DUBLIN, Nov. 29, 2019 /PRNewswire/ -- The "Electric Ships Market by Power Source, Autonomy, Ship Type, and Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

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.

Broad adoption of fully electric passenger vessels and inland cargo ships, among others, are expected to fuel the growth of the electric ships market across the globe.

Two forecast periods, i.e., 2019 to 2025 and 2025 to 2030, are considered in this market report, as the adoption of electric propulsion systems is projected to grow at a higher rate post-2025. Increase in seaborne trade across the globe, development of lithium-ion batteries, and hybrid and electric propulsion technology catering to the retrofit market, among others, are some of the factors that are expected to fuel the growth of the market.

The newbuild & line-fit segment is estimated to grow at a higher CAGR during the forecast period. 

Based on end-use, the newbuild & line-fit segment is estimated to grow at a higher CAGR during the forecast period as compared to the retrofit segment. The growth of the newbuild & line-fit segment can be attributed to the increased demand for fully electric ships by countries in North America and Europe. Fully electric ferries are becoming increasingly important in North America and Europe as these ferries reduce emissions and help port authorities save on operational costs. Passenger ferries travel short distances and are suitable for being operated as fully electric as they are closer to ports and can be charged easily.

The hybrid segment is estimated to lead the electric ships market in 2019.

Based on type, the hybrid segment is estimated to account for a majority of the global electric ships market share in 2019 as compared to the fully electric ships. There is a large retrofit potential of ships such as ferries, cruise ships, tugs, container vessels, general cargo ships, and tankers, among others. Shipowners choose to retrofit vessels with a hybrid-electric propulsion system or a fully electric propulsion system as it is relatively cheaper than purchasing a new ship. Additionally, ships can resume operations faster, as opposed to ordering a new vessel, which could take a few years to be delivered.

The remotely operated segment is expected to grow at the highest CAGR during the forecast period.

Based on the mode of operation, the remotely operated segment is projected to grow at the highest CAGR during the forecast period. Advancements in technology have enabled the shipping industry to explore technologies such as autonomous shipping and remotely operated shipping. Developments in the field are already underway, with ABB testing a remotely piloted passenger vessel near the Helsinki harbor, Finland, in December 2018.

Europe is estimated to account for the largest share of the electric ships market in 2019.

Europe is expected to lead the electric ships industry in 2019. The market in the region is highly competitive, owing to the presence of a large number of original component manufacturers (OCMs) and original equipment manufacturers (OEMs) such as Norwegian Electric Systems AS (Norway), Vard (Norway), among others. The high adoption rate of electric ferries, yachts, tugs, and cruise ships in this region, and the high commitment from companies such as Norway, Denmark, and Germany, among others to reduce emissions are major factors contributing to the growth of the electric ships market in Europe during the forecast period.

Competitive Landscape

Major players operating in the electric ships market are Norwegian Electric Systems AS (Norway), Corvus Energy (Norway), General Dynamics Electric Boat (US), MAN Energy Solutions SE (Germany), Vard (Norway), Siemens (Germany), and Leclanch SA (Switzerland), among others.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Growth Opportunities in Electric Ships Market
4.2 Hybrid Ships Market, By Type
4.3 Electric Ship Market, By Range
4.4 Electric Ship Market, By Ship Type
4.5 Commercial Electric Ship Market, By Type
4.6 Electric Ship Market, By Region

5 Market Overview
5.1 Introduction
5.2 Roadmap of Marine Electrification
5.3 Market Dynamics
5.3.1 Drivers Implementation of Sulfur 2020 Rule Hybrid and Electric Propulsion Technology Catering to the Retrofit Market Increase in Seaborne Trade Across the Globe Growing Maritime Tourism Industry Development of Lithium-Ion Batteries
5.3.2 Restraints Long Downtime During Retrofitting Ships Causes High Cost and Loss Revenue Limited Range and Capacity of Fully-Electric Ships
5.3.3 Challenges Inadequate Charging Infrastructure High Initial Capital Expenditure Cost
5.3.4 Opportunity Potential for Marine Battery Manufacturers to Manufacture High Powered Batteries Potential for Battery Charging Via Renewable Sources of Energy for Onboard Ship Hybrid Propulsion Technology for Large Ships

