Global Marine Electric Vehicle Market by Craft Application (Military, Leisure & Tourist Surface Boat, & Others), Vehicle type (Battery Electric, Plug-In Hybrid Electric & Hybrid Electric), Platform (On-water & Underwater), & Region- Forecast to 2023

Market Scenario:

The adoption of marine electric vehicles has increased drastically as they produce lower carbon emissions than fuel powered marine vehicles. Moreover, scarcity of fuel reserves has shifted the demand for diesel and gasoline fuel to alternative energy sources, which, in turn, propels the growth of the marine electric vehicles market. Marine electric vehicles are segmented by aircraft application, vehicle type, and platforms. In vehicle type, major sub-segments are battery electric vehicle, plug-in hybrid electric vehicles, and hybrid electric vehicles.

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Fuel used by ships and boats is varied and ranges from diesel and gasoline to wind energy. For example, ships that carry cargos and containers majorly run on diesel, gasoline. Electricity and solar energy are cheaper than diesel and gasoline, therefore, marine electric vehicles are now using these alternative sources of energy.

The efficiency of onboard electricity generation is important in all vessels. In recent decades, there has been considerable research on improved generation efficiency and the use of renewable energy sources. Considering the onboard electricity generation, companies are trying to carry out research in application of nuclear, wave, wind, solar, and gas technologies so that these energy sources can be used for marine vessels energy generation. With a focus on electricity generation, improvement is likely to be feasible within a decade.

An important feature of renewable energies, such as solar and wind, is that the fuel is free. Direct conversion of wind kinetic energy to vessel kinetic energy by sails and kites has great potential for renewable energy propulsion. Onboard wind generation of electricity is used in cruising yachts and has potential for electricity generation on other stationary vessels.

Solar energy application for onboard electricity generation has increased in last few years. However, there are limitations to the practical application of solar energy for marine vessels. Solar energy can be converted directly into electricity with solar photovoltaic cells or into heat energy using solar thermal collectors. Solar water heating by means of thermal collectors is a well-known technology and is viable for water heating for onboard services.

Concentrating reflective solar thermal technology is unlikely to be competitive against solar photovoltaic cells for electricity generation aboard marine vessels. Practical problems conspiring against solar thermal technology adaptation by the marine environment include constant vessel movement, vessel tilting leading to mirror focusing accuracy problems, and salt formation on a concentrating receiver lens, which are likely to rapidly degrade system efficiency. For these reasons, photovoltaic cells will remain the leading solar energy conversion technology for marine vessels in the upcoming years.

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A trend that is helping to boost market growth is the implementation of marine plug-in hybrid vehicles. In addition, hybrid electric vehicles or Grid Enabled Vehicles (GEV) have decreased the use of combustion engines, which, in turn, has reduced the emission of greenhouse gases. These vehicles store electricity onboard in rechargeable batteries.

Some key growth drivers are the growing demand of commercial users and the development of electronic Unmanned Underwater Vehicles (UUVs). The demand for stationary vessels is growing steadily as these vessels are cost efficient, faster, reliable, eco-friendly, and incur less maintenance cost.

UUVs have enormous usage in maritime operations, such as off shore hydrocarbon extraction, detailed mapping of the ocean floor, and scientific research. Moreover, UUVs are equipped with high-definition cameras that efficiently receive and transmit data from the UUV to the operator. Thus, better images, improved control of the vehicle, and a better inspection of the underwater environment is possible. Increasing number of activities related to sea level mapping by oil, gas, and defense sectors will accelerate the market growth for marine electric vehicles during the forecast period.

The marine electric vehicle market includes on-water and underwater electric vehicles for inland waterways and seas. Military electric vehicles are the largest market sector by value at present, smaller market subsectors will increase their presence of market by value in the upcoming year. Development in green laws will help leisure and commercial marine electric vehicles sectors to grow. The major restraint for marine electric vehicles is the high battery cost and related issues.

The global marine electric vehicles market is expected to witness approximately 10% CAGR during the period of 2017 to 2023.

Key Players

Marine electric vehicles systems are being widely used across the world; the major share of development is witnessed in Europe. The key players in the global marine electric vehicles market are Boesch Motorboote AG (Switzerland), Electrovaya (Canada), Corvus Energy (Canada), Andaman Boatyard (Thailand), Duffy Electric Boat (U.S.), Torqeedo GmbH (Germany), Triton Submarines (U.S.), Ruban Bleu (France), Saft (France), and Wärtsilä (Finland).

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