Global power ship market was valued at $3.4 billion in 2021, and is projected to reach $22.8 billion by 2031, growing at a CAGR of 21.4% from 2022 to 2031.
Powership is a special-purpose ship where a power plant is installed to generate power. It caters to short-term energy needs. Powerships can be deployed in areas where disaster has struck and energy installations are damaged or destroyed. Powerships can be deployed to serve a state’s energy demand till the time the required infrastructure is developed. Economies in the region such as the U. S., Canada, and Mexico are initiating policies to minimize carbon emissions from their distribution sectors by switching to electricity and natural gas and by improving energy efficiency in defense that produce large amounts of carbon emissions. This is expected to drive the growth of the powership market in North America. The rise in demand for improving energy performance through the installation of powership devices is expected to drive the growth of the market during the forecast period. In addition, energy service providers in Europe are increasingly investing in smart grid and smart metering infrastructure, which collects data and enable consumers to minimize damages from energy distribution in the region. Rapid industrialization in the region increases the demand for energy and an increase in investments in power infrastructure is expected to drive the growth of the global powership market during the forecast period. In addition, the rapid growth of smart energy infrastructure, adoption of green building models, and rise in government support toward achieving damage control due to power surge is further projected to fuel the growth of the global powership industry in the upcoming year.
The powership market is segmented on the basis of type, system, application, and region. Depending on the type, the market is divided into fully electric, hybrid, and plug-in hybrid. On the basis of the system, the division of the market is done into electricity storage, power conversion, power generation, and others. By application, the market bifurcation is done into defense and commercial. Region-wise, the powership market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). The key players in the market are ABB Ltd., Konsberg, GE, Wartsila, MAN Energy Solutions, Siemens AG, Corvus Energy, General Dynamics electric boat, Norwegian Electric Systems AS, Leclanch SA, Karadeniz Holding, Mitsui osk, and Volkswagen AG.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investments. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the
Powership is a special-purpose ship where a power plant is installed to generate power. It caters to short-term energy needs. Powerships can be deployed in areas where disaster has struck and energy installations are damaged or destroyed. Powerships can be deployed to serve a state’s energy demand till the time the required infrastructure is developed. Economies in the region such as the U. S., Canada, and Mexico are initiating policies to minimize carbon emissions from their distribution sectors by switching to electricity and natural gas and by improving energy efficiency in defense that produce large amounts of carbon emissions. This is expected to drive the growth of the powership market in North America. The rise in demand for improving energy performance through the installation of powership devices is expected to drive the growth of the market during the forecast period. In addition, energy service providers in Europe are increasingly investing in smart grid and smart metering infrastructure, which collects data and enable consumers to minimize damages from energy distribution in the region. Rapid industrialization in the region increases the demand for energy and an increase in investments in power infrastructure is expected to drive the growth of the global powership market during the forecast period. In addition, the rapid growth of smart energy infrastructure, adoption of green building models, and rise in government support toward achieving damage control due to power surge is further projected to fuel the growth of the global powership industry in the upcoming year.
The powership market is segmented on the basis of type, system, application, and region. Depending on the type, the market is divided into fully electric, hybrid, and plug-in hybrid. On the basis of the system, the division of the market is done into electricity storage, power conversion, power generation, and others. By application, the market bifurcation is done into defense and commercial. Region-wise, the powership market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). The key players in the market are ABB Ltd., Konsberg, GE, Wartsila, MAN Energy Solutions, Siemens AG, Corvus Energy, General Dynamics electric boat, Norwegian Electric Systems AS, Leclanch SA, Karadeniz Holding, Mitsui osk, and Volkswagen AG.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investments. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the
Competitive Landscape
of key players to increase their market share and sustain the intense competition in the industry.KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the powership market analysis from 2021 to 2031 to identify the prevailing powership market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the powership market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global powership market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Fully Electric
- Hybrid
- Plug-in-hybrid
By System
- Electricity Storage
- Power Conversion
- Power Generation
- Others
By Application
- Commercial
- Defense
By Region
- North America
- U. S.
