Market Outlook
The electric ships market is set for a strong growth trajectory over the coming decade. According to the (MRFR) report, the global electric ships market value is projected to rise from USD 10,500.86 million in 2024 to USD 31,155.85 million by 2035. This reflects a compound annual growth rate (CAGR) of approximately 10.39% between 2025 and 2035.
Such growth underscores the rising importance of sustainable maritime transport—an essential shift as shipping players ramp up their environmental commitments.

Industry Overview
The maritime industry is witnessing an electrification trend, driven by stricter emission regulations, rising fuel costs, and advancements in battery and hybrid propulsion systems. The electric ships market benefits from these dynamics as shipbuilders, navies and commercial fleets look to cut energy costs and carbon footprints. The MRFR study highlights that hybrid systems currently hold the majority share of the electric ships market, reflecting the industry’s transition phase from diesel-based systems to full electrification.

Key Players
Major companies competing in the electric ships market include AKASOL AG, Anglo Belgian Corporation NV, ABB Group, Echandia Marine AB, Siemens AG, BAE Systems plc, Corvus Energy Inc., General Dynamics Electric Boat, KONGSBERG MARITIME AS, MAN Energy Solutions SE, Wärtsilä Corporation, among others. These players are actively innovating to gain share and lead the transition toward electric propulsion.

Segmentation & Growth Drivers
The electric ships market is segmented by type, system, ship type, power rating, range, operation mode and end-use. For instance:

• By Type: Fully electric (with lithium-ion battery, lead-acid, electro-solar, fuel cells) and Hybrid (diesel + battery, LPG/LNG + battery). Hybrid systems held around 90 % share in 2022.
• By System: Energy Storage Systems, Power Generation, Power Conversion, Power Distribution. Energy storage took the largest share in 2022.
• By Ship Type: Commercial (cargo vessels, passenger vessels, others) and Defence (destroyers, frigates, corvettes, OSVs, submarines, aircraft carriers). Commercial ship type dominated in 2022.
• By Power: < 75 kW; 75–150 kW; 151–745 kW; 746–7,560 kW. 75–150 kW segment dominated in 2022.
• By Range: < 50 km; 50-100 km; 101-1,000 km; > 1,000 km. The > 1,000 km segment held the largest share in 2022.
• By Operation: Manned, Remotely Operated, Autonomous. Manned segment dominated in 2022.
• By End Use: Newbuild & Line Fit, Retrofit. Newbuild & Line Fit led in 2022.

Growth is driven by rising fuel prices, stricter environmental regulations (e.g., by the International Maritime Organization), technological advances in battery systems, and increased investment in electric ship infrastructure.

Outlook Summary
For companies and stakeholders, the outlook for the electric ships market Growthis promising. The strong expected CAGR of 10.39% and forecasted market size of over USD 31 billion by 2035 indicate substantial opportunities for manufacturers, battery and system suppliers, maritime operators and port infrastructure developers. By aligning with segmentation trends, such as focusing on hybrid systems or targeting commercial vessels with > 1,000 km range, market entrants can position themselves strategically in this evolving industry.