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The marine electric vehicle market has been experiencing notable growth and evolution in recent years, driven by a combination of factors including environmental concerns, technological advancements, and regulatory changes. As the world increasingly focuses on reducing carbon emissions and mitigating the impacts of climate change, there is a growing interest in electrifying transportation sectors, including marine vessels. One prominent trend in this market is the increasing adoption of electric propulsion systems in various types of marine vehicles, ranging from small recreational boats to commercial ferries and even large cargo ships.
One of the key drivers of growth in the marine electric vehicle market is the tightening regulations on emissions from marine vessels. Governments and international organizations are implementing stricter emission standards to reduce pollution in oceans and coastal areas, prompting shipowners and operators to explore alternative propulsion technologies. Electric propulsion systems offer a clean and efficient solution, producing zero emissions during operation and significantly reducing harmful pollutants such as sulfur oxides (SOx) and nitrogen oxides (NOx). As a result, there is a growing demand for electric and hybrid-electric propulsion systems in the marine industry, driving investment and innovation in this segment of the market.
Moreover, technological advancements have played a crucial role in driving the growth of the marine electric vehicle market. Battery technology, in particular, has made significant strides in recent years, enabling the development of high-performance electric propulsion systems with longer range and faster charging capabilities. Lithium-ion batteries, in particular, have emerged as the preferred choice for marine electric vehicles due to their high energy density, lightweight design, and rapid charge/discharge rates. Additionally, advancements in electric motor technology, power electronics, and energy management systems have further enhanced the efficiency and reliability of electric propulsion systems, making them increasingly attractive to marine operators.
Another notable trend in the marine electric vehicle market is the growing interest in autonomous and remotely operated vessels (ROVs). As technology continues to advance, there is a growing realization of the potential benefits of autonomous marine vehicles, including improved safety, efficiency, and cost-effectiveness. Electric propulsion systems are particularly well-suited for autonomous and ROV applications due to their quiet operation, low maintenance requirements, and precise control capabilities. As a result, there is a growing investment in research and development of autonomous marine vehicles powered by electric propulsion systems, with a focus on applications such as surveying, monitoring, and logistics.
Furthermore, the marine electric vehicle market is witnessing increased collaboration and partnerships between industry players to accelerate the adoption of electric propulsion technologies. Shipbuilders, marine equipment manufacturers, battery suppliers, and technology firms are joining forces to develop integrated electric propulsion solutions that meet the specific needs of different marine applications. These partnerships enable companies to leverage their respective expertise and resources to overcome technical challenges, reduce development costs, and bring innovative products to market faster. Additionally, governments and industry associations are providing financial incentives and regulatory support to encourage the adoption of electric propulsion technologies in the marine sector, further driving market growth.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Underwater robotic vehicles have far more uses than the present generation does. |
| Market Dynamics | Rising environmental concerns are driving the market growth |
Marine Electric Vehicles Market Highlights:
Global Marine Electric Vehicle Market Overview
Marine Electric Vehicle Market Size was valued at USD 341.2 billion in 2022. The Marine Electric Vehicle market industry is projected to grow from USD 382.860 Billion in 2023 to USD 764.2403 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.21% during the forecast period (2023 - 2030). With the increased demand for shipping and rising environmental concerns, there is an increase in the need for low and zero-emission vessels (ZEVs). This, in confluence with the emerging trend of digitalization and automation, the depletion of fossil fuels, and a significant shift in preferences from diesel-powered to hybrid electric boats, are the key market drivers enhancing market growth.
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Marine Electric Vehicle Market Trends
- Rising environmental concerns are driving the market growth.
Due to the growing number of marine-based activities coupled with rising environmental concerns, there is an increasing need for zero-emission vessels (ZEVs). This, coupled with the significant shift in preferences from diesel-powered to hybrid electric boats, bolsters the Market CAGR of marine electric vehicles for commercial and recreational purposes. Electric unmanned underwater vehicles are gaining traction in the oil and gas industry for offshore hydrocarbon extraction, detailed ocean floor mapping, and scientific research. They can be integrated with high-definition (HD) cameras that transmit data to inspect the underwater environment efficiently.
Additionally, the increasing popularity of water-based sports and leisure activities drives the demand for seagoing enclosed yachts, workboats, personal submarines, scuba sea scooters, ferries, autonomous underwater vehicles (AUVs), etc. Besides this, electric unmanned underwater vehicles (UUVs) are gaining traction in the oil and gas sector for offshore hydrocarbon extraction, scientific research, and detailed ocean floor mapping, which is anticipated further to augment the Marine Electric Vehicle market revenue.
Marine Electric Vehicle Market Segment Insights
Marine Electric Vehicle Type Insights
Based on type, the marine electric vehicle market segmentation includes battery, plug-in, and hybrid electric. The battery sub-segment held the largest market share three years ago. This sub-segment will have the highest CAGR until 2025. This is because battery-electric powered underwater vehicles are cost-effective. They are also affordable, easy on the environment, and easy to maintain. The cost of maintaining these vehicles is low too. Plug-in hybrid electric and hybrid electric segmentations are expected to increase the possible uses for marine electric vehicles. They are increasingly used in various applications due to rising environmental concerns. These PHEV batteries can move a vehicle more quickly and handle a good distance.
For instance,September 2021 Fassmer, a leader in producing composite boats, has partnered with Toqee to launch a fully electric ferry for public transport – The Fassmer CIT-E Ferry.
For instance,September 2021 Corvus energy and Sanmar shipyards have signed a Memorandum of understanding (MOU) to develop hybrid and zero-emission tugs.
