The Electric Boat and Ship Market were valued at USD 4,581.3 million in 2020, and it is expected to reach USD 9010.5 million by 2026, registering a CAGR of 12.65% during the forecast period, 2021-2026.
The Covid-19 pandemic hampered the growth of electric boat and ship market owing to shut down of manufacturing facilities and trade restrictions imposed worldwide. However, with relaxations allowed by governments to improve economic conditions, market is expected to revive during the forecast period. However, limited range anxiety and high purchase costs to act as restraints for growth of market.
Growing government focus on encouraging consumers to adopt eco-friendly boats and ships in order to meet environmental rules and regulations anticipated to propel demand in the market. In addition, rising interest among electric vehicle (EV) manufacturers to capture the growing market by increasing the production of electric boats, expected to supplement the growth of the market during the forecast period.
Europe is expected to hold largest share in the market owing to highest demand for new electric ships & boats, and with Germany being a significant contributor to market growth in the region. In addition, United Kingdom became the first country in major G7 countries to target net-zero greenhouse gas emissions by 2050, which includes the adoption of electric boats and ships.
Key Market Trends
Growing Adoption of Electric Boats and Ships due to Pollution
The driving factors of the electric boat and ship market include factors, like increased maritime tourism and increased seaborne trade, as most of the world’s goods are carried by ships. As the global economy is dependent on the shipping market, the electric boat market is expected to play a bigger role in this sector as environmental causes have increasingly come to the forefront in this sector. Electric and hybrid types of ships cause less emission and save the environment from getting polluted more.
Moreover, growing government support to promote the usage of electric boats and ships to reduce emissions is likely to help market growth during the forecast period. For instance,
In 2020, the South Korean government announced a USD 870 million initiative to encourage the development of eco-friendly shipping to reduce pollution caused by the country’s marine sector. The 2030 Green Ship-K Promotion Strategy, a central part of South Korea’s plans to achieve carbon-neutrality by 2050, specifically targets the advancement and wider use of low-carbon ship technology, including hydrogen fuel cells and propulsion systems. The initiative has set a goal of reducing the country’s shipping greenhouse gas emissions by 40% in the next 25 years and 70% by 2050.
Additionally, international regulations, like The International Maritime Organization, deployed the global sulfur cap in January 2020. Under this regulation, ships, mainly commercial ships and marine vessels, may require low sulfur fuels to operate outside the emission control areas, which may propel electric ship adoption.
Europe Expected to Hold Largest Market Share During Forecast Period
Europe is expected to hold the largest market share and is anticipated to witness considerable growth over the forecast period. Germany is playing a significant role along with the United Kingdom in propelling the adoption of electric boats and ships in the region in wake of growing environmental regulations and emission standards. Moreover, the growing popularity of electric recreational and leisure vessels in marine tourism, water adventures, and fishing activities in the region is expected to propel regional market growth.
However, the COVID-19 pandemic, which recently spread across European countries, especially Italy, United Kingdom, Spain, and Germany, is expected to have a short-term impact on market growth. Next to Europe, North America to witness the highest growth followed by the Asia Pacific. In North America, the United States is considered a big place for boaters as majority of population in United States is fond of boating and leisure activities.
New technologies, such as improved battery storage systems, rising seaborne trade, and marine tourism drive growth in the Asia-Pacific region. India, Crahina, and Japan anticipated to contribute significantly for the
The market of Electric Boats and Ships is moderately consolidated due to the presence of several major and local players in the market. Several Key market players are entering into collaborations and engaging in mergers and acquisitions with other electric ship companies to strengthen their position in the market. Furthermore, the market participants focus on improving the battery technology to attain a competitive edge over other players. For instance,
In June 2021, Discover Battery launched Lithium Blue Series batteries for marine boat and ship applications. These batteries also have a high current Battery Management System (BMS) that manages safety and lightning-fast charge performance. The BMS also has a connectivity feature enabling users to check various parameters via a smartphone app. In September 2020, Holland Ship Electric selected Corvus Energy to deliver lithium-ion battery-based energy storage systems (ESS). The company is meant for five new all-electric ferries developed by Holland Shipyards Group for GVB, the municipal public transport operator for Amsterdam. In February 2019, Energy storage systems supplier, Corvus Energy Holding, acquired all shares in Grenland Energy, a maker of lightweight lithium-ion batteries for the maritime, offshore, and subsea industry.
