Electric Ships Market Size, Share, Growth & Trends 2022, 2028
The electric ships market was valued US$ 3.82 billion in 2021, it is estimated to grow at a CAGR of 10.3% from 2021 to 2028.
An electric boat is any boat or ship whose primary propulsion technology is an electric drive system. It can be a full-battery electric, hydrogen fuel cell electric, electric hybrid boat or ship, from tugboats, ferries, cargo ships, and barges to tour boats, fishing trawlers, cruising yachts, and unmanned underwater vehicles (UUVs). Electric ships are driven electrically, unlike conventional diesel engine ships. These ships use a battery storage device as their power source to drive electric motors. Numerous types of batteries can be used in an electric ship, including lithium-ion batteries, lead-acid batteries, and fuel cells. Electric ships are mainly ferries and small passenger ships on inland waterways that sail entirely with electricity. They travel only short distances with ~80 km in a single charge. Further, solar-powered ships are also used in lightweight ships that require low power output. However, the power requirements of cargo ships cannot be fulfilled by a fully electric system due to heavyweight; hence cargo ships are utilizing a hybrid diesel-electric system.
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Electric Ships Market: Strategic Insights
Market Size Value in US$ 3.82 billion in 2021 Market Size Value by US$ 7.76 billion by 2028 Growth rate CAGR of 10.3% from 2021 to 2028. Forecast Period 2021- 2028 Base Year 2021
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Electric Ships Market: Strategic Insights
| Market Size Value in | US$ 3.82 billion in 2021 |
| Market Size Value by | US$ 7.76 billion by 2028 |
| Growth rate | CAGR of 10.3% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
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Impact of COVID-19 Pandemic on Electric Ships Market
The COVID-19 pandemic adversely affected the electric ships market. The pandemic led to unparalleled global impacts on human mobility. In the ocean, ship-based activities are affected due to severe restrictions on human movements and changes in consumption of goods. A few countries have closed their cruise industry due to the COVID-19 pandemic. However, some cruise lines are trying to resume their activities during the pandemic. Human activities in the ocean have been radically changed by the COVID-19 pandemic, with reports of port restrictions and shifts in consumption patterns impacting multiple maritime sectors, fisheries, passenger ferries, and cruise ships. However, in some regions, the shipping of goods was declared essential during the lockdown, which created a lucrative opportunity for the electric ships market.
Electric Ships Market Insights
Rise in Adoption of Hybrid and Electric Propulsion Systems for Retrofitting Ships
Retrofitting ships is gaining interest and attracting shipowners/shipbuilders to extend the lifetime of their existing ships. Such a process provides a chance to reduce fuel consumption and stay updated with the latest eco-friendly solutions as a cost-effective procedure. Retrofitting is becoming a common practice in the maritime industry. Shipbuilders are moving toward automation, integrating newly built ships, and retrofitting existing ships with hybrid and electric propulsion systems. This system is a convenient choice for retrofitting outdated ships with enormous retrofit potential, including ferries, container vessels, cruise ships, tugboats, and general cargo ships. Shipbuilders choose to retrofit ships with a hybrid-electric propulsion system or a fully electric propulsion system as it is a relatively cheaper option than purchasing a new ship. Further, several European shipbuilders are actively retrofitting their current ship fleet with hybrid and electric propulsion systems. For instance, according to the article published by the Riviera Maritime Media Ltd, in March 2020, the offshore supply vessel (OSV) owners invested in retrofitting diesel-electric/LNG-powered fleets with battery-hybrid propulsion in a move that is paying off for the charterer, owner, and the environmental issues in Norway. These factors have resulted in the adoption of hybrid and electric propulsion systems for retrofitting ships.
Type-Based Market Insights
Based on type, the electric ships market is segmented into battery electric ships, plug-in hybrid electric ships, and hybrid electric ships. The hybrid electric ships segment led the market in 2020. The reliability offered by hybrid electric ships supports its demand owing to the use of supplementary propulsion systems and higher speed, which can reduce the risk of failure and cover greater distances in less time. Besides, hybrid electric vessel propulsion can be propelled in two ways—electrical (via diesel-electric or battery power-driven) or mechanical (direct diesel drove). Furthermore, ship owners or shipping and logistic companies across the globe prefer hybrid electric ships as they enable lower fuel consumption and help reduce operational costs. The use of diesel-electric propulsion at low power and direct diesel-driven propulsion in need of high power that is inland water sailing with different speed conditions enables a reduction in operational cost in the electric ship. This is a smarter way to use available energy and save on fuel costs by using hybrid electric ship propulsion.