- Canada
- Mexico
- Europe
- Germany
- Italy
- Spain
- UK
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa,
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- ABB Ltd
- Konsberg
- GE
- Wartsila
- MAN Energy Solutions
- Siemens AG
- Corvus Energy
- General Dynamics electric boat
- Norwegian Electric Systems AS
- Leclanch SA
- Karadeniz Holding
- Mitsui osk
- Volkswagen AG
Table of Contents
CHAPTER 1: INTRODUCTION1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
3.7. Value Chain Analysis
3.8. Key Regulation Analysis
3.9. Patent Landscape
CHAPTER 4: POWER SHIP MARKET, BY TYPE
4.1 Overview
4.1.1 Market size and forecast
4.2 Fully Electric
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market share analysis by country
4.3 Hybrid
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market share analysis by country
4.4 Plug-in-hybrid
4.4.1 Key market trends, growth factors and opportunities
4.4.2 Market size and forecast, by region
4.4.3 Market share analysis by country
CHAPTER 5: POWER SHIP MARKET, BY SYSTEM
5.1 Overview
5.1.1 Market size and forecast
5.2 Electricity Storage
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market share analysis by country
5.3 Power Conversion
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market share analysis by country
5.4 Power Generation
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market share analysis by country
5.5 Others
5.5.1 Key market trends, growth factors and opportunities
5.5.2 Market size and forecast, by region
5.5.3 Market share analysis by country
CHAPTER 6: POWER SHIP MARKET, BY APPLICATION
6.1 Overview
6.1.1 Market size and forecast
6.2 Commercial
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market share analysis by country
6.3 Defense
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market share analysis by country
CHAPTER 7: POWER SHIP MARKET, BY REGION
7.1 Overview
7.1.1 Market size and forecast
7.2 North America
7.2.1 Key trends and opportunities
7.2.2 North America Market size and forecast, by Type
7.2.3 North America Market size and forecast, by System
7.2.4 North America Market size and forecast, by Application
7.2.5 North America Market size and forecast, by country
7.2.5.1 U. S.
7.2.5.1.1 Key market trends, growth factors and opportunities
7.2.5.1.2 Market size and forecast, by Type
7.2.5.1.3 Market size and forecast, by System
7.2.5.1.4 Market size and forecast, by Application
7.2.5.2 Canada
7.2.5.2.1 Key market trends, growth factors and opportunities
7.2.5.2.2 Market size and forecast, by Type
7.2.5.2.3 Market size and forecast, by System
7.2.5.2.4 Market size and forecast, by Application
7.2.5.3 Mexico
7.2.5.3.1 Key market trends, growth factors and opportunities
7.2.5.3.2 Market size and forecast, by Type
7.2.5.3.3 Market size and forecast, by System
7.2.5.3.4 Market size and forecast, by Application
7.3 Europe
7.3.1 Key trends and opportunities
7.3.2 Europe Market size and forecast, by Type
7.3.3 Europe Market size and forecast, by System
7.3.4 Europe Market size and forecast, by Application
7.3.5 Europe Market size and forecast, by country
7.3.5.1 Germany
7.3.5.1.1 Key market trends, growth factors and opportunities
7.3.5.1.2 Market size and forecast, by Type
7.3.5.1.3 Market size and forecast, by System
7.3.5.1.4 Market size and forecast, by Application
7.3.5.2 Italy
7.3.5.2.1 Key market trends, growth factors and opportunities
7.3.5.2.2 Market size and forecast, by Type
7.3.5.2.3 Market size and forecast, by System
7.3.5.2.4 Market size and forecast, by Application
7.3.5.3 Spain
7.3.5.3.1 Key market trends, growth factors and opportunities
7.3.5.3.2 Market size and forecast, by Type
7.3.5.3.3 Market size and forecast, by System
7.3.5.3.4 Market size and forecast, by Application
7.3.5.4 UK
7.3.5.4.1 Key market trends, growth factors and opportunities
7.3.5.4.2 Market size and forecast, by Type
7.3.5.4.3 Market size and forecast, by System
7.3.5.4.4 Market size and forecast, by Application
7.3.5.5 France
7.3.5.5.1 Key market trends, growth factors and opportunities
7.3.5.5.2 Market size and forecast, by Type
7.3.5.5.3 Market size and forecast, by System
7.3.5.5.4 Market size and forecast, by Application
7.3.5.6 Rest of Europe
7.3.5.6.1 Key market trends, growth factors and opportunities
7.3.5.6.2 Market size and forecast, by Type
7.3.5.6.3 Market size and forecast, by System
7.3.5.6.4 Market size and forecast, by Application
7.4 Asia-Pacific
7.4.1 Key trends and opportunities
7.4.2 Asia-Pacific Market size and forecast, by Type
7.4.3 Asia-Pacific Market size and forecast, by System
7.4.4 Asia-Pacific Market size and forecast, by Application
7.4.5 Asia-Pacific Market size and forecast, by country
7.4.5.1 China
7.4.5.1.1 Key market trends, growth factors and opportunities
7.4.5.1.2 Market size and forecast, by Type
7.4.5.1.3 Market size and forecast, by System
7.4.5.1.4 Market size and forecast, by Application
7.4.5.2 Japan
7.4.5.2.1 Key market trends, growth factors and opportunities
7.4.5.2.2 Market size and forecast, by Type
7.4.5.2.3 Market size and forecast, by System
7.4.5.2.4 Market size and forecast, by Application
7.4.5.3 India
7.4.5.3.1 Key market trends, growth factors and opportunities
7.4.5.3.2 Market size and forecast, by Type
7.4.5.3.3 Market size and forecast, by System
7.4.5.3.4 Market size and forecast, by Application
7.4.5.4 South Korea
