric Boat)
  • Kongsberg Gruppen ASA
  • Electrovaya Inc.
  • Triton Submarines
  • Vard (Fincantieri S.p.A.)
  • Baltic Workboats AS
  • Leclanche
  • Echandia Marine AB
  • Siemens
  • Norwegian Electric Systems
  • General Dynamics Electric Boat
  • MAN Energy Solutions SE
  • Wartsila
  • Schottel Group
  • Anglo Belgian Corporation NV
  • Eco Marine Power
  • Akasol AG

Advancements in Electric Propulsion Leading to Rising Acceptance of Electric Ships

Electric propulsion advancements have revolutionized the capability and efficiency of electric propulsion systems, making them an appealing option for a variety of maritime applications. One of the most significant breakthroughs has been in battery technology. Particularly in terms of energy density and dependability, lithium-ion batteries have made great progress. These batteries now have greater operational ranges and faster charge times, addressing one of the primary problems in early electric ship adoption. Continued research and development improves battery performance, making it more suitable for a wide range of vessel types and sizes.

Fuel cell technology has also played an important role in electric propulsion. Hydrogen fuel cells, in particular for electric ships, have shown promise as a clean and efficient energy source. These fuel cells have longer ranges and reduced emissions, making them an enticing option for longer trips and bigger ships. Technological advances in electric motors and propulsion control systems have boosted the overall efficiency of electric ships. High-efficiency electric motors reduce energy consumption while providing increased propulsion power, allowing vessels to perform optimally while minimizing energy waste.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the electric ship market for 2018 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on ship type (commercial, defense), system (energy storage, power conversion, power generation, power distribution), power (up to 745 kW, 746 to 7,560 kW, above 7,560 kW), tonnage (<500 DWT, 500 to 5,000 DWT, 5001 to 15,000 DWT, >15,000 DWT), range (<50 km, 50 to 100 km, 101 to 1,000 km, >1,000 km), end use (newbuild & line fit, retrofit), and application (commercial shipping & logistics, defense & naval operations, scientific research & exploration, tourism & leisure), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

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Electric Vehicle (EV) Battery Market: The global electric vehicle (EV) battery market is projected to expand at a prolific CAGR of 18.5% and reach a valuation of US$ 347 billion by the end of 2033, up from US$ 63.55 billion in 2023.

Electric Truck Market: The global electric truck market stands at US$ 19.5 billion in 2023 and is projected to reach US$ 78 billion by 2033-end, expanding at a noteworthy CAGR of 14.5% from 2023 to 2033.

About Fact.MR:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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