Players operating in the electric ships market adopt strategies, such as mergers, acquisitions, and market initiatives, to maintain their positions in the market. A few developments by key players are listed below.
- In November 2021, BAE Systems launched a next-generation power and propulsion system to help marine operators reach zero emissions. It provides a flexible solution improving electrical efficiency and vessel range, increasing propulsion power, and simplifying installation.
- In September 2020, Kolumbus (a mobility company) and Fjellstrand (shipbuilder) signed a contract to deliver the world’s first fully electrical fast ferry. This project had received funding from the European Union’s Horizon 2020 research and innovation program.
Based on type, the electric ships market is segmented into battery electric ships, plug-in hybrid electric ships, and hybrid electric ships. Based on the power, the electric ships market is segmented into less than 75 kW, 75-150 kW, 151-745 kW, 746-7560 kW, and more than 7560 kW. Based on range, the electric ships market is categorized into less than 50 km, 50-100 km, 101-1000 km, and more than 1000 km. Based on ships type, the electric ships market is segmented into cruise ship, ferries, tankers, bulk carriers, fishing vessels, destroyers, aircraft carriers, and others. By geography, the electric ships market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).
Electric Ships Market Report Scope
Company Profiles
- BAE Systems
- Duffy Electric Boat Company
- Fjellstrand AS
- X Shore
- General Dynamic Electric Boat
- Hurtigruten
- MAN Energy Solutions
- PortLiner
- Siemens Energy
- VARD AS
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Power, Range, and Ship Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, Canada, China, France, Germany, Italy, Japan, Middle East and Africa, South America, South Korea, United Kingdom, United States
Frequently Asked Questions
The idea of retrofitting ships is gaining interest and is attracting shipowners/shipbuilders to extend the lifetime of their existing ships. Such a process provides a chance to reduce fuel consumption and stay up to date with the latest eco-friendly solutions as a cost-effective procedure. Retrofitting is becoming a common practice in the maritime industry. Shipbuilders are moving toward automation, integrating new build ships, and retrofitting existing ships with hybrid and electric propulsion systems. A hybrid-electric propulsion system is a convenient choice for retrofitting outdated ships. Ships have a large retrofit potential, including ferries, container vessels, cruise ships, tugboats, and general cargo ships. Shipbuilders choose to retrofit ships with a hybrid-electric propulsion system or a fully electric propulsion system as it is a relatively cheaper option than purchasing a new ship. These factors mentioned above have resulted in the adoption of hybrid and electric propulsion systems for retrofitting ships.
Nowadays, hybrid propulsion technology is commonly used for small vessels such as ferries. For instance, according to the article published by the Institution of Engineering and Technology, in January 2019, the UK shipbuilder Ferguson Marine had built Catriona, a £12.3 million (US$ 15.82 million) diesel-electric-battery-power hybrid ferry for CalMac to use on its Clyde and Hebridean routes. However, with the development of marine electric propulsion technology and alternative fuels such as fuel cells, there is a massive opportunity for manufacturers to work on hybrid-electric propulsion systems for larger ships. The stricter emissions targets have encouraged shipbuilders to install a hybrid propulsion system on existing or new vessels. The research & development (R&D) department for ABB marine activities in Norway stated that the hybrid propulsion systems significantly reduce both fuel consumption and emissions, according to the article published by the Institution of Engineering and Technology in January 2019. Therefore, with the growing emission control norms, the adoption of hybrid-electric propulsion systems is increasing among larger ships, creating a massive opportunity for manufacturing larger ships using hybrid-electric propulsion systems.
Europe dominated the Electric Ships market in 2020 with a share of 48.6% and is expected to continue its dominance by 2028. North America is the second-largest contributor to the global Electric Ships market in 2020, followed by Asia Pacific.
The major companies in Electric Ships market are BAE Systems, Duffy Electric Boat Company, Fjellstrand AS, X Shore, General Dynamic Electric Boat, Hurtigruten, MAN Energy Solutions, PortLiner, Siemens Energy, and VARD AS
The major Application in Electric Ships includes cruise ship, ferries, tankers, bulk carriers, fishing vessels, destroyers, aircraft carriers, and others. In terms of market share, the electric ships market was dominated by the ferries segment in 2020.
