The global electric ships market is set to gain impetus from the rising collaborative efforts between numerous prominent manufacturers. Seven Japanese companies, for instance, created a consortium called e5. It would help in commercializing and developing all-electric zero-emission vessels in the next two years. This information is given by Fortune Business Insights™ in a new report, titled, “Electric Ships Market Size, Share & COVID-19 Impact Analysis, By Power Source (Fully Electric, Hybrid), By Power Output (Less than 75 kW, 75-745 kW, 746-7560 kW, More than 7560 kW), By Vessel Type (Commercial Vessel, Defense Vessel), By Level of Autonomy (Semi-Autonomous, Fully Autonomous) and Regional Forecast, 2020-2027.” The report further mentions that the electric ships market size was USD 5.50 billion in 2019 and is projected to reach USD 10.82 billion by 2027, exhibiting a CAGR of 11.2% during the forecast period.

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List of the Leading Companies Profiled in the Global Electric Ships Market are:

Kongsberg
Leclanche
Corvus Energy
Echandia Marine AB
Siemens
Vard
Norwegian Electric Systems
General Dynamics Electric Boat
MAN Energy Solutions SE
Wartsila
Schottel Group
Anglo Belgian Corporation NV
Eco Marine Power
Akasol AG
How Did Our Analysts Develop This Report?

Our highly skilled analysts have conducted thorough secondary research to gather data on the market. Various sources, such as Global Firepower, United Nations Conference on Trade and Development (UNCTAD), SEC filings, International Maritime Organization (IMO), investor presentations, BusinessWeek, and certified publications were referred to for collecting and identifying information about the demand for electric ships in the market globally.

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Regional Analysis

Increasing Government Initiatives to Spur Growth in Europe

Geographically, in 2019, Europe generated USD 1.93 billion in terms of revenue. It is expected to remain at the forefront backed by the rising government initiatives to encourage the adoption of electric ships. Also, the increasing awareness programs about the harmful effects of maritime emissions, especially in Hamburg and Rotterdam would boost growth.

Asia Pacific, on the other hand, is expected to grow significantly because of the ongoing regulatory developments in China and Japan, such as the global Sulphur cap to enhance electrification in large-sized vessels. In North America, the rising usage of all-electric vessels, such as USS Zumwalt by the U.S. Navy is set to augment growth.

Competitive Landscape

Key Players Focus on Winning New Contracts from Renowned Firms to Compete in Market

The market for electric ships houses a large number of reputed companies that are focusing on bagging new orders and signing contracts with government bodies and other firms to either deliver their in-house products or co-develop novel electric ships.

Below are the two latest industry developments:

November 2020: Hyundai Motors partnered up with Vinssen, a start-up based in Korea to develop a new vessel powered by hydrogen fuel cells by December 2021. Vinssen will supply 95kW hydrogen fuel cells. If the eco-friendly ship reaches the expected level in terms of performance, it will be produced on a large scale.
September 2020: Holland Ship Electric selected Corvus Energy to deliver lithium-ion battery-based energy storage systems (ESS). They are meant for five new all-electric ferries developed by Holland Shipyards Group for GVB, the municipal public transport operator for Amsterdam.
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