7.4.5.4.1 Key market trends, growth factors and opportunities
7.4.5.4.2 Market size and forecast, by Type
7.4.5.4.3 Market size and forecast, by System
7.4.5.4.4 Market size and forecast, by Application
7.4.5.5 Australia
7.4.5.5.1 Key market trends, growth factors and opportunities
7.4.5.5.2 Market size and forecast, by Type
7.4.5.5.3 Market size and forecast, by System
7.4.5.5.4 Market size and forecast, by Application
7.4.5.6 Rest of Asia-Pacific
7.4.5.6.1 Key market trends, growth factors and opportunities
7.4.5.6.2 Market size and forecast, by Type
7.4.5.6.3 Market size and forecast, by System
7.4.5.6.4 Market size and forecast, by Application
7.5 LAMEA
7.5.1 Key trends and opportunities
7.5.2 LAMEA Market size and forecast, by Type
7.5.3 LAMEA Market size and forecast, by System
7.5.4 LAMEA Market size and forecast, by Application
7.5.5 LAMEA Market size and forecast, by country
7.5.5.1 Brazil
7.5.5.1.1 Key market trends, growth factors and opportunities
7.5.5.1.2 Market size and forecast, by Type
7.5.5.1.3 Market size and forecast, by System
7.5.5.1.4 Market size and forecast, by Application
7.5.5.2 South Africa,
7.5.5.2.1 Key market trends, growth factors and opportunities
7.5.5.2.2 Market size and forecast, by Type
7.5.5.2.3 Market size and forecast, by System
7.5.5.2.4 Market size and forecast, by Application
7.5.5.3 Saudi Arabia
7.5.5.3.1 Key market trends, growth factors and opportunities
7.5.5.3.2 Market size and forecast, by Type
7.5.5.3.3 Market size and forecast, by System
7.5.5.3.4 Market size and forecast, by Application
7.5.5.4 Rest of LAMEA
7.5.5.4.1 Key market trends, growth factors and opportunities
7.5.5.4.2 Market size and forecast, by Type
7.5.5.4.3 Market size and forecast, by System
7.5.5.4.4 Market size and forecast, by Application
CHAPTER 8: COMPANY LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product Mapping of Top 10 Players
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Key developments
CHAPTER 9: COMPANY PROFILES
9.1 ABB Ltd
9.1.1 Company overview
9.1.2 Company snapshot
9.1.3 Operating business segments
9.1.4 Product portfolio
9.1.5 Business performance
9.1.6 Key strategic moves and developments
9.2 Konsberg
9.2.1 Company overview
9.2.2 Company snapshot
9.2.3 Operating business segments
9.2.4 Product portfolio
9.2.5 Business performance
9.2.6 Key strategic moves and developments
9.3 GE
9.3.1 Company overview
9.3.2 Company snapshot
9.3.3 Operating business segments
9.3.4 Product portfolio
9.3.5 Business performance
9.3.6 Key strategic moves and developments
9.4 Wartsila
9.4.1 Company overview
9.4.2 Company snapshot
9.4.3 Operating business segments
9.4.4 Product portfolio
9.4.5 Business performance
9.4.6 Key strategic moves and developments
9.5 MAN Energy Solutions
9.5.1 Company overview
9.5.2 Company snapshot
9.5.3 Operating business segments
9.5.4 Product portfolio
9.5.5 Business performance
9.5.6 Key strategic moves and developments
9.6 Siemens AG
9.6.1 Company overview
9.6.2 Company snapshot
9.6.3 Operating business segments
9.6.4 Product portfolio
9.6.5 Business performance
9.6.6 Key strategic moves and developments
9.7 Corvus Energy
9.7.1 Company overview
9.7.2 Company snapshot
9.7.3 Operating business segments
9.7.4 Product portfolio
9.7.5 Business performance
9.7.6 Key strategic moves and developments
9.8 General Dynamics electric boat
9.8.1 Company overview
9.8.2 Company snapshot
9.8.3 Operating business segments
9.8.4 Product portfolio
9.8.5 Business performance
9.8.6 Key strategic moves and developments
9.9 Norwegian Electric Systems AS
9.9.1 Company overview
9.9.2 Company snapshot
9.9.3 Operating business segments
9.9.4 Product portfolio
9.9.5 Business performance
9.9.6 Key strategic moves and developments
9.10 Leclanch SA
9.10.1 Company overview
9.10.2 Company snapshot
9.10.3 Operating business segments
9.10.4 Product portfolio
9.10.5 Business performance
9.10.6 Key strategic moves and developments
9.11 Karadeniz Holding
9.11.1 Company overview
9.11.2 Company snapshot
9.11.3 Operating business segments
9.11.4 Product portfolio
9.11.5 Business performance
9.11.6 Key strategic moves and developments
9.12 Mitsui osk
9.12.1 Company overview
9.12.2 Company snapshot
9.12.3 Operating business segments
9.12.4 Product portfolio
9.12.5 Business performance
9.12.6 Key strategic moves and developments
9.13 Volkswagen AG
9.13.1 Company overview
9.13.2 Company snapshot
9.13.3 Operating business segments
9.13.4 Product portfolio
9.13.5 Business performance
9.13.6 Key strategic moves and developments
Executive Summary
According to this report, titled, 'Powership Market,' the powership market was valued at $3.4 billion in 2021, and is estimated to reach $22.8 billion by 2031, growing at a CAGR of 21.4% from 2022 to 2031.Powerships are gaining interest in recent times. Risen demand for electricity and lacking the infrastructure to fulfill the demand has led countries to bring in powership to the rescue. Recently, the Russo-Ukrainian war has led to sanctions on Russia that have discouraged the flow of energy resources from Russia and Ukraine, especially to the European Union, which has led to a shortage of energy supply, especially with the winter season coming which is the stocking season for the region. To control the situation and be prepared for the upcoming need, many countries such as Germany are thinking about powership as an option to keep the energy supply intact.
