According to the new research report published by Premium Market Insights, titled "Electric Ships Market is expected to grow from US$ 3.82 billion in 2021 to US$ 7.76 billion by 2028; it is estimated to grow at a CAGR of 10.3% from 2021 to 2028.
The electric ships market is expected to grow rapidly in the coming years due to the rise in the adoption of hybrid and electric propulsion systems for retrofitting ships and increasing regulatory support from government authorities & industry associations. Asia Pacific includes large emerging countries, such as China and India, where government and private sector investments in shipyard construction increase quickly. Similarly, governments in smaller countries, such as Indonesia and the Philippines, attract investors that boost the growth of the electric ships market. In APAC, the demand for electric ships increases due to the rising sea trade activities and growing government focus on reducing gas emissions. industry This has resulted in ship integrators and owners switching the existing diesel-driven engines with electric or hybrid propulsion systems. Therefore, these rising sea trade activities and increasing government focus on reducing gas emissions factors create a vast opportunity for the APAC electric ships market players to produce more electric ships.
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The Asia Pacific electric ships market has many players accounting for small market shares. A few of the prominent companies in the market in this region are ABB, General Electric, and Wartsila. The major players are spending heavily on research and development of new products and delivering mobile cranes globally. For instance, Vallianz, SeaTech, Shift Clean Energy, and ABS are teaming up to design and build an all-electric harbor tug. Vallianz has cut steel on the first all-electric harbor tug in Asia Pacific at its shipyard in Batam, Indonesia. Based on the E-Volt Electric Tug design by SeaTech, the vessel will be driven by a fully-classed electric battery system provided by Shift. This follows a recent memorandum of understanding between Vallianz and Shift Clean Energy to collaborate on vessels that require electrification solutions.
The key stakeholders in the global electric ship market ecosystem include raw material suppliers, component providers, propulsion system manufacturers, Shipbuilders/electric ship manufacturers, and end users. The propulsion system manufacturer plays a crucial role in the growth of the electric ship market as they are continuously developing an advanced system to enhance electric power generations. The raw materials suppliers are the initial stakeholders of the electric ship market as they provide various metals, such as steel, plastics, GRP (Glass Reinforced Plastic), ferrous metals, and wood. The material improves the shipbuilding and components' quality for better performance and lifespan. The components providers offer various parts, including electric motors, propellers, switchboards, filters, generators, and control systems. Propulsion system manufacturers procure the components and assemble them into one system to be installed in the ships. YANMAR HOLDINGS CO., LTD; BAE Systems; Siemens AG; Wartsila Corporation; and ZF Friedrichshafen AG are among the key market players developing hybrid and electric propulsion systems in the market. The shipbuilders/electric ship manufacturers include BAE Systems, Hurtigruten, MAN Energy Solutions, Siemens Energy, and General Dynamics Electric Boat. They mainly focus on customers' requirements to integrate the advanced technology into ships that end users can use. These systems can also be customized as per specific requirements and operations of different end users involved in the electric ships market.
Impact of COVID-19 Pandemic on Electric Ships Market
The COVID-19 pandemic severely impacted APAC due to the widespread infection. Countries in this region are highly populated, subjecting them to a greater risk of spreading and contracting this contagious disease. According to the Organization for Economic Co-operation and Development (OECD), the pandemic affected major economies, such as China, India, Australia, and Japan, which are experiencing inflation. The supply chain disturbances and the tremendous demand for efficient treatments for the therapy of COVID-19 have put the tourism industry in a crucial situation in Asia Pacific. Prohibited measures have been taken to contain the spread of COVID-19 through waterways also. COVID-19 spread has affected the electric ships demand as there was decline in demand of goods in various countries due to the restrictions imposed. This restrictions on trade and tourism through waterways has affected the growth of the electric ships market in Asia Pacific. However, as the countries uplifted lockdown and industries resumed their operations, the demand for electric ships from various end-users surged at the end of 2020.
The overall electric ships market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the electric ships market with respect to all the market segments. Also, primary interviews were conducted with industry participants to validate data and gain more analytical insights. The participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders-specializing in the electric ships market. A few major players operating in the 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.
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