Electric ships market $20bn by 2027

The market for non-military hybrid and pure electric ships and boats will rise to over $20bn worldwide in 2027, according to market research firm IDTechEx – pointing out that there are already over 100 manufacturers of electric boats and ships.

“A fragmented but often highly profitable and growing sector” is how IDTechEx describes it, going on to identify recreational boats as the largest and fastest growing electric marine market in sales number, followed by underwater leisure and autonomous underwater vehicles.

On-water commercial marine is currently the largest marine electric vehicle value market, and leisure craft on inland waterways – notably in the USA and Europe – will become the largest sector as more places from Germany to India ban internal combustion engines or, as with SunMoon Lake in Taiwan, the operators unanimously agree to go clean and quiet.”

On the oceans, according to the analysis, one large ship can emit the CO₂ of 70,000 cars, the NO_x of two million cars and the carcinogenic particulates of 2.5 million cars.

Because of this, said IDTechEx, there will huge environmental pressures on ship owners to clean up more rapidly: The long life of a ship will no longer be an excuse”.

The IDTechEx report is ‘Electric boats and ships 2017-2027‘.