Electric Ships Market Trends

Electric Ships Market Trends

The adoption of hybrid propulsion systems is on the rise in the electric ships industry. These systems combine electric and traditional diesel or gas engines, offering flexibility and efficiency. Hybrid systems are particularly attractive for vessels that require high power for certain operations but can operate efficiently on electric power during other times. This dual capability allows for reduced fuel consumption and lower emissions, especially in regulated ports or protected waters.
 

Additionally, hybrid systems can extend the range and endurance of electric ships, addressing one of the main limitations of fully electric propulsion. This trend reflects a pragmatic approach to transitioning towards greener shipping, balancing current technological limitations with environmental and operational benefits. For instance, in July 2024, ABB has been selected by Washington State Ferries (WSF) to provide the propulsion systems for its new series of five hybrid electric ferries.
 

As the propulsion single source vendor (PSSV), ABB will supply comprehensive hybrid electric propulsion systems for each of the 1,500-passenger, 160-vehicle ferries. The propulsion systems will feature ABB's advanced Onboard DC Grid power distribution technology, energy storage, integrated marine automation, and other key components.
 

The development of larger electric vessels marks a significant trend in the maritime industry. Initially, electric propulsion was primarily used in smaller boats and short-haul ferries due to battery limitations. However, advancements in battery technology and energy management systems are now enabling the creation of larger vessels, including cargo ships and passenger liners. These developments allow for greater cargo and passenger capacity, longer voyages, and more versatile applications.
 

As larger electric ships become feasible, they open up new markets and use cases, such as long-distance transport and offshore operations. This trend not only expands the potential of electric propulsion but also contributes to reducing the overall carbon footprint of the maritime sector. For example, in August 2023, Incat Tasmania, an Australian shipbuilder, is constructing the world's largest lightweight battery electric ship, a 130-meter ro-pax ferry, for its South American customer Buquebús. It will have a capacity for 2,100 passengers and crew, 225 cars, and a 2,000 square meter duty-free shop.