The Electric Ships Market is expected to reach $14.9 billion by 2030 from $3.7 billion in 2022, registering impressive expansion at a compound annual growth rate (CAGR) of 19.7%. The Global Electric Ships Market is dominated by major players such as ABB, Leclanché S.A., Siemens AG, Wartsila, and Kongsberg Gruppen among others, according to a new report by the strategic advisory and consulting company Delvens.
The report titled ‘’Electric Ships Market’’ finds that the transition to electrified vessels is accelerated due to high fossil fuel prices, advancements in battery technology, and stricter pollution restrictions. Enhanced battery technology aids shipping companies in reducing costs, pollution, and carbon emissions. Further encouraging the use of electric vessels are government initiatives aimed at reducing marine insurance costs and air pollution in port towns.
Rethinking both domestic and international transportation systems is made possible by electric ships. For instance, the Yara Birkeland, the first fully electric, autonomous cargo ship in the world, will set sail in late 2021, taking 40,000 truck trips powered by diesel each year’s place. By 2030, it is predicted that the global market for electric ships would have grown rapidly to $16.2 billion.
The need for hybrid and completely electric ships, such as ferries, yachts, cruise ships, container ships, and cargo ships, is fuelling the growth of the electric ship market. The need to cut carbon emissions, the push for zero-emission transportation, and developments in energy storage technologies like lithium-ion batteries are important factors influencing this increase. The market is currently dominated by Europe.
The 75-150 kW power range, which includes medium-sized passenger ferries, is an important market segment in the electric ship business. A critical step in lowering emissions from traditional propulsion engines in maritime tourism is the switch to electric ferries. The energy storage system, which is employed in many ship types and includes batteries, ultra-capacitors, flywheels, and fuel cells, is another significant market segment. The most popular option among these for short-range, entirely electric, zero-emission ferries is lithium-ion batteries. For larger ships, hybrid propulsion technology provides interesting possibilities.
Electric and conventional propulsion systems are combined in this technology, which offers operating flexibility, lower emissions, and better fuel efficiency. Additionally, during the projection period, manned ships, or conventional crewed boats, are anticipated to dominate the market for electric ships due to the retrofitting of diesel-powered ships with electric and hybrid propulsion systems.
Furthermore, the report identifies some of the key players operating in the global Electric Ships market : Ubermetrics, YouScan, Agility PR Solutions, Akio Spotter, Astute Social, Brand24, BrandsEye, Brandwatch, Cogia Web Observer, Cisco SocialMiner, Clipit, Cogito, Complexium, Curalate, Daumsoft Social Metrics, Demographics Pro, Digimind Intelligence, Digimind Social, Echobot, Facelift Cloud, Falcon.io, Germin8, Frrole Scout, FirstRain, SemanticForce, SentiMetrix, SentiOne, Silverbakk, SmartFocus, SocialFlow, Ubermetrics, VendAsta’s Reputation Management Platform, Verint Social Engagement, VICO Analytics, VICO PRISY, WaveMetrix, among others.
Recent Developments
Electric ships: the world’s top five projects by battery capacity
- Stena Jutlandica – 50,000kWh – Stena Line, a ferry operator, intends to equip its Stena Jutlandica boat, which travels between the cities of Gothenburg, Sweden, and Frederikshavn, Denmark, with a 1,000kWh battery system.
- AIDAperla – 10,000kWh – Corvus Energy, a developer of energy storage solutions, has provided German cruise line AIDA Cruises with the largest lithium-ion battery system ever delivered to a ship, a 10,000kWh lithium-ion battery system.
- Ellen – 4,300kWh – In June, the ten-month sea trial for the Ellen pure electric ferry project, which took five years to develop, came to an end.
- Project e5 – 4,000kWh – Asahi Tanker, a Japanese marine transportation company, has been developing two electric propulsion tankers that will serve as gasoline delivery ships in Tokyo Bay.
- Guangzhou tanker (2,400 kWh): In 2017, the Chinese company Guangzhou Shipyard unveiled the first electric container ship ever, and a year later it entered commercial service.
