Electric ships market was valued at $4.02 billion in 2024 and is projected to reach $39.81 billion by 2035, growing at a CAGR of 21.2% during the forecast period (2025–2035). The retrofitting of older vessels to increase efficiency and lessen environmental impact has become a growing emphasis for shipbuilders globally. They aim to extend the lifespan while reducing emissions and adhering to more stringen environmental standards by equipping ships with contemporary technologies including electric propulsion systems, batteries, and hybrid engines. For instance, Gestione Navigazione Laghi, Italian inland ferry operator with its ambitious decarbonization program, installing hybrid-electric technology with the help of ABB. Navigazione operates 100 vessels on Italy’s three largest lakes Garda, Maggiore and Como. The most recent significant development in Navigazione Laghi's ongoing progress is the installation of a cleaner, more effective hybrid-electric propulsion system in place of the traditional diesel propulsion system on its 42-meter Lake Garda ferry, Adamello. The shipyard Peschiera del Garda was the site of the refurbishment project.
Browse the full report description of “Electric Ships Market Size, Share & Trends Analysis Report by Type (Fully Electric and Hybrid), by Mode of Operation (Manned and Autonomous), by Application (Passenger, Cargo, and Defense), by Range (< 50 KM, 50-100 KM, 101-1000 KM and 1000 KM) and by End-User (Line fit and Retrofit), Forecast Period (2025-2035)” at https://www.omrglobal.com/industry-reports/electric-ships-market
Furthermore, in May 2025, marine battery maker AYK Energy announced a landmark battery retrofit deal with Finnish shipping line Wasaline. The project will see AYK, the Andorran company, install a 10.4MWh battery on the Aurora Botnia, a hybrid-electric Ropax ferry that runs a daily route between Finland and Sweden. Constructed in 2021, the Aurora Botnia now runs on 2.2 MWh batteries and dual-fuel LNG/biomass engines. By upgrading to a battery system that is about five times more powerful, fossil energy use is predicted to be reduced by about 10,000 MWh annually, which would result in a nearly 25% yearly reduction in emissions.
Governments in many nations are actively supporting green ships and retrofit projects to lessen the environmental effect of the marine sector. Cleaner technology, such as electric propulsion and hybrid systems, are promoted by these agencies by providing ship-owners with financial incentives, subsidies, and regulatory support. For instance, The Dutch government is boosting greener inland navigation with the SRVB Subsidy Scheme, providing financial support for vessel owners investing in low- and zero-emission technologies. Running from January to October 2025, the program covers upgrades like Stage V engines, electric powertrains, and hybrid systems. Subsidies cover up to 20% of costs for large enterprises, and up to 50% for small ones, with an extra 10% available for zero-emission vessels.
Market Coverage
Key questions addressed by the report.
Global Electric Ships Market Report Segment
By Type
By Mode of Operation
By Application
By Range
By End-user
Global Electric Ships Market Report Segment by Region
North America
Europe
Asia-Pacific
Rest of the World
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