IDTechEx Looks Beyond Ferries: The Future of Electric Ship Markets

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.
 
 
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 (