Some of the key players in the market are ABB Limited, Siemens AG, Kongsberg Gruppen, General Dynamics Electric Boat, Corvus energy, and many more.
The market estimate (ME) sheet in Excel format 3 months of analyst support
Our reports have been used by over 10K customers, including:
Forecasts by Type (State of Charge (SoC), Critical Surface Charge (CSC), State of Health), by Application (Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Hybrid Vehicle (HV), Energy Storage Battery, Other), by Model (Simple Battery Model, Advanced Simple Battery Model, Thevenin Battery Model, Modified Thevenin...
The Marine Battery Market size is projected to grow from USD 374 Million in 2021 to USD 1,897 Million by 2030, at a CAGR of 19.8% from 2021 to 2030. The market is driven by various factors, such as rise in conversion of propulsion system in passenger vessel, Increasing sea borne trade across globe and growing maritime tourism industry. With...
Forecasts by Application (Ancillary Services, Peaking Capacity, Energy Shifting, Transmission Level, Distribution Level), by Type (Lithium-Ion Batteries, Lead-Acid Battery, Redox Flow Battery (RFB), Sodium-based Battery), by End-user (Utility, Commercial, Residential, Industrial, Institution) AND Regional and Leading National Market...
The global micro battery market size is estimated at USD 326 million in 2021. It is projected to reach USD 842 million by 2026; it is expected to grow at a CAGR of 20.9% from 2021 to 2026. The growth of the micro battery market is driven by factors such as the use of printed flexible batteries in medical devices to treat COVID-19 patients,...
The global residential battery market was valued at USD 9.87 billion in 2020, and it is anticipated to reach USD 23.03 billion by 2026, at a CAGR of 15.84% during 2021-2026. The COVID-19 pandemic is expected to moderately impact the market due to the decrease in electricity consumption from industrial & commercial sectors and the reduction...
Asia Pacific electric three-wheeler market is estimated to be 156,397 units in 2021 and is projected to grow to 486,446 units by 2026, at a CAGR of 25.5% during the forecast period. Electric three-wheelers run on the electrical energy stored in the rechargeable battery unit. These battery units can either be charged through an external power...
Charging up: Industry revenue is expected rise, as the industry recovers from the COVID-19 outbreak Abstract Lithium Battery Manufacturing in the UK Companies operating in this industry manufacture lithium and lithium-ion batteries. Industry products are most commonly used in vehicles and electronic...
The global UPS battery market was valued at US$ 695.6 million in 2020 and is projected to reach US$ 1,475.7 million by 2028; it is expected to grow at a CAGR of 10.6% from 2021 to 2028. The battery is one of a crucial component of an uninterruptible power supply (UPS).The UPS battery is accountable for long life span and good performance...
The battery testing equipment market was valued at US$ 452.40 million in 2019 and is projected to reach US$ 653.71 million by 2027; it is expected to grow at a CAGR of 4.7% from 2020 to 2027. North America is the most technologically advanced region across the World, with major economies such as the US, Canada, and Mexico.The developed...
The dimethyl carbonate market is projected to grow from USD 797 million in 2020 to USD 1,078 million by 2025, at a CAGR of 6.2% from 2020 to 2025. The increasing demand for polycarbonates and lithium-ion batteries is expected to drive the global dimethyl carbonate market. Based on application, the battery electrolyte segment is projected...
Gross Domestic Product
Crude Oil Price
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.