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The electric ships market size has grown rapidly in recent years, rising from <$8.06 billion in 2023 to <$8.99 billion in 2024, with a compound annual growth rate (CAGR) of 11.4%. The historic growth is attributed to strong economic growth in emerging markets, the increasing global commercial trade, and rising government support. The electric ships market is expected to see continued rapid growth, reaching <$13.63 billion in 2028 at a CAGR of 11.0%. This forecasted growth can be attributed to the adoption of hybrid and electric propulsion systems for retrofitting ships, increased defense expenditure, growing environmental concerns, and a rise in seaborne trade. Major trends in the forecast period include the development of high-powered and technologically advanced bass boats, a focus on battery-hybrid ships and zero-emission vessels, technological innovations, the integration of artificial intelligence, the introduction of new electric foiling water taxis, and strategic partnerships and collaborations.

The expected rise in the adoption of hybrid and electric propulsion for retrofitting ships is anticipated to fuel the growth of the electric ship market. Electric propulsion systems in eco-friendly ships utilize dual-fuel engines, batteries, and fuel cells as power sources. Technological advancements in fuel storage facilities, gas vaporizers, and battery thermal management are crucial for applying these power sources to ships. South Korea’s 2030 Green Ship-K Promotion Strategy focuses on low-carbon ship technologies like hydrogen fuel cells, with the goal of reducing the country’s shipping greenhouse gas emissions by 40% in the next 25 years and 70% by 2050. Kawasaki has received its first order for large-capacity battery propulsion systems for coastal ships, featuring lithium-ion marine batteries, a propulsion control system, and an electric power management system. Thus, the anticipated increase in electric ship adoption is expected to drive the electric ship market. The market size for electric ships is forecasted to align with this trend in 2023, and by 2024 and 2028, the growing adoption is projected to contribute to the market’s sustained growth.

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What Are The Key Trends That Influence Electric Ships Market Share Analysis?

Technological advancements are driving changes in the electric ship market. The welding consumables market is experiencing increased demand due to the introduction of new technologies and updated software. The automotive industry is also advancing by integrating smarter and safer safety systems into vehicles. For instance, in November 2021, Yara Birkeland, the world’s first electric and self-propelled container ship with zero emissions, embarked on its maiden voyage in the Oslo fjord. This project involves KONGSBERG developing and delivering new technologies, while Massterlys’ monitoring and operations center will oversee the ship’s operations. KONGSBERG and Wilhelmsen have collaborated to form Massterly.

Which Market Players Are Driving Growth In The Electric Ships Market?

Major companies operating in the market are Skanska AB, Hochtief AG, Balfour Beatty plc, DPR Construction, AECOM Technology, STO Building Group, McCarthy Holdings, Inc, HDR Inc, Gilbane, Inc, Gensler, Nikken Sekkei, Padmavathi Infra Developers, Md Khaja Moinuddin Ansari Works Contractor, M/s Maa Laxmi Enterprises, Gold Mantis Construction Decoration Co. Ltd, China State Construction Engineering Corporation (CSCEC), Vinci SA, Bouygues Construction, Züblin, ACS Group, Ferrovial, NCC AB, Salini Impregilo, Astaldi, Kier Group, Group of Companies PIK, LSR Group, Rönesans Holding, Mosinzhproekt, S.C. PORR Construct, Budimex, STRABAG Sp. z o.o, Polimex-Mostostal, Metrostav, Turner Construction Company, PCL Construction, Mortenson, EllisDon Corporation, Aecon Group Inc, Bird Construction, Empresas ICA, Odebrecht Engenharia e Construção, Andrade Gutierrez, Camargo Corrêa, Mendes Júnior Engenharia, Techint Engineering & Construction, IECSA, SalfaCorp, Constructora Bolívar, Graña y Montero, Cosapi, Arabtec Construction LLC, Alec Engineering and Contracting, M/s Khansaheb Civil Engineering L.L.C., ASGC Construction LLC, Saudi Binladin Group (SBG), Saudi Oger Limited, Aveng Grinaker-LTA, Orascom Construction, Alexandria Construction, Stefanutti Stocks

How Is The Global Electric Ships Market Segmented?

The electric ships market covered in this report is segmented –

1) By Type: Fully Electric, Hybrid
2) By Mode of Operation: Manned, Remotely Operated, Autonomous
3) By System: Energy Storage Systems, Power Conversion, Power Generation, Power Distribution
4) By Power: Less Than 75KW, 75 to 150KW, 151 to 745KW, 746 to 7,560KW, Greater Than 7,560KW
5) By Range: Less Than 50Km, 50 to 100Km, 101 to 1000Km, Greater Than 1,000Km

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The Electric Ships Global Market Report 2024 provides an overview of the electric shipsmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The electric ships market forecast analyzes electric ships market size, electric ships market share, leading competitor and their market positions.

The Table Of Content For The Electric Ships Market Include

1. Electric Ships Market Executive Summary
2. Electric Ships Market Segments
3. Electric Ships Market Size And Template Market Growth Rate
4.  Key Electric Ships Market Trends
5. Major Electric Ships Market Drivers
……
25. Key Mergers And Acquisitions In The Electric Ships Market
26. Top Electric Ships Companies
27. Electric Ships Market Opportunities And Strategies
28. Electric Ships Market, Conclusions And Recommendations
29. Appendix

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