Global Powerships Market – Overview
Rising demand from end users due to increased fuel flexibility is driving the growth of the global powerships market. Products in the global powerships market i.e. powerships are used to generate electricity from natural gas or oil based on the operating conditions of a floating power plant as well as fuel availability. The products in the global powerships market are special purpose vessels on which the power plant is built. These products in the global powerships market act as a platform for power generation.
Powerships in the global powership market are most often operated using two main types of fuels, namely gas in the form of oil. The increase in economic activities as well as the growth of the world’s population create an increased demand for energy. The growing global demand for energy is one of the most important drivers of the global powership market. Additionally, digitalization of modern economies, rising number of electronically powered devices globally, and growing demand for electrification of transportation and heating industry are other major driving factors propelling the growth of the global market powerships.
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Global Powerships Market: Overview
A powership or power ship refers to a special-purpose vessel, which houses a power plant to serve as a source of electricity generation. An existing vessel can be modified for power generation or a marine vessel with a power plant installed to meet the need for power generation.
Some recently built motor ships have been upgraded to self-propelled motor ships with ready-made infrastructure for developing countries. These can be connected to national networks when needed. Non-motorized motor vessels, also called power barges, refer to power plants installed on a deck barge. These vessels are also sometimes referred to as “barge-mounted power plants” or “floating power plants”.
The global powerships market has been segmented on the basis of the following parameters: type and region.
Global Powerships Market: Notable Developments
The dynamics of the global powership market have improved lately. Some of the key developments regarding the global powerships market are mentioned below:
- In 2018, the Zurich-based ABB Group announced the acquisition of US-based GE Industrial Solutions, GE’s global electrification solutions business.
- In April 2019, Karpower International BV and Mitsui OSK Lines, Ltd. announced that they have agreed to collaborate on the LNG-Powership business to become the world’s most preferable and reliable LNG-Powership solution provider under the name “CARMOL”.
Some of the prominent competitors operating in the competitive landscape of the global powerships market include-
- General Electricity Company.
- ABB Group
- Volkswagen AG
- Karpower International B.V.
- GAS Entec Co. Ltd.
New market entrants are likely to emerge in the global powership market in the coming years.
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Global Powerships Market: Growth Drivers
Rising demand for energy and natural gas to drive market growth
Global demand for energy has increased, thanks to the growth of the global economy. The growth in the income level of people has further increased the demand for energy services, such as air conditioning (AC). The industrial sector has witnessed the accelerated adoption of electric motor systems and such industrial need has increased the energy requirements.
Apart from increasing energy demand, significant growth in natural gas production is another factor pushing the global powership market towards growth. For example, shale gas production in the Permian Basin, USA is projected to double during the forecast period (2018-2028). Such an expansion in natural gas production will have a direct influence on the growth of the global powership market.
Global Powerships Market: Regional Outlook
The Middle East and Africa region met a major share of the demand in the global powership market in 2018. Growing demand for efficient yet economical power generation in a short period of time is driving the market for powerships in the region. In addition, the growing need for electricity increases the load on already existing grid connections. This led to power outages during peak hours. As such, powerships are increasingly being adopted in the region to avoid such situations and support grid power at times of peak demand, such as during the summer months.
Developing countries such as China and India are major consumers of electricity. The growing number of electronically connected devices, the electrification of the transport and heating sector and large-scale digitalization are driving the demand for electricity in the region. Hence, the powerships market in the Asia-Pacific region is expected to witness an upsurge in growth.
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