Fort Collins, Colorado, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The Lithium-Ion ESS in Commercial Ships Market size was valued at USD 260.1 Million in 2022 and is expected to reach a market size of USD 3,539.1 Million by 2032 at a CAGR of 30%.
Lithium-ion energy storage systems are commonly used in commercial shipping to increase fuel efficiency and reduce greenhouse gas emissions. These systems can be used in all-electric or hybrid propulsion systems in conjunction with diesel or gas turbines, generators, and electric motors.
Hybrid propulsion systems are especially attractive to passenger ferries and shuttles that spend most of their operational life in the harbor for docking and undocking. By switching to clean electric power in the harbor, GHG emissions can be considerably reduced, and port authorities can meet their environmental targets. Additionally, these systems offer much quieter operations that reduce noise pollution in the local community. When the yacht is moored, the battery can also support hotel loads, providing a green, quiet, and vibration-free alternative to running diesel generators while waiting for access to harbor power points.
Furthermore, merchant vessels operating in the Baltic and the North Sea emission control areas have adopted hybrid propulsion systems to reduce their environmental impact and take advantage of the region's cheap hydropower and wind power energy sources. The Sten Tor and Sten Odin are two chemical tankers that mainly operate in this region, and they are the first tankers to use a hybrid propulsion system. With a battery size of only 181 kWh, Sten Tor has achieved a yearly fuel savings of approximately 22%, demonstrating the significant savings that can be made using these hybrid propulsion systems. Therefore, the focus on increasing energy efficiency and reducing GHG emissions is expected to drive the adoption of hybrid propulsion systems and, in turn, the demand for lithium-ion energy storage systems over the forecast period.
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Segmentation Overview:
The global Lithium-Ion ESS in Commercial Ships market has been segmented into vessel type and region. The vessel type category includes various ships such as carriers, containers, tankers, passenger ships, and others. In 2022, the carrier vessel type was the largest segment, making up almost 45.9% of the market share. The segment growth is expected to be driven by the widespread use of Li-ion ESS in hybrid propulsion systems installed in mid-range and inland cargo carriers throughout the forecast period. The carriers segment consists of inland waterway carriers and mid-range cargo carriers.
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Lithium-Ion ESS in Commercial Ships Market Report Highlights:
- The global Lithium-Ion ESS in Commercial Ships market growth is anticipated at a CAGR of 30% by 2032.
- In 2022, Europe held the largest market share (29.7%) for lithium-ion ESS in commercial ships. Strict reporting and emission control norms on commercial shipping vessels in the region drove this. Germany and the UK were key contributors to this growth, with Germany investing in renewable energy and the UK seeing a surge in lithium-ion energy storage system installations due to its focus on renewable energy and grid modernization.
- Some prominent players in the Lithium-Ion ESS in Commercial Ships market report include Corvus Energy, Akasol AG, EST-Floattech, Spear Power Systems, Echandia Marine, Sterling PBES Energy Solutions, Furukawa Battery Solutions, Lithium Werks, Exide Technologies (Stryten Manufacturing), and Relion among others.
Industry Trends and Insights:
- Corvus Energy received funding for the APOLO project, a 4-year collaboration to develop efficient, flexible ammonia-cracking technology for the maritime sector. The initiative will showcase power conversion from commercially available fuel cell systems using hydrogen from ammonia cracking, yielding a power output of 125 kW.
- BorgWarner Inc. completed its acquisition of AKASOL AG on February 15, 2022, which is expected to strengthen the company's commercial vehicle and industrial electrification capabilities.
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Lithium-Ion ESS in Commercial Ships Market Segmentation:
By Vessel Type: Carriers, Containers, Tankers, Passenger Ships/Vessels, Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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