Marine Electric Vehicle Platform Insights
The marine electric vehicle market segmentation is based on Platform, On-water, and Underwater. The on-water sub-segment had the highest market share and valuation in 2022. The underwater sub-segment will have the highest CAGR until 2030. New investments in research and development result in better and more technologically advanced unmanned marine vehicles with many more uses and applications than previous generations of unmanned marine vehicles.
Figure1: Marine Electric Vehicle Market, by Platform, 2022& 2030 (USD billion)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Marine Electric Vehicle Craft Application Insights
Based on craft application, the marine electric vehicle craft application market data includes military, leisure tourist surface boat, work boats, autonomous underwater vehicle (AUVs), personal tourist submarine, and others. The military sub-segment had the highest market share in 2022. The independent underwater submarine sub-segment will register the highest CAGR until 2030. This is because many sectors and industries like the American military and defense, oil and gas, and environmental protection industries are exponentially increasing demand for these vehicles.
For instance,July 2021 The Bangkok Metropolitan Authority has committed 12 new zero-emission all-electric ferries to reduce traffic and emissions as a part of the city plan.
For instance,April 2021 Sumitomo Corporation and Corvus Energy have announced a joint venture to develop zero-emission solutions for ships in Japan.
Marine Electric Vehicle Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American marine vehicle area will dominate this market because the militaries and other industries in this Region are getting richer. They want to buy more effective and powerful robotic underwater vehicles for various purposes, including naval and research-based, which will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: MARINE ELECTRIC VEHICLE MARKET SHARE BY REGION 2022 (%)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Marine Electric Vehicle market accounts for the second-largest market share due to the significant shift in preferences from diesel-powered to hybrid electric boats. Further, the German Marine Electric Vehicle market held the largest market share, and the UK Marine Electric Vehicle market was the fastest-growing market in the European Region.
The Asia-Pacific Marine Electric Vehicle Market is expected to grow at the fastest CAGR from 2023 to 2030. This is because this Region's militaries and other industries are getting richer. They want to buy more effective and powerful robotic underwater vehicles for various purposes, including naval and research-based. Moreover, China’s Marine Electric Vehicle market held the largest market share, and the Indian Marine Electric Vehicle market was the fastest-growing market in the Asia-Pacific region.
Marine Electric Vehicle Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the marine electric vehicle market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The weight loss products industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Marine Electric Vehicle industry to benefit clients and increase the market sector. In recent years, the Marine Electric Vehicle industry has offered some of the most significant advantages to robotic underwater vehicles for various purposes . Major players in the Marine Electric Vehicle market, including Boesch Motorboote AG (Switzerland),Electrovaya (Canada), Corvus Energy (Canada), andothers, are attempting to increase market demand by investing in research and development operations.
Sumitomo Corporation is one of the largest worldwide sogo shosha general trading .companies and is a diversified corporation. The company was incorporated in 1919 and is a member company of the Sumitomo Group. Specialties Sumitomo Corporation includes Oil & Gas, Infrastructure, Lifestyle & Consumer Products, and Natural Resources & Agricultural Products. Sumitomo Corporation and Corvus Energy have announced a joint venture to develop zero-emission solutions for ships in Japan.
Corvus Energy is a Norwegian supplier of zero-emission and hybrid maritime, offshore, subsea, and port applications. The company was founded in Canada in 2009. The head office was moved to Norway in 2018. Corvus Energy deploys large-scale energy storage systems (ESS) using advanced lithium-ion battery systems proven economical, safe, and reliable in various challenging maritime and transportation applications. As the leading battery system supplier for hybrid and electric commercial marine vessels—such as ferries, cruise ships, offshore supply vessels, and tugboats—Corvus Energy has been honored with numerous environmental awards and is the only supplier to carry DNV, Lloyd’s Register, ABS, and BV product Type Approvals. Corvus Energy systems are also used in hybrid port cranes, electric light rail vehicles, hybrid trains, commercial vehicles, and an ever-expanding range of applications that demand exceptional battery performance. Sumitomo Corporation and Corvus Energy have announced a joint venture to develop zero-emission solutions for ships in Japan.
Key Companies in the Marine Electric Vehicle Market Include
- Boesch Motorboote AG (Switzerland)
- Electrovaya (Canada)
- Corvus Energy (Canada)
- Duffy Electric Boat (US)
- Torqeedo GmBH (Germany)
- Triton Submarines (US)
- Ruban Bleu (France)
- Saft (France)
- Wärtsilä- (Finland)
- Boeing (US)
- Andaman Boatyard (Thailand)
Marine Electric Vehicle Market Segmentation
Marine Electric Vehicle Type Outlook
- Battery Electric
- Plug-In Hybrid Electric
- Hybrid Electric
Marine Electric Vehicle Platform Outlook
- On-water
- Underwater
Marine Electric Vehicle Craft Application Outlook
- Military
- Leisure Tourist Surface Boat
- Work Boat
- Autonomous Underwater Vehicle (AUV)
- Personal Tourist Submarine
- Others
Marine Electric Vehicle Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
Marine Electric Vehicle Industry Developments
For instance,July 2021 The Bangkok Metropolitan Authority has committed 12 new zero-emission all-electric ferries to reduce traffic and emissions
For instance,April 2021 Sumitomo Corporation and Corvus Energy have announced a joint venture to develop zero-emission solutions for ships in Japan.
For instance,September 2021 Fassmer, a leader in producing composite boats, has partnered with Toqee to launch a fully electric ferry for public transport – The Fassmer CIT-E Ferry.
For instance,September 2021 Corvus energy and Sanmar shipyards have signed a Memorandum of understanding (MOU) to develop hybrid and zero-emission tugs
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