Key Emerging Trends in Electric Ships Market
The report on the global electric ships market provides an analysis of the market from 2017 to 2030. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market. The global electric ships market size is projected to grow from USD 5.2 billion in 2019 to USD 15.6 billion by 2030, at a CAGR of 13.2% from 2025 to 2030. (Two forecast periods, i.e., 2019 to 2025 and 2025 to 2030 are considered in this report, as the adoption of electric propulsion systems is estimated to grow at a higher rate post-2025).
Based on type, the hybrid segment of the electric ships market is projected to grow at a higher CAGR during the forecast period as compared to the fully electric segment. The growth of this segment can be attributed to the adoption of hybrid propulsion systems in cargo ships, defense ships, and passenger cruise ships due to the cost benefits of using a hybrid propulsion system. Additionally, the International Maritime Organization’s (IMO) new ruling on acceptable sulfur emissions on ships has made cargo ship operators retrofit some of their existing fleet with hybrid propulsion to adhere to the new decision.
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Based on ship type, the commercial segment of the electric ships market is projected to grow at a higher CAGR during the forecast period as compared to the defense segment. The growth of this segment can be attributed to a large number of ships available for retrofit, especially in the cargo segment. The IMO 2020 ruling affects the commercial shipping industry the most, and as such, a significant portion of the retrofit market is expected to come from the retrofitting of cargo vessels such as container vessels, gas tankers, general cargo ships, among others with electric propulsion systems.
Based on range, the <50 km segment of the electric ships market is projected to account for the largest share of the market during the forecast period. The growth of this segment can be attributed to the wide adoption of fully electric ships in North America and Europe. There is a large luxury sailing community in these regions. Pollution caused by emissions due to burning fossil fuels is a major contributor to the increase in greenhouse gases. Hence, several yacht owners, passenger ferry operators, and cruise ship operators are switching from conventional propulsion systems to a fully electric or hybrid propulsion system.
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