All Reports
2Q 2023

Commercial Short Sea Maritime Electrification

Decarbonizing Ferries, Tugboats, Utility Vessels, Inland Barges, and Fishing Vessels, Market Forecasts: 2023-2032

Electrification of commercial short sea vessels—ferries, tugboats, utility vessels, inland barges, and fishing vessels—began developing in Europe in the early 2000s with hybrid vessels that supplemented their diesel powertrains with electricity. Fully electric vessel deployment began in the 2010s, with the first fully electric car ferry, the MF Ampere, making a completely battery powered journey in 2015. In the past few years, the popularity of electric ferries and other battery powered vessels has expanded to other regions, with China’s development of maritime electrification infrastructure along the Yangtze River, Sparky the electric tugboat deploying in Australia, and the announcement of a fully electric fleet by Washington State Ferries in the US.

The broad-scale driver for commercial maritime electrification is decarbonization, though many factors fall under this umbrella. Governments and international organizations have begun regulating maritime emissions and incentivizing decarbonization through carbon pricing, funding programs, and tax credits for cleaner transportation. Companies are under consumer pressure to decarbonize because of concerns about greenhouse gas emission levels. Beyond decarbonization, electric ferry rides are friendlier in health and atmosphere to passengers in terms noise and emissions. While CAPEX is currently higher for electric vessels than for traditional diesel systems, OPEX is likely substantially lower.

Forecasts in this report extend to 2032 and are segmented by six world regions (North America, Europe, Asia Pacific, Latin America, Middle East and Northern Africa, and Sub-Saharan Africa), by five vessel categories (ferries, tugs, utility vessels, bulk carriers & barges, and fishing vessels), and for onshore and offshore charging infrastructure.

Pages 41
Tables | Charts | Figures 32
  • What type of vessels are appropriate for electrification?
  • What types of batteries and charging infrastructure are the best fit?
  • Which companies and countries are advancing the maritime electrification market?
  • What are the constraints on the industry and how can they be overcome?
  • What are the expected expenditures for this market by 2032?
  • How large will the electrification market be by 2032?
  • Which regions will experience the most growth in the maritime electrification market?
  • What new technologies and carbon reduction mandates are driving this market?
  • Industry bodies
  • Maritime battery manufacturers
  • Vessel manufacturers
  • Charging infrastructure manufacturers
  • Ports
  • Shipping organizations
  • Ferry companies
  • Marine tourism organizations
  • Government agencies

1. Executive Summary

1.1   Introduction

1.2   Market Forecasts

2. Market Issues

2.1   Introduction

2.2   Vessel Types and Applications

2.2.1   Ferries

2.2.2   Inland Barges

2.2.3   Tugboats

2.2.4   Fishing Vessels

2.2.5   Utility Vessels

2.3   Electrification Technologies

2.3.1   Charging Equipment

2.3.1.1   Charging Equipment Types

2.3.1.2   Costs of Electric Vessels

2.3.2   Batteries for Maritime Use

2.3.2.1   Battery Formats   7

2.3.2.2   Battery Chemistries

2.3.2.3   Battery Costs

2.4   Market Drivers

2.4.1   Government Regulation and Support

2.4.2   Commercial Pressure

2.4.3   Future Cost Savings

2.4.4   Health Concerns

2.4.5   Noise Pollution

2.5   Market Barrier

2.5.1   Battery Charge and Voyage Length Limitations

2.5.2   Port Charging Technology Cost and Access

2.5.3   Crew Retraining and Safety

2.5.4   Materials: Supply Scarcity and Volatile Costs

2.5.5   Lack of Standardization

3. Key Industry Players

3.1   Introduction

3.2   ABB

3.3   Accure Battery Intelligece

3.4   Aqua superPower

3.5   Cavotec

3.6   Corvus Energy

3.7   Danfoss

3.8   Echandia

3.9   EST-Floattech

3.10   Kongsberg

3.11   Siemens Energy

3.12   Spear

3.13   Super B

3.14   XALT Energy

3.15   Wärtsilä

4. Market Forecasts

4.1   Scope

4.2   Methodology

4.3   Forecast Limitations

4.4   Key Assumptions

4.5   Market Forecasts

4.6   Regional Forecasts

4.7   Vessel Type Forecasts

4.8   Offshore and Onshore Charging Infrastructure Annual Revenue

5. Conclusions and Recommendations

5.1  Three Big Takeaways

5.2   Recommendations

5.2.1   Recommendations for Governments

5.2.2   Recommendations for Suppliers

6. Acronym and Abbreviation List

7. Table of Contents

8. Table of Charts and Figures

9. Scope of Study, Sources and Methodology, Notes

  • Maritime Electrification Market Annual Revenue by Region, World Markets: 2023-2032
  • Commercial Short Sea Maritime Electrification Market Annual Revenue by Region, World Markets: 2023-2032
  • Annual Revenue for Commercial Maritime Battery Systems by Region, World Markets: 2023-2032
  • Total Number of Commercial Short Sea Electric Vessels in Operation by Region, World Markets: 2023-2032
  • Annual Revenue for Commercial Maritime Batteries by Vessel Type: 2023-2032
  • Total Number of Commercial Short Sea Electric Vessels in Operation by Type: 2023-2032
  • Commercial Offshore Charging Infrastructure Annual Revenue, World Markets: 2023-2032
  • Commercial Onshore Charging Infrastructure Annual Revenue, World Markets: 2023-2032
  • Commercial Short Sea Maritime Electrification Market Annual Revenue, by Region, World Markets: 2023-2032
  • Global Electric Battery System Market Growth: 2023-2032
  • Annual Revenue for Commercial Maritime Battery Systems by Vessel Type: 2023-2032
  • Annual Revenue for Commercial Maritime Battery Systems by Region, World Markets: 2023-2032
  • Ferry Annual Revenue for Commercial Maritime Battery Systems by Region, World Markets: 2023-2032
  • Tug Annual Revenue for Commercial Maritime Battery Systems by Region, World Markets: 2023-2032
  • Utility Vessel Annual Revenue for Commercial Maritime Battery Systems by Region, World Markets: 2023-2032
  • Bulk Carrier Annual Revenue for Commercial Maritime Battery Systems by Region, World Markets: 2023-2032
  • Fishing Vessel Annual Revenue for Commercial Maritime Battery Systems by Region, World Markets: 2023-2032
  • Total Number of Commercial Short Sea Electric Vessels in Operation by Type, World Markets: 2023-2032
  • Total Number of Commercial Short Sea Electric Vessels in Operation by Region, World Markets: 2023-2032
  • Number of Electric Ferries in Operation by Region, World Markets: 2023-2032
  • Number of Electric Tugs in Operation by Region, World Markets: 2023-2032
  • Number of Electric Utility Vessels in Operation by Region, World Markets: 2023-2032
  • Number of Electric Bulk Carriers and Barges in Operation by Region
  • Number of Electric Fishing Vessels in Operation by Region
  • New Electric Vessel Builds by Type: 2023-2032
  • New Electric Ferries by Region, World Markets: 2023-2032
  • New Electric Tugs by Region, World Markets: 2023-2032
  • New Electric Utility Vessels by Region, World Markets: 2023-2032
  • New Electric Bulk Carriers and Barges by Region, World Markets: 2023-2032
  • New Electric Fishing Vessels by Region, World Markets: 2023-2032
  • Commercial Offshore Charging Infrastructure Annual Revenue, World Markets: 2023-2032
  • Commercial Onshore Charging Infrastructure Annual Revenue, World Markets: 2023-2032
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