The electric ships market, by type is segmented into battery electric ships, plug-in hybrid electric ships, and hybrid electric ships. The Electric Ships market was dominated by the hybrid electric ships segment in 2020.
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Electric Ship Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America - PEST Analysis
4.2.2 Europe PEST - Analysis
4.2.3 Asia-Pacific – PEST Analysis
4.2.4 Middle East & Africa – PEST Analysis
4.2.5 South America - PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Global Electric Ship Market – Key Industry Dynamics
5.1 Market Drivers
5.1.1 Rise in Adoption of Hybrid and Electric Propulsion Systems for Retrofitting Ships
5.1.2 Increasing Regulatory Support from Government Authorities and Industry Associations
5.2 Market Restraints
5.2.1 Limited Range and Capacity of Fully Electric Ships
5.3 Market Opportunities
5.3.1 Suge in the adoption of Hybrid-Electric Propulsion Technology for Large Ships
5.4 Future Trends
5.4.1 Technological Advancements in Energy Storage Devices
5.5 Impact Analysis of Drivers and Restraints
6. Electric Ship Market – Global Analysis
6.1 Global Electric Ship Market Overview
6.2 Global Electric Ship Market Forecast and Analysis
6.3 Market Positioning –Top 5 Players
7. Electric Ships Market Analysis and Forecast to 2028 – By Type
7.1 Electric Ships Market Revenue Share, by Type (2020 and 2028)
7.2 Battery Electric Ships
7.2.1 Overview
7.2.2 Battery Electric Ships: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
7.3 Plug-in Electric Ships
7.3.1 Overview
7.3.2 Plug-in Electric Ships: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Hybrid Electric Ships
7.4.1 Overview
7.4.2 Hybrid Electric Ships: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
8. Electric Ships Market Analysis and Forecast to 2028 – By Power
8.1 Electric Ships Market Revenue Share, by Power (2020 and 2028)
8.2 Less than 75kW
8.2.1 Overview
8.2.2 Less than 75kW: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
8.3kW-150kW
8.3.1 Overview
8.3.2kW-150kW: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
8.4kW-745kW
8.4.1 Overview
8.4.2kW-745kW: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
8.5kW-7560kW
8.5.1 Overview
8.5.2kW-7560kW: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
8.6 More than 7560kW
8.6.1 Overview
8.6.2 More than 7560kW: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
9. Electric Ships Market Analysis and Forecast to 2028 – By Range
9.1 Electric Ships Market Revenue Share, by Range (2020 and 2028)
9.2 Less than 50 Km
9.2.1 Overview
9.2.2 Less than 50 km: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
9.3-100 Km
9.3.1 Overview
9.3.2-100 Km: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
9.4 -1000 Km
9.4.1 Overview
9.4.2-1001 Km: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
9.5 More than 1000 Km
9.5.1 Overview
9.5.2 More than 1000 Km: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
10. Electric Ships Market Analysis and Forecast to 2028 – By Ship Type
10.1 Electric Ships Market Revenue Share, by Ship Type (2020 and 2028)
10.2 Cruise Ships
10.2.1 Overview
10.2.2 Cruise Ships: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
10.3 Ferries
10.3.1 Overview
10.3.2 Ferries: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
10.4 Tankers
10.4.1 Overview
10.4.2 Tankers: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
10.5 Bulk Carriers
10.5.1 Overview
10.5.2 Bulk Carriers: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
10.6 Fishing Vessels
10.6.1 Overview
10.6.2 Fishing Vessels: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
10.7 Destroyers
10.7.1 Overview
10.7.2 Destroyers: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
10.8 Aircraft Carriers
10.8.1 Overview
10.8.2 Aircraft Carriers: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
10.9 Others
10.9.1 Overview
10.9.2 Others: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
11. Electric Ship Market – Geographic Analysis
11.1 Overview
11.2 North America: Electric Ship Market
11.2.1 Overview
11.2.2 North America Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
11.2.3 North America Electric Ship Market Breakdown, By Type
