The new report by Expert Market Research titled, 'Global Powerships Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026', gives an in-depth analysis of the Global Powerships market, assessing the market based on its type segment and major regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
Note 1: For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on request sample report. The sample report shall be delivered to you within 24 hours.
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The key highlights of the report include:
Market Overview (2015-2026)
• Forecast CAGR (2021-2026): 12.9%
The global powerships market witnessed decent growth in the historical period, due to increased demand from end-users, thanks to its flexibility in fuel used for power generation.
Industry Definition and Major Segments
A powership is a special-purpose ship that has a power plant fitted to generate electricity. It meets short-term energy requirements. It generates power over a three to ten-year period using heavy fuels such as bunker fuel or gas.
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Based on type, the market can be categorised into the following:
The regional market for Powerships includes:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Globally, North America owns the largest market share, and the region will dominate the market in the forecast period. This can be attributed to availability of infrastructure fuelled by increasing investments in machinery industry. Asia Pacific is anticipated to grow with the fastest CAGR. With increased awareness and investments in manufacturing facilities, the need for Powerships will be on the rise and thus, the region is anticipated to lead the global market's CAGR growth in the forecast period.
Power plant installation takes longer, whereas powerships can be deployed in around 120 days. Once fuelled with heavy fuel oil or diesel, they can be simply linked to the grid. They initiate power output instantly, providing directly to the transmission network from the onboard high voltage substation. This viable alternative power generation option is projected to propel the powership market in emerging countries. In addition, rising electricity consumption in developing countries is attracting major investment in the power producing sector. Hence, powerships have a wide range of applications in locations where there is a shortage of power generation infrastructure.
However, the market is expected to be hampered by a lack of significant renewable energy producing alternatives. Furthermore, price fluctuations in powerships are regarded as a major impediment to the global market's growth in the forecast period.
Key Market Players
The major players in the global market include Karpower International BV, ABB, GAS Entec Co. Ltd., General Electric Co. (NYSE: GE), Haldor Topsoe A/S, Volkswagen AG, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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