6 Industry Trends
6.1 Introduction
6.2 Roadmap Towards Emission Free Shipping Industry
6.3 Phasing of Marine Propulsion Technologies
6.4 Value Chain Analysis
6.5 Key Autonomous Ships Development Projects
6.5.1 Rolls-Royce Marine -
6.5.2 Kongsberg and Yara - 2020
6.5.3 Japanese Consortium - 2025
6.6 Emerging Trends
6.6.1 Electrification of Leisure Boats
6.6.2 Potential of Hybrid Technology
6.6.3 Fully Electric Ferries for Passenger Transport
6.6.4 Solar Sails
6.6.5 Advanced Batteries for Electric Ships
6.6.6 Potential of Hydrogen as A Zero Emission Fuel for the Shipping Industry
6.7 Innovations & Patent Registrations

7 Electric Ships Market, By Type
7.1 Introduction
7.2 Fully Electric
7.2.1 Lithium Battery Lithium Batteries are Major Power Source for Hybrid and Fully Electric Vessels
7.2.2 Lead Acid Battery Wide Range of Applications in the Marine Sector Increases the Demand for Lead Acid Batteries
7.2.3 Electro-Solar Rapid Development of Electro-Solar Technology for Charging Batteries On-Board Ships
7.2.4 Fuel Cells Growing Investment in A New Fuel Cell Technology
7.3 Hybrid
7.3.1 Diesel & Battery-Driven Significant Advancements in Hybrid Technology have Allowed Adoption of Hybrid-Electric Propulsion for Large Cruise Ships
7.3.2 LPG/LNG & Battery-Driven Adopting Liquefied Natural Gas (LNG) as Fuel for Ships

8 Electric Ships Market, By System
8.1 Introduction
8.2 Energy Storage Systems
8.2.1 <_000 /> Rising Demand for Small Ships
8.2.2 1,001-5,000 kW Rise in Retrofitting of Large Vessels
8.2.3 >5,000 kW Rise in Large Container and Cargo Ships for Retrofitting
8.3 Power Conversion
8.4 Power Generation
8.4.1 Generators Rise in Demand for Electric Propulsion
8.4.2 Engines Rise in Demand for Retrofitting Hybrid Propulsion
8.4.3 Propulsion Motors Industry Majorly Focusing on Electric Motor Drives and Propulsion Motors
8.5 Power Distribution

9 Electric Ships Market, By Mode of Operation
9.1 Introduction
9.2 Manned
9.2.1 Large Retrofit Market Potential for Manned Cargo Vessels is Expected to Drive the Market for Electric Ships
9.3 Remotely Operated
9.3.1 Increasing Investments in Remotely Operated Ships Will Drive the Electric Ships Market
9.4 Autonomous
9.4.1 Increasing Investments is Driving the Market for Autonomous Electric Ships

10 Electric Ships Market, By Ship Type
10.1 Introduction
10.2 Commercial
10.2.1 Passenger Vessels Yachts Ferries Cruise Ships
10.2.2 Cargo Vessels Container Vessels Bulk Carriers Tankers General Cargo Ships
10.2.3 Others Fishing Vessels Dredgers Tugs & Workboats Research Vessels Submarines
10.3 Defense
10.3.1 Destroyers
10.3.2 Frigates
10.3.3 Corvettes
10.3.4 Offshore Support Vessels (OSV)
10.3.5 Aircraft Carriers
10.3.6 Submarines

11 Electric Ships Market, By Power
11.1 Introduction
11.2 <_5 />11.2.1 Demand for Fully Electric Yachts in the European Region to Drive the Electric Ships Market
11.3 76-150 kW
11.3.1 Use of Fully Electric Ferries for Transport Will Drive the Market
11.4 151-745 kW
11.4.1 Large Retrofit Potential for Cargo Vessels in the 151-745 kW Range
11.5 746-7,560 kW
11.5.1 Increased Investment in Hybrid-Electric Propulsion Systems Drive the Market for Electric Ships
11.5.2 Adoption of Hybrid-Electric Propulsion Systems is Challenging in Ships With High Power Capacity