Installing power plants requires huge investment, time, and several fixed and variable costs; however, powerships can be deployed in a span of around 120 days. They are ready to connect to the grid easily when they have full input capacity that is when they are fueled fully. They offer output immediately, as they can be directly connected to the transmission network from the high-voltage substation maintained onboard. Thus, such powership market opportunities drives positive growth in projection years.
Recent powership market trends shows that the market has huge growth potential and thus, attracts many profit seekers. However, a hike in oil prices leads to increased electricity production costs. Moreover, the Russia-Ukrainian war has hugely impacted oil prices and puts a dent in demand-supply in Europe and North America. In addition, the market was still reeling from the repercussions of COVID-19 owing to the unavailability of labor and stalled projects. Thus, global powership market growth is significantly hampered.
Powership is a reliable fast track, plug & play, and effective solution that delivers electricity in 30 to 100 days. It is also highly efficient using the most economical fuel available in the market and with a higher efficiency compared to similar solutions that lead to an economical generation cost. The rise in demand for primary energy has led many nations and private sector to opt for powership and thus creating future opportunity for market growth
The powership market size is studied on the basis of type, system, application, and region. Depending on the type, the market is divided into fully electric, hybrid, and plug-in hybrid. The hybrid powership segment dominated the global powership market share for 2021. It is projected to grow at a CAGR of 21.4%. However, the fully electric segment is projected to grow at a faster pace during the forecast period. This is owing to power generation reliability, good insulation, and durability of fully electric powership. On the basis of the system, the division of the market is done into electricity storage, power conversion, power generation, and others. The power conversion market dominated the revenue share for 2021. Power conversion powership is basically a powership that consists of power plants that harness gas or steam sources and generate electricity, thus they are expected to grow at a higher CAGR during the powership market forecast period.
By application, the powership market bifurcation is done into defense and commercial. The defense segment dominated the market share for 2021. However, the commercial segment is projected to grow at a higher CAGR owing to rising demand for powership during outages driven by supply scarcity of electricity. Region-wise, global powership market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). LAMEA region dominated the powership market share for 2021. The same is expected to grow at a higher CAGR owing to the rise in population and rapid urbanization that led to an increase in building & construction activities in the region.
Moreover, Economies in the region such as the U.S., Canada, and Mexico are initiating policies to minimize carbon emissions from their distribution sectors by switching to electricity and natural gas and by improving energy efficiency in defense that produce large amounts of carbon emissions. This is expected to drive growth of the powership market in North America. The key players in the global powership industry are Konsberg, GE, ABB, Wartsila, MAN Energy, Siemens, Corvus energy, General Dynamics electric boat, Norwegian Electric Systems AS, and Leclanch SA.
Key findings:
In 2021, the fully electric powership segment accounted for about 32.1% of the share in the global powership market, and is expected to maintain its dominance till the end of the forecast period.
In 2021, the power conversion system segment accounted for 27.2% powership market share in the year 2021.
Defense application is the fastest-growing segment in the global powership market, expected to grow at a CAGR of 58.7% during 2021-2031.
LAMEA is expected to grow at the fastest rate, registering a CAGR of 21.6%, throughout the forecast period
Companies Mentioned
- ABB Ltd.
- Konsberg
- GE
- Wartsila
- Man Energy Solutions
- Siemens AG
- Corvus Energy
- General Dynamics Electric Boat
- Norwegian Electric Systems As
- Leclanch SA
- Karadeniz Holding
- Mitsui Osk
- Volkswagen AG
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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