11.2.4 North America Electric Ship Market Breakdown, By Power
11.2.5 North America Electric Ship Market Breakdown, By Range
11.2.6 North America Electric Ship Market Breakdown, By Ship Type
11.2.7 North America Electric Ship Market Breakdown, by Country
11.2.7.1 US Electric Ship Market, Revenue and Forecast to 2028
11.2.7.1.1 US Electric Ship Market Breakdown, by Type
11.2.7.1.2 US Electric Ship Market Breakdown, by Power
11.2.7.1.3 US Electric Ship Market Breakdown, by Range
11.2.7.1.4 US Electric Ship Market Breakdown, by Ship Type
11.2.7.2 Canada Electric Ship Market, Revenue and Forecast to 2028
11.2.7.2.1 Canada Electric Ship Market Breakdown, by Type
11.2.7.2.2 Canada Electric Ship Market Breakdown, by Power
11.2.7.2.3 Canada Electric Ship Market Breakdown, by Range
11.2.7.2.4 Canada Electric Ship Market Breakdown, by Ship Type
11.3 Europe: Electric Ship Market
11.3.1 Overview
11.3.2 Europe Electric Ship Market Revenue and Forecast to 2028 (US$ million)
11.3.3 Europe Electric Ship Market Breakdown, By Type
11.3.4 Europe Electric Ship Market Breakdown, By Power
11.3.5 Europe Electric Ship Market Breakdown, By Range
11.3.6 Europe Electric Ship Market Breakdown, By Ship Type
11.3.7 Europe Electric Ship Market Breakdown, by Country
11.3.7.1 Germany Electric Ship Market, Revenue and Forecast to 2028
11.3.7.1.1 Germany Electric Ship Market Breakdown, by Type
11.3.7.1.2 Germany Electric Ship Market Breakdown, by Power
11.3.7.1.3 Germany Electric Ship Market Breakdown, by Range
11.3.7.1.4 Germany Electric Ship Market Breakdown, by Ship Type
11.3.7.2 France Electric Ship Market, Revenue and Forecast to 2028
11.3.7.2.1 France Electric Ship Market Breakdown, by Type
11.3.7.2.2 France Electric Ship Market Breakdown, by Power
11.3.7.2.3 France Electric Ship Market Breakdown, by Range
11.3.7.2.4 France Electric Ship Market Breakdown, by Ship Type
11.3.7.3 Italy Electric Ship Market, Revenue and Forecast to 2028
11.3.7.3.1 Italy Electric Ship Market Breakdown, by Type
11.3.7.3.2 Italy Electric Ship Market Breakdown, by Power
11.3.7.3.3 Italy Electric Ship Market Breakdown, by Range
11.3.7.3.4 Italy Electric Ship Market Breakdown, by Ship Type
11.3.7.4 UK Electric Ship Market, Revenue and Forecast to 2028
11.3.7.4.1 UK Electric Ship Market Breakdown, by Type
11.3.7.4.2 UK Electric Ship Market Breakdown, by Power
11.3.7.4.3 UK Electric Ship Market Breakdown, by Range
11.3.7.4.4 UK Electric Ship Market Breakdown, by Ship Type
11.3.7.5 Rest of Europe Electric Ship Market, Revenue and Forecast to 2028
11.3.7.5.1 Rest of Europe Electric Ship Market Breakdown, by Type
11.3.7.5.2 Rest of Europe Electric Ship Market Breakdown, by Power
11.3.7.5.3 Rest of Europe Electric Ship Market Breakdown, by Range
11.3.7.5.4 Rest of Europe Electric Ship Market Breakdown, by Ship Type
11.4 APAC: Electric Ship Market
11.4.1 Overview
11.4.2 APAC Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
11.4.3 APAC Electric Ship Market Breakdown, By Type
11.4.4 APAC Electric Ship Market Breakdown, By Power
11.4.5 APAC Electric Ship Market Breakdown, By Range
11.4.6 APAC Electric Ship Market Breakdown, By Ship Type
11.4.7 APAC Electric Ship Market Breakdown, by Country
11.4.7.1 China Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
11.4.7.1.1 China Electric Ship Market Breakdown, by Type
11.4.7.1.2 China Electric Ship Market Breakdown, by Power
11.4.7.1.3 China Electric Ship Market Breakdown, by Range
11.4.7.1.4 China Electric Ship Market Breakdown, by Ship Type
11.4.7.2 Japan Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
11.4.7.2.1 Japan Electric Ship Market Breakdown, by Type
11.4.7.2.2 Japan Electric Ship Market Breakdown, by Power
11.4.7.2.3 Japan Electric Ship Market Breakdown, by Range
11.4.7.2.4 Japan Electric Ship Market Breakdown, by Ship Type
11.4.7.3 South Korea Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
11.4.7.3.1 South Korea Electric Ship Market Breakdown, by Type
11.4.7.3.2 South Korea Electric Ship Market Breakdown, by Power
11.4.7.3.3 South Korea Electric Ship Market Breakdown, by Range
11.4.7.3.4 South Korea Electric Ship Market Breakdown, by Ship Type
11.4.7.4 Australia Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
