Emphasis on Type (Oil-Fired Powership and Gas Fired Powership); Application (Civil and Military); and Region/Country
Powership Market Size & ForecastThe Powership Market was valued at approximately USD 3.5 Billion in 2023 and is expected to grow at a robust CAGR of around 21.5% during the forecast period (2024-2032) owing to the increasing global demand for electricity.
A Powership is designed to provide power and support to a power plant since it serves as a supply of power for electricity. These vessels are used to undergo transformation to generate power or can import power plants to other marine vessels. This is done with a view to ensuring that there is adequate electrical power to cater to the needs that are expected in the future. Recently, self-propelled powerships have been created, and probably for this reason, they can be deployed in developing nations. They can be fitted into any country grid as per the requirements with no strict limiting factor. Powerships are also known as power barges and may be either fully immobile or permanently moored at a riverport. They are also referred to as ‘power barges ‘or ‘mobile power plants’ sometimes.
The Powership market around the globe is expanding drastically because nations are in higher demand for efficient mobile electricity. For instance, according to BP Statistical Review of World Energy, 2021, global primary energy demand rose by 6% with electricity generation rising by 6.2%. This market growth is due to the increase in the energy requirements of developing countries, increase in the significance of the fast deployment of PV systems in disaster areas, and the global drift towards cleaner power. In the same respect, Powership is also affordable and can be built in the mass without requiring expensive infrastructure investment. As the engineering becomes capable of making effective Powership that are efficient and acceptable to the environment, they are gradually posing to serve the strategic role of providing temporary and base load powers in different parts of the world.
This section discusses the key market trends influencing the Powership market segments as identified by our research experts.
The gas-fired Powership is expected to grow with a significant CAGR in the forecast period (2024-2032). Powerships have gradually evolved and are now mostly gas-powered and adopted in the global market. Several factors that have contributed to this trend include an increased focus on the emission of carbon and cost factors where natural gas is relatively cheaper and more efficient as compared to oil. There are gas-powered Powerships that are still beneficial as it is a common trend around the world to convert to the use of green energies. For instance, the government of South Africa is planning to launch a procurement process for 3000MW of gas-fired energy generation. Also, the increasing developments of natural gas and the increased availability of LNG has made the usage of gas a viable option. These are the factors that make gas-powered Powership popular in terms of reliable, efficient, cleaner, and sustainable energy sources.
Asia Pacific holds a significant market share. As of now, there are approximately 100 operational power ships globally. These vessels, strategically positioned, play a pivotal role in supplementing the energy grid in various regions. Asia leads with 40 power ships, followed by Africa with 25. Europe and South America each host 15, while North America and Oceania have 5 each. These floating powerhouses contribute to nearly 5% of the world’s emergency energy solutions, a testament to their growing importance.
The Powership market is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are ABB, Komarine Co, General Electric Company, Karpowership, Mitsui O.S.K Lines, Becker Marine Systems, Wartsila, Norwegian Electric Systems, Corvus Energy, and MAN Energy.
In 2023, Karpowership has signed a memorandum of understanding with JSC Energy Co. of Ukraine (ECU) that could involve fast-track deployments of floating offshore power stations to address the country’s energy crisis.
In January 2020, Bloom Energy (NYSE: BE) and Samsung Heavy Industries (SHI), a part of Samsung Group, have signed a joint development agreement (JDA) to design and develop fuel cell-powered ships. The two companies will work together to realize their vision of clean power for ships and a more sustainable marine shipping industry.
The global Powership market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to connect with us to get a report that completely suits your requirements.
1. Market Introduction
2. Research Methodology Or Assumption 2 Research Methodology Or Assumption
3. Executive Summary
4. Market Dynamics
5. Pricing Analysis
6. Global Powership Market Revenue (usd Bn), 2022-2032f
7. Market Insights By Type
8. Market Insights By Application
9. Market Insights By Region
10. Value Chain Analysis
11. Competitive Landscape
12. Company Profiled
13. Acronyms & Assumption
14. Annexure
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Powership market were the three major steps undertaken to create and analyze the adoption of Powership in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Powership market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Powership market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Powership market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as type, application, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Powership market. Further, we conducted factor analysis using dependent and independent variables such as type, application, and Powership market regions. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Powership market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above three steps, we arrived at the current market size, key players in the global Powership market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Powership market. Data was split into several segments and sub-segments after studying various parameters and trends in the type, application, and regions of the global Powership market.
The current & future market trends of the global Powership market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q1: What is the global Powership market's current size and growth potential?
Q2: What are the driving factors for the growth of the global Powership market?
Q3: Which segment has the largest share of the global Powership market by type?
Q4: What are the emerging technologies and trends in the global Powership market?
Q5: Which region will dominate the global Powership market?
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February 11, 2025