12 Electric Ships Market, By Range
12.1 Introduction
12.2 <_0 />12.2.1 Adoption of Fully Electric Passenger Ferries and Tugs Drive the Demand for Electric Ships
12.3 51-100 Km
12.3.1 Demand for Fully Electric Container Ships Will Drive the Demand for Electric Propulsion
12.4 100-1,000 Km
12.4.1 Retrofit of Cargo Vessels to Drive the Market for Electric Ships
12.5 >1,000 Km
12.5.1 Increased Investment in Hybrid-Electric Propulsion Systems Will Bear Fruit as the Adoption Rate Increases for Long-Voyage Ships

13 Electric Ships Market, By End Use
13.1 Introduction
13.2 Newbuild & Line Fit
13.2.1 High Demand for Fully Electric Ferries in Europe is Expected to Drive the Market for Electric Ships
13.3 Retrofit
13.3.1 Ship Owners Update Or Retrofit Equipment Installed on Existing Vessels to Increase Their Efficiency and Extend Their Durability

14 Regional Analysis
14.1 Introduction
14.2 North America
14.2.1 US Increasing Demand for Luxury Sailing Will Raise the Adoption of Electric Boats
14.2.2 Canada Canada Government's Strategic Decision to Develop Its Indigenous Marine Industry to Grow the Market
14.3 Europe
14.3.1 Norway Implementation of Imo Rule is Major Factor Driving the Adoption of Hybrid Or Electric Driven Propulsion in the Shipping Industry in Norway
14.3.2 Greece Stringent Imo 2020 Rule is Driving the Demand for Electric Ships in Greece
14.3.3 Netherlands Push Toward Using Zero-Emission Ships are Driving the Electric Ships Market in the Netherlands
14.3.4 France Presence of Stringent Regulations Drive the Demand for Electric Ships in France Rest of Europe
14.4 Asia Pacific
14.4.1 China Presence of Several Shipbuilding Companies in China Boost the Growth of the Electric Ships Market in the Country
14.4.2 South Korea Adoption of Fuel Cells for the Development of Ships and the Aim Towards Achieving A Hydrogen Economy are Expected to Fuel Electric Ships Market in South Korea
14.4.3 Japan Focus on Reducing Greenhouse Gas Emissions From International Shipping is Supporting the Growth of Electric Ships Market in Japan
14.4.4 New Zealand There is A Switch From Diesel Driven Ships to Electric Ships in New Zealand to Reduce Operational Costs
14.4.5 Rest of Asia Pacific Development of Electric Passenger Ferries is Expected to Fuel the Growth of Electric Ships in Rest of Asia Pacific
14.5 Rest of the World
14.5.1 Latin America Large Fleet Size of Ships in Latin America Encourages Adoption of Hybrid Propulsion
14.5.2 Middle East & Africa Retrofitting Existing Fleet Size of Ships is Driving the Electric Ships Market in Middle East & Africa

15 Competitive Landscape
15.1 Introduction
15.2 Major Players, 2018
15.3 Competitive Scenario
15.4 Competitive Leadership Mapping
15.4.1 Visionary Leaders
15.4.2 Innovators
15.4.3 Dynamic Differentiators
15.4.4 Emerging Companies
15.5 Strength of Product Portfolio
15.6 Business Strategy Excellence
15.7 Competitive Scenario
15.7.1 New Product Launches
15.7.2 Contracts
15.7.3 Expansions & Acquisitions
15.7.4 Partnerships, Agreements, Joint Ventures and Collaborations

16 Company Profiles
16.1 ABB
16.2 Wartsila
16.3 Kongsberg Gruppen
16.4 General Electric (GE)
16.5 Vard (Fincantieri)
16.6 Siemens
16.7 Leclanch SA
16.8 Bae Systems
16.9 Norwegian Electric Systems as (Havyard Group ASA)
16.10 Man Energy Solutions Se (Traton Group)
16.11 Corvus Energy
16.12 Echandia Marine AB
16.13 General Dynamics Electric Boat
16.14 Anglo Belgian Corporation (ABC) NV
16.15 Schottel GmbH
16.16 Visedo (Danfoss)
16.17 ECO Marine Power Co Ltd.
16.18 Akasol AG
16.19 EST Floattech
16.20 Saft (Total)

For more information about this report visit https://www.researchandmarkets.com/r/paph17

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Cision View original content:http://www.prnewswire.com/news-releases/global-electric-ships-market-set-to-reach-15-6-billion-by-2030---increase-in-seaborne-trade-across-the-globe-and-growing-maritime-tourism-industry-drives-market-growth-300966639.html

SOURCE Research and Markets