11.4.7.4.1 Australia Electric Ship Market Breakdown, by Type
11.4.7.4.2 Australia Electric Ship Market Breakdown, by Power
11.4.7.4.3 Australia Electric Ship Market Breakdown, by Range
11.4.7.4.4 Australia Electric Ship Market Breakdown, by Ship Type
11.4.7.5 Rest of APAC Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
11.4.7.5.1 Rest of APAC Electric Ship Market Breakdown, by Type
11.4.7.5.2 Rest of APAC Electric Ship Market Breakdown, by Power
11.4.7.5.3 Rest of APAC Electric Ship Market Breakdown, by Range
11.4.7.5.4 Rest of APAC Electric Ship Market Breakdown, by Ship Type
11.5 RoW: Electric Ship Market
11.5.1 Overview
11.5.2 RoW Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
11.5.3 ROW Electric Ship Market Breakdown, By Type
11.5.4 ROW Electric Ship Market Breakdown, By Power
11.5.5 ROW Electric Ship Market Breakdown, By Range
11.5.6 ROW Electric Ship Market Breakdown, By Ship Type
11.5.7 ROW Electric Ship Market Breakdown, by Country
11.5.7.1 Middle East Electric Ship Market, Revenue and Forecast to 2028
11.5.7.1.1 Middle East Electric Ship Market Breakdown, by Type
11.5.7.1.2 Middle East Electric Ship Market Breakdown, by Power
11.5.7.1.3 Middle East Electric Ship Market Breakdown, by Range
11.5.7.1.4 Middle East Electric Ship Market Breakdown, by Ship Type
11.5.7.2 South America Electric Ship Market, Revenue and Forecast to 2028
11.5.7.2.1 South America Electric Ship Market Breakdown, by Type
11.5.7.2.2 South America Electric Ship Market Breakdown, by Power
11.5.7.2.3 South America Electric Ship Market Breakdown, by Range
11.5.7.2.4 South America Electric Ship Market Breakdown, by Ship Type
12. Impact of COVID -19 Pandemic – Electric Ship Market
12.1 North America: Impact Assessment of COVID-19 Pandemic
12.2 Europe: Impact Assessment of COVID-19 Pandemic
12.3 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
12.4 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
12.5 South and Central America: Impact Assessment of COVID-19 Pandemic
13. Industry Landscape
13.1 Overview
13.2 Agreements, Collaborations and Joint Ventures
13.3 New Product Launches
13.4 EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
14. Company Profiles
14.1 BAE Systems
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 Duffy Electric Boat Company
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Fjellstrand AS
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 X Shore
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 General Dynamic Electric Boat
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 Hurtigruten
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 MAN Energy Solutions
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 PortLiner
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 Siemens Energy
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 VARD AS
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Products and Services
14.10.4 Financial Overview
14.10.5 SWOT Analysis
14.10.6 Key Developments
15. Appendix
15.1 About The Insight Partners
15.2 Glossary of Terms
LIST OF TABLES
Table 1. Global Electric Ship Market Revenue and Forecasts to 2027 (US$ Million)
Table 2. North America Electric Ship Market, Revenue and Forecast To 2028 – By Type (US$ million)
Table 3. North America Electric Ship Market, Revenue and Forecast To 2028 – By Power (US$ million)
Table 4. North America Electric Ship Market, Revenue and Forecast To 2028 – By Range (US$ million)
Table 5. North America Electric Ship Market, Revenue and Forecast To 2028 – By Ship Type (US$ million)
Table 6. North America Electric Ship Market, Revenue and Forecast To 2028 – By Country (US$ million)
Table 7. US Electric Ship Market, Revenue and Forecast to 2028 – By Type (US$ million)
Table 8. US Electric Ship Market, Revenue and Forecast to 2028 – By Power (US$ million)
Table 9. US Electric Ship Market, Revenue and Forecast to 2028 – By Range (US$ million)
Table 10. US Electric Ship Market, Revenue and Forecast to 2028 – By Ship Type (US$ million)
Table 11. Canada Electric Ship Market, Revenue and Forecast to 2028 – By Type (US$ million)
Table 12. Canada Electric Ship Market, Revenue and Forecast to 2028 – By Power (US$ million)
