Marine Fully Electric Propulsion Market

Global Marine Fully Electric Propulsion Market Size (2024 to 2032):

The Global Marine Fully Electric Propulsion Market was valued at US$ 8.88 billion in 2023 and is predicted to reach a value of US$ 22.72 billion by 2032 from US$ 9.86 billion in 2024, and registering a CAGR of 11% between 2024 and 2032.

Current Scenario of the Global Marine Fully Electric Propulsion Market

The worldwide marine market is expanding rapidly due to new innovations in the way ships are powered and operated. Marine propulsion is a system or mechanism that provides thrust for the movement of a boat or boat in the water. Modern ships are currently using mechanical systems such as a motor or a propeller based on an electric motor or impellers and propulsion pumps that are employed less frequently. Electric-powered boats are not a new concept. The first electrically powered ship was built from lead-acid batteries in France in 1881, by Gustave Found; however, energy storage limitations hampered the development of the vessel.

MARKET TRENDS

Generally, boat builders offer a fully electric propulsion system by custom order or upgrade. The major drivers for opting for electric propulsion systems on marine vessels are worries about water pollution. The use of renewable energy sources on board to charge the battery is likely to be another driving factor for this type of marine propulsion.

MARKET DRIVERS

The use of roads and airlines has escalated enormously for public and private transport in developed and developing countries, similarly, the use of ferries for public and private transport purposes on coastal waterways has escalated overall, complementing the market expansion.

In a fully electric marine propulsion system, the engine is connected directly to the generator. The fully electric marine propulsion increases the efficiency of the boat and reduces the carbon footprint. The implementation of strict regulations by the governments of several countries, related to the elimination of harmful carbon emissions, is driving the call for hybrid and fully electric marine propulsion systems. In addition to this, the governments of various countries are financing and supporting the advancement and promoting the use of the latest technologies in marine propulsion systems.

MARKET RESTRAINTS

Contrary to the drivers, the strict rules and volatility of crude oil are affecting the expansion of the market. High initial investments and inadequate infrastructure for charging are projected to hamper the worldwide all-electric and hybrid propulsion market during the foreseen period.

MARKET OPPORTUNITIES

Several market players are actively working to develop energy-efficient marine propulsion systems.

Escalating the call for small and medium-sized vessels with fuel-efficient propulsion systems employed on inland waterways is predicted to drive expansion during the foreseen period. Gradually, the escalating adaptation of marine propulsion technology is one of the key opportunities for market expansion.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Marine Fully Electric Propulsion Market Analysis By Propulsion Type

Depending on the type of propulsion, the fully electric boat segment is projected to grow with significant market share over the foreseen period as watercraft are powered by high-speed diesel engines and electrically powered boats have been employed in a significant way.

Global Marine Fully Electric Propulsion Market Analysis By Ship Type

The defense sector has always been the area of ​​greatest concern for both developed and developing countries. These countries are investing enormous capital in the defense sector. The Asia Pacific region is experiencing a high call for hybrid and all-electric marine propulsion systems due to escalated maritime trade, escalating numbers of new ship manufacturers, and greater adaptation of hybrid or all-electric propulsion systems as they upgrade existing vessels.

REGIONAL ANALYSIS

North America is projected to have a substantial share of the worldwide all-electric marine propulsion market during the foreseen period. Europe is predicted to follow North America during the foreseen period. However, the Asia Pacific market is likely to expand at a significant expansion rate during the foreseen period. The Asia Pacific is projected to be a very lucrative region of the worldwide marine hybrid and all-electric propulsion market during the foreseen period. Investments in the shipping industry have escalated significantly in the region in recent years due to the increase in maritime trade in countries such as China and Japan. This is predicted to drive the all-electric and hybrid marine propulsion market in the Asia Pacific. North America is also a key region in terms of adopting alternative marine energy, as it helps reduce greenhouse gas emissions. Countries in the region have enacted strict regulations to reduce air pollution in coastal areas. North America is estimated to be a lucrative region of the worldwide marine hybrid and all-electric propulsion market during the foreseen period.

KEY PLAYERS IN THE GLOBAL MARINE FULLY ELECTRIC PROPULSION MARKET

Companies playing a prominent role in the global marine fully electric propulsion market include ABB Group, Rolls-Royce Plc, Wärtsilä, Yanmar Co., Ltd., Caterpillar, Oceanvolt, Hyundai Heavy Industries Co., Ltd, and Others.

DETAILED SEGMENTATION OF THE GLOBAL MARINE FULLY ELECTRIC PROPULSION MARKET INCLUDED IN THIS REPORT

This research report on the global marine fully electric propulsion market has been segmented and sub-segmented based on propulsion type, ship type, deadweight, power rating, rpm, application, and region.

By Propulsion Type

• Hybrid Vessel
• Full Electric Vessel

By Ship Type

• Anchor Handling Tug Supply (AHTS) Vessels
• Cruise Liner
• Motor Ferry
• Naval Ships
• Platform Supply Vessel (PSV)
• Small Cargo Ships
• Submarines
• Yachts

By Deadweight

• 5K-10K Dead Weight Tonnage (DWT)
• Less Than 5K (DWT)
• More Than 10K (DWT)

By Power Rating

• Up to 1 MW
• 1.1-2 MW
• 2.1-3.5 MW
• Above 3.5 MW

By RPM

• 0-1,000 RPM
• 1,001-2,500 RPM
• Above 2,500 RPM

By Application

• Commercial
• Logistics
• Naval
• Offshore Drilling

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa