Europe Electric Ships Market Trends

Key Emerging Trends in the Europe Electric Ships Market

The global electric ship market, valued at USD 5,071.6 million in 2021, is anticipated to soar to USD 15,698.4 million by 2030, depicting a robust CAGR of 13.3% from 2022 to 2030.

The growing significance of electric ships is evident due to several pivotal factors shaping the maritime industry's future. Concerns surrounding carbon emissions, escalating conventional fuel prices, the emergence of alternative energy resources, and the surge in marine accidents have underscored the prominence of electric ships. Over the past decade, considerable efforts from global entities have been directed toward development and testing in this domain. These vessels not only mitigate carbon emissions associated with conventional energy sources but also yield cost savings in operational expenses compared to traditional ships.

The current focal point in the maritime sector revolves around autonomous ships, driven by escalating accidents involving manned ships and heightened safety concerns for crew and passengers. Digitalization advancements in the maritime industry have catalyzed the development of autonomous ships, notably in Europe, with initiatives also underway in Japan and other global regions. Autonomous vessels not only reduce labor costs and enhance safety but also have the potential to revolutionize the industry's structure, influencing the entirety of maritime transportation and shipping infrastructure. Despite the considerable advancements, the full commercialization and widespread adoption of autonomous ships face challenges due to varied international regulations. Industry experts anticipate a substantial increase in operational autonomous ships, both fully autonomous and semi-autonomous, worldwide by 2030.

The comprehensive study on the global electric ship market delves into industry trends, market dynamics, size, competitive landscape, and growth opportunities. The market is categorized based on type, range, system, operation, end-use, power ship type, and region/country.

The market segmentation includes:
- Types: Fully Electric and Hybrid, with the hybrid segment dominating and expected to continue its prominence, while the fully electric segment is anticipated to exhibit the highest CAGR.
- Systems: Encompassing Energy Storage Systems, Power Generation, Power Conversion, and Power Distribution Systems, with energy storage systems holding the largest market share and projected to display the highest CAGR.
- Ship Types: Split into Commercial and Defense, where the Commercial segment currently dominates.
- Power Ranges: Spanning <75 kW, 75-500 kW, 151-745 kW, and 746--7,560 kW, with the 151-745 kW segment expected to witness the highest CAGR.
- Operational Modes: Manned, Remotely Operated, and Autonomous, with the manned segment presently leading but the autonomous segment projected for rapid growth.
- End Uses: Newbuild & Line Fit and Retrofit, where the retrofit segment is expected to experience swifter growth.

The study encompasses regions like North America, Europe, Asia-Pacific, and Rest of the World, with Europe presently leading and expected to maintain its dominance.

The global market, brimming with several competitive vendors offering innovative solutions, features prominent companies such as AKASOL AG, Anglo Belgian Corporation NV, ABB, Echandia Marine AB, Siemens, BAE Systems, Corvus Energy, General Dynamics Electric Boat, General Electric, KONGSBERG MARITIME, Leclanche, MAN Energy Solutions, Norwegian Electric Systems, ECO Marine Power, EST-Floattech, Schottel, VARD, Wärtsilä, Visedo (Danfoss), and Saft (Total). These entities are actively contributing feature-rich and pioneering solutions to cater to customer demands in the industry.