Table 13. Canada Electric Ship Market, Revenue and Forecast to 2028 – By Range (US$ million)
Table 14. Canada Electric Ship Market, Revenue and Forecast to 2028 – By Ship Type (US$ million)
Table 15. Europe Electric Ship Market, Revenue and Forecast To 2028 – By Type (US$ million)
Table 16. Europe Electric Ship Market, Revenue and Forecast To 2028 – By Power (US$ million)
Table 17. Europe Electric Ship Market, Revenue and Forecast To 2028 – By Range (US$ million)
Table 18. Europe Electric Ship Market, Revenue and Forecast To 2028 – By Ship Type (US$ million)
Table 19. Europe Electric Ship Market, Revenue and Forecast To 2028 – By Country (US$ million)
Table 20. Germany Electric Ship Market, Revenue and Forecast to 2028 – By Type (US$ million)
Table 21. Germany Electric Ship Market, Revenue and Forecast to 2028 – By Power (US$ million)
Table 22. Germany Electric Ship Market, Revenue and Forecast to 2028 – By Range (US$ million)
Table 23. Germany Electric Ship Market, Revenue and Forecast to 2028 – By Ship Type (US$ million)
Table 24. France Electric Ship Market, Revenue and Forecast to 2028 – By Type (US$ million)
Table 25. France Electric Ship Market, Revenue and Forecast to 2028 – By Power (US$ million)
Table 26. France Electric Ship Market, Revenue and Forecast to 2028 – By Range (US$ million)
Table 27. France Electric Ship Market, Revenue and Forecast to 2028 – By Ship Type (US$ million)
Table 28. Italy Electric Ship Market, Revenue and Forecast to 2028 – By Type (US$ million)
Table 29. Italy Electric Ship Market, Revenue and Forecast to 2028 – By Power (US$ million)
Table 30. Italy Electric Ship Market, Revenue and Forecast to 2028 – By Range (US$ million)
Table 31. Italy Electric Ship Market, Revenue and Forecast to 2028 – By Ship Type (US$ million)
Table 32. UK Electric Ship Market, Revenue and Forecast to 2028 – By Type (US$ million)
Table 33. UK Electric Ship Market, Revenue and Forecast to 2028 – By Power (US$ million)
Table 34. UK Electric Ship Market, Revenue and Forecast to 2028 – By Range (US$ million)
Table 35. UK Electric Ship Market, Revenue and Forecast to 2028 – By Ship Type (US$ million)
Table 36. Rest of Europe Electric Ship Market, Revenue and Forecast to 2028 – By Type (US$ million)
Table 37. Rest of Europe Electric Ship Market, Revenue and Forecast to 2028 – By Power (US$ million)
Table 38. Rest of Europe Electric Ship Market, Revenue and Forecast to 2028 – By Range (US$ million)
Table 39. Rest of Europe Electric Ship Market, Revenue and Forecast to 2028 – By Ship Type (US$ million)
Table 40. APAC Electric Ship Market, Revenue and Forecast To 2028 – By Type (US$ million)
Table 41. APAC Electric Ship Market, Revenue and Forecast To 2028 – By Power (US$ million)
Table 42. APAC Electric Ship Market, Revenue and Forecast To 2028 – By Range (US$ million)
Table 43. APAC Electric Ship Market, Revenue and Forecast To 2028 – By Ship Type (US$ million)
Table 44. APAC Electric Ship Market, Revenue and Forecast To 2028 – By Country (US$ million)
Table 45. China Electric Ship Market, Revenue and Forecast to 2028 – By Type (US$ million)
Table 46. China Electric Ship Market, Revenue and Forecast to 2028 – By Power (US$ million)
Table 47. China Electric Ship Market, Revenue and Forecast to 2028 – By Range (US$ million)
Table 48. China Electric Ship Market, Revenue and Forecast to 2028 – By Ship Type (US$ million)
Table 49. Japan Electric Ship Market, Revenue and Forecast to 2028 – By Type (US$ million)
Table 50. Japan Electric Ship Market, Revenue and Forecast to 2028 – By Power (US$ million)
Table 51. Japan Electric Ship Market, Revenue and Forecast to 2028 – By Range (US$ million)
Table 52. Japan Electric Ship Market, Revenue and Forecast to 2028 – By Ship Type (US$ million)
Table 53. South Korea Electric Ship Market, Revenue and Forecast to 2028 – By Type (US$ million)
Table 54. South Korea Electric Ship Market, Revenue and Forecast to 2028 – By Power (US$ million)
Table 55. South Korea Electric Ship Market, Revenue and Forecast to 2028 – By Range (US$ million)
Table 56. South Korea Electric Ship Market, Revenue and Forecast to 2028 – By Ship Type (US$ million)
Table 57. Australia Electric Ship Market, Revenue and Forecast to 2028 – By Type (US$ million)
