Europe Electric Ships Market

Q: Which Region held the largest market share in the Europe electric Ships Market ?

Europe had the largest share of the market Read More

Q: Which ship typehad the largest market share in the Europe electric Ships Market ?

The commercial had the largest share of the market. Read More

ID: MRFR/A&D/8038-CR

193 Pages

Sejal Akre

March 2020

Europe Electric Ships Market Research Report Information By Type (Fully Electric,Hybrid), By System (Energy Storage Systems,Power Generation,Power Conversion,Power Distribution Systems),By Ship Type (Commercial, Defense), By Power (<75 kW,75–150 kW,151–745 kW,746–7,560 kW),By Range (<50 km,50–100 km,101–1,000 km,>1,000 km)And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2030.

Europe Electric Ships Market Research Report - Forecast till 2030 Infographic

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Summary Table of Contents Segmentation Infographic

1. Market Overview

2. Market Trends

3. Market Segment Insights

4. Key Players and Competitive Insights

5. Industry Developments

6. Market Segmentation

7. Report Scope

8. Market Highlights

9. FAQs

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Europe Electric Ships Market Summary

The Europe Electric Ships market is projected to grow from 7.78 USD Billion in 2024 to 31.6 USD Billion by 2035, reflecting a robust growth trajectory.

Key Market Trends & Highlights

Europe Electric Ships Key Trends and Highlights

The market is expected to experience a compound annual growth rate (CAGR) of 13.59% from 2025 to 2035.
By 2035, the market valuation is anticipated to reach 31.6 USD Billion, indicating substantial investment opportunities.
Starting at 7.78 USD Billion in 2024, the market demonstrates a strong upward trend in demand for electric ships.
Growing adoption of electric propulsion technologies due to increasing environmental regulations is a major market driver.

Europe Electric Ships Market

CAGR

13.59%

Market Size & Forecast

2024 Market Size	7.78 (USD Billion)
2035 Market Size	31.6 (USD Billion)
CAGR (2025-2035)	13.59%

Major Players

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), Volvo Penta (Sweden)

Europe Electric Ships Market Trends

Rise In the Reception Of Mixture And Electric Impetus For Retrofitting Ships Drives The Market Growth

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.

Market Segment Insights

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, Market Research Future 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.

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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 (%)

EUROPE ELECTRIC SHIPS MARKET SHARE BY REGION 2022

Source Secondary Research, Primary Research, Market Research Future 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.

Key Companies in the Europe Electric Ships Market market include

Industry Developments

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.

Market Segmentation

Europe Electric Ships Type Outlook

Fully Electric
Hybrid

Europe Electric Ships Power Outlook

<75 kW
75–150 kW
151–745 kW
746–7
560 kW

Europe Electric Ships Range Outlook

<50 km
50–100 km
101–1000 km
>1000 km

Europe Electric Ships System Outlook

Energy Storage Systems
Power Generation
Power Conversion
Power Distribution Systems

Europe Electric Ships Regional Outlook

North America

US
Canada

Europe Electric Ships Ship Type Outlook

Commercial
Defense

Report Scope

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.

Market Highlights

Europe Electric Ships Companies

Author

Sejal Akre

Senior Research Analyst

She has over 5 years of rich experience, in market research and consulting providing valuable market insights to client. Hands on expertise in management consulting, and extensive knowledge in domain including ICT, Automotive & Transportation and Aerospace & Defense. She is skilled in Go-to market strategy, industry analysis, market sizing, in depth company profiling, competitive intelligence & benchmarking and value chain amongst others.

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FAQs

How much are the Europe electric Ships Market ?

The Europe electric Ships Market  size was valued at USD 5.9 Billion in 2022.

What is the growth rate of the Europe electric Ships Market ?

The market is projected to grow at a CAGR of 15.01% during the forecast period, 2023-2030.

Which Region held the largest market share in the Europe electric Ships Market ?

Europe had the largest share of the market

Who are the key players in the Europe Electric Ships 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).

Which type led the Europe electric Ships Market ?

The Fully Electric Europe, electric ships category, dominated the market in 2022.

Which ship typehad the largest market share in the Europe electric Ships Market ?

The commercial had the largest share of the market.

At what rate is the Norway market expected to advance during the appraisal period?

The Norway market can advance at a rate of 10.75% during the appraisal period.

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