Electric Ship Market worth $18.39 billion by 2032 - Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., Sept. 9, 2025 /PRNewswire/ -- The electric ship market is expected to reach USD 18.39 billion by 2032, from USD 4.85 billion in 2025, with a CAGR of 21.0% according to a new report by MarketsandMarkets™. The electric ship market is growing as environmental regulations and cost savings encourage wider use, moving from pilot projects to regular operations. Ferries, inland cargo ships, offshore service vessels, and defense platforms are increasingly adopting electric and hybrid engines, driven by advances in energy storage, hybrid systems, and port charging facilities. Higher fuel and maintenance expenses, along with subsidies and green financing, strengthen the case for operators. With regulators, shipowners, and port authorities supporting decarbonization, electric ships are progressing from trials to becoming a key part of maritime modernization.

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Electric Ship Market Report Scope:

By ship type, passenger ships are expected to be dominant during the forecast period.

The passenger ship segment, comprising ferries, yachts, cruise ships, and motorboats, is expected to hold the largest share of the electric ship market due to regulatory priorities, operational needs, and cost factors. Stricter emission and noise rules in busy port areas are speeding up adoption, while fixed routes with frequent stops make it easier to build charging infrastructure. Full-electric systems are becoming more practical for smaller vessels, while bigger ships are shifting toward hybrid propulsion to balance efficiency and compliance. Lower fuel use, less maintenance, and access to subsidies improve the economic case for electrification. Backed by changing consumer expectations and infrastructure investments, passenger ships are likely to stay the leading segment in the adoption of electric and hybrid propulsion technologies.

By power capacity, >7,560 kW is expected to be the largest segment during the forecast period.

The >7,560 kW segment is expected to lead the electric ship market, fueled by the popularity of large-capacity vessels in global trade and defense. Cargo carriers, cruise ships, offshore service vessels, and naval platforms need high propulsion power for endurance, speed, and long-distance missions. With tighter emission rules, operators are turning to high-power electric and hybrid systems to stay compliant without sacrificing performance. Large ships also consume significant amounts of fuel, encouraging fuel-saving propulsion solutions.

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Asia Pacific is expected to rank second in the electric ship market during the forecast period.

Asia Pacific holds the second-largest share in the electric ship industry, supported by a strong shipbuilding industry, increased domestic demand, and government-led decarbonization efforts. China is expanding its deployment through large-scale electric ferry projects and port charging infrastructure, while Japan and South Korea are developing hybrid-electric applications and next-generation battery solutions for civilian and defense use. Regional governments are speeding up the transition with subsidies, partnerships, and financing strategies that reduce investment risks. Coordinated industrial capacity, infrastructure, and regulatory support further boost adoption.

Key Players

Major key players in the electric ship companies are ABB (Switzerland), Wärtsilä (Finland), Kongsberg (Norway), GE Vernova (US), VARD AS (Norway), Siemens (Germany), Leclanché (Switzerland), BAE Systems (UK), Saft (France), Norwegian Electric Systems (Norway), Everllence (Germany), Corvus Energy (Norway), Anglo Belgian Corporation (Belgium), SCHOTTEL Group (Germany), Danfoss (Denmark), Fjellstrand AS (Norway), Søby Shipyard (Denmark), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), ECO Marine Power (Japan), Damen Shipyard Group (Netherlands), EST-Floattech (Netherlands), and Baltic Workboats AS (Estonia).

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