Table 58. Australia Electric Ship Market, Revenue and Forecast to 2028 – By Power (US$ million)
Table 59. Australia Electric Ship Market, Revenue and Forecast to 2028 – By Range (US$ million)
Table 60. Australia Electric Ship Market, Revenue and Forecast to 2028 – By Ship Type (US$ million)
Table 61. Rest of APAC Electric Ship Market, Revenue and Forecast to 2028 – By Type (US$ million)
Table 62. Rest of APAC Electric Ship Market, Revenue and Forecast to 2028 – By Power (US$ million)
Table 63. Rest of APAC Electric Ship Market, Revenue and Forecast to 2028 – By Range (US$ million)
Table 64. Rest of APAC Electric Ship Market, Revenue and Forecast to 2028 – By Ship Type (US$ million)
Table 65. ROW Electric Ship Market, Revenue and Forecast To 2028 – By Type (US$ million)
Table 66. ROW Electric Ship Market, Revenue and Forecast To 2028 – By Power (US$ million)
Table 67. ROW Electric Ship Market, Revenue and Forecast To 2028 – By Range (US$ million)
Table 68. ROW Electric Ship Market, Revenue and Forecast To 2028 – By Ship Type (US$ million)
Table 69. ROW Electric Ship Market, Revenue and Forecast To 2028 – By Country (US$ million)
Table 70. Middle East Electric Ship Market, Revenue and Forecast to 2028 – By Type (US$ million)
Table 71. Middle East Electric Ship Market, Revenue and Forecast to 2028 – By Power (US$ million)
Table 72. Middle East Electric Ship Market, Revenue and Forecast to 2028 – By Range (US$ million)
Table 73. Middle East Electric Ship Market, Revenue and Forecast to 2028 – By Ship Type (US$ million)
Table 74. South America Electric Ship Market, Revenue and Forecast to 2028 – By Type (US$ million)
Table 75. South America Electric Ship Market, Revenue and Forecast to 2028 – By Power (US$ million)
Table 76. South America Electric Ship Market, Revenue and Forecast to 2028 – By Range (US$ million)
Table 77. South America Electric Ship Market, Revenue and Forecast to 2028 – By Ship Type (US$ million)
Table 78. Glossary of Term: ELECTRIC SHIP Market
LIST OF FIGURES
Figure 1. Global Electric Ship Market Segmentation
Figure 2. Global Electric Ship Market Segmentation – By Geography
Figure 3. Global Electric Ship Market Overview
Figure 4. Hybrid Electric Ships Segment Held the Largest Market Share in 2020
Figure 5. - 7560 Kw Held the Largest Market Share in 2020
Figure 6. – 1000 Km Held the Largest Market Share in 2020
Figure 7. Ferries Held the Largest Market Share in 2020
Figure 8. Europe was the Largest Revenue Contributor in 2020
Figure 9. North America - PEST Analysis
Figure 10. Europe PEST - Analysis
Figure 11. Asia-Pacific – PEST analysis
Figure 12. Middle East & Africa – PEST analysis
Figure 13. South America - PEST Analysis
Figure 14. Electric Ship Market – Ecosystem Analysis
Figure 15. Electric Ship Market: Impact Analysis of Drivers and Restraints
Figure 16. Global Electric Ship Market, 2020 - 2028, US$ Million
Figure 17. Global Electric Ship Market Forecast and Analysis to 2028, US$ Million
Figure 18. Electric Ships Market Revenue Share, by Type (2020 and 2028)
Figure 19. Battery Electric Ships: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Plug-in Electric Ships: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Hybrid Electric Ships: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Electric Ships Market Revenue Share, by Power (2020 and 2028)
Figure 23. Less than 75kW: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24.kW-150kW: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25.kW-745kW: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26.kW-7560kW: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. More than 7560kW: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. Electric Ships Market Revenue Share, by Range (2020 and 2028)
Figure 29. Less than 50 Km: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
Figure 30.-100 Km: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
Figure 31.-1001 Km: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
Figure 32. More than 1000 Km: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
Figure 33. Electric Ships Market Revenue Share, by Ship Type (2020 and 2028)
Figure 34. Cruise Ships: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
Figure 35. Ferries: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
Figure 36. Tankers: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
Figure 37. Bulk Carriers: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
Figure 38. Fishing Vessels: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
Figure 39. Destroyers: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
Figure 40. Aircraft Carriers: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
Figure 41. Others: Electric Ships Market – Revenue and Forecast to 2028 (US$ Million)
Figure 42. Global Electric Ship Market Breakdown, by Region, 2020 & 2028 (%)
Figure 43. North America Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 44. North America Electric Ship Market Breakdown, By Type, 2020 & 2028 (%)
Figure 45. North America Electric Ship Market Breakdown, By Power, 2020 & 2028 (%)
Figure 46. North America Electric Ship Market Breakdown, By Range, 2020 & 2028 (%)
Figure 47. North America Electric Ship Market Breakdown, By Ship Type, 2020 & 2028 (%)
Figure 48. North America Electric Ship Market Breakdown, by Country, 2020 & 2028 (%)
Figure 49. US Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 50. Canada Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 51. Europe Electric Ship Market, Revenue and Forecast To 2028 (US$ million)
Figure 52. Europe Electric Ship Market Breakdown, By Type, 2020 & 2028 (%)
Figure 53. Europe Electric Ship Market Breakdown, By Power, 2020 & 2028 (%)
Figure 54. Europe Electric Ship Market Breakdown, By Range, 2020 & 2028 (%)
Figure 55. Europe Electric Ship Market Breakdown, By Ship Type, 2020 & 2028 (%)
Figure 56. Europe Electric Ship Market Breakdown, by Country, 2020 & 2027(%)
Figure 57. Germany Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 58. France Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 59. Italy Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 60. UK Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 61. Rest of Europe Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 62. APAC Electric Ship Market, Revenue and Forecast To 2028 (US$ million)
Figure 63. APAC Electric Ship Market Breakdown, By Type, 2020 & 2028 (%)
Figure 64. APAC Electric Ship Market Breakdown, By Power, 2020 & 2028 (%)
Figure 65. APAC Electric Ship Market Breakdown, By Range, 2020 & 2028 (%)
Figure 66. APAC Electric Ship Market Breakdown, By Ship Type, 2020 & 2028 (%)
Figure 67. APAC Electric Ship Market Breakdown, by Country, 2020 & 2028 (%)
Figure 68. China Electric Ship Market, Revenue and Forecast To 2028 (US$ million)
Figure 69. Japan Electric Ship Market, Revenue and Forecast To 2028 (US$ million)
Figure 70. South Korea Electric Ship Market, Revenue and Forecast To 2028 (US$ million)
Figure 71. Australia Electric Ship Market, Revenue and Forecast To 2028 (US$ million)
Figure 72. Rest of APAC Electric Ship Market, Revenue and Forecast To 2028 (US$ million)
Figure 73. ROW Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 74. ROW Electric Ship Market Breakdown, By Type, 2020 & 2028 (%)
Figure 75. ROW Electric Ship Market Breakdown, By Power, 2020 & 2028 (%)
Figure 76. ROW Electric Ship Market Breakdown, By Range, 2020 & 2028 (%)
Figure 77. ROW Electric Ship Market Breakdown, By Ship Type, 2020 & 2028 (%)
Figure 78. ROW Electric Ship Market Breakdown, by Country, 2020 & 2028 (%)
Figure 79. Middle East Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 80. South America Electric Ship Market, Revenue and Forecast to 2028 (US$ million)
Figure 81. Impact of COVID-19 Pandemic in North America Country Markets
Figure 82. Impact of COVID-19 Pandemic in European Country Markets
Figure 83. Impact of COVID-19 Pandemic in Asia Pacific Country Markets
Figure 84. IMPACT OF COVID-19 PANDEMIC IN MIDDLE EAST AND AFRICAN COUNTRY MARKETS
Figure 85. Impact of COVID-19 Pandemic in South and Central America Country Markets
The List of Companies - Electric Ships Market
- BAE Systems
- Duffy Electric Boat Company
- Fjellstrand AS
- X Shore
- General Dynamic Electric Boat
- Hurtigruten
- MAN Energy Solutions
- PortLiner
- Siemens Energy
- VARD AS
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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