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IDTechEx Looks Beyond Ferries: The Future of Electric Ship Markets

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News provided by

IDTechEx Ltd

03 Aug, 2023, 06:32 GMT

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BOSTON, Aug. 3, 2023 /PRNewswire/ -- Over 1GWh of batteries are now sailing on waters globally, reflecting 72% industry growth in 2022. Despite this, there have been several challenges that shipbuilders and maritime battery suppliers have had to navigate in recent years.

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Battery deliveries to ships 2019-2022 GWh. Source: IDTechEx - “Electric Boats & Ships 2024-2044

Firstly, electric ship markets have historically been underpinned by electric ferry orders, which made up 37% of the maritime battery capacity (GWh) deliveries between 2019 and 2022. Norway is a key driver behind this, with around 100 electric ferries in operation – the most in the world. However, IDTechEx expects market saturation here soon as government targets are set to be surpassed next year.

Electric and hybrid vessels are also typically new-builds, specifically designed to be efficient with electric propulsion. However, the recent climate of uncertainty and inflation arising from the pandemic and the Russia-Ukraine war has had a negative impact on new-build contracts, including on ship-types targeted for electrification.

The IDTechEx report "Electric Boats & Ships 2024-2044" provides granular 20-year forecasts in unit sales, battery demand (GWh) & battery market value ($ bn) for electric ferry, electric cargo/container, electric Ro-Ro, electric cruise, electric OSV, electric tugboat and electric recreational boats by power class (<1kW, <12kW, >25kW). Based on primary supplier interviews, it further shares technology analysis and price information on marine Li-ion battery systems ($/kWh 2020 – 2044) and electric propulsion systems.

The future of the electric ship industry lies with hybrid cargo vessels. While this has not been a major historic market, new contracts for container ships have been steady. IDTechEx expects that zero-emission anchorage requirements, upcoming IMO and EU regulations, and the possibility for larger battery systems per vessel will drive battery installations.

The potential is huge. Less than a percent of the global merchant fleet currently runs on alternative fuels (including batteries), and battery systems improve the efficiency of both engines and future technologies such as hydrogen fuel cells. Systems sizes per vessel have also been increasing and can span into the tens of mega-watt hour per vessel – another driver for growth.

As the market develops, competition from China is also heating up. China-based battery suppliers are finding success in offering low prices for type-approved marine battery systems. This is achieved with high levels of vertical integration and battery chemistries such as LFP, which is predominantly manufactured in China. Contemporary Amperex Technology (CATL), one of the world's largest battery suppliers, is a good example. The company set up a subsidiary to develop batteries for ships in 2022 and has already contracted or delivered at least 16MWh.

In the short term, marine battery suppliers outside China may command a premium due to very high levels of experience in this safety-critical sector. However, China's entry will help consolidate and streamline the value chain as well as drive the next phase of growth for the industry as it sails into multi giga-watt hour territory.

IDTechEx Research

This research forms part of the broader electric vehicle and energy storage portfolio from IDTechEx, who track electric vehicle markets and technologies across land, sea and air, helping you navigate whatever may be ahead. Find out more at www.IDTechEx.com/Research/EV.

Upcoming Free-to-Attend Webinar

Electric Boats & Ships: Markets, Players, Opportunities

Luke Gear, Principal Technology Analyst at IDTechEx and author of this article will be presenting a free-to-attend webinar on Thursday 31 August 2023 - Electric Boats & Ships: Markets, Players, Opportunities.

This webinar will explore the following market trends:

  • Marine battery market limitations & fuel options
  • Electric boat and ship markets
  • Marine batteries & chemistries
  • Battery suppliers and China
  • A look at the IDTechEx market outlook

Click here to find out more and register your place on one of our three sessions.

About IDTechEx

IDTechEx guides your strategic business decisions through its Research, Subscription and Consultancy products, helping you profit from emerging technologies. For more information, contact research@IDTechEx.com or visit www.IDTechEx.com.

Images download:

https://www.dropbox.com/scl/fo/5xnlqfpfoyh5bngl3bz3s/h?rlkey=siqvw3zo10xwaq3lhnyvuhu2d&dl=0

Media Contact:

Lucy Rogers
Sales and Marketing Administrator
press@IDTechEx.com
+44(0)1223 812300

Social Media Links:

Twitter: www.twitter.com/IDTechEx

LinkedIn: www.linkedin.com/company/IDTechEx 

Photo: https://mma.prnewswire.com/media/2168433/Battery_deliveries.jpg
Logo: https://mma.prnewswire.com/media/478371/IDTechEx_Logo.jpg 

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