Powership Market to Reach $22.8 Billion, Globally, by 2031 at 21.4% CAGR: Allied Market Research
PORTLAND, Ore., Nov. 24, 2022
Growing demand for electricity and a lack of infrastructure to fulfill the demand drive the global powership market. Based on region, LAMEA is expected to maintain its dominance in terms of revenue and manifest the fastest CAGR during the forecast period.
PORTLAND, Ore., Nov. 24, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Powership Market by Type (Fully Electric, Hybrid, Plug-in-hybrid), by System (Electricity Storage, Power Conversion, Power Generation, Others), by Application (Commercial, Defense): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global powership industry generated $3.4 billion in 2021, and is estimated to reach $22.8 billion by 2031, witnessing a CAGR of 21.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers and Opportunities
Growing demand for electricity and a lack of infrastructure to fulfill the demand drive the growth of the global powership market. However, hike in oil prices leading to increased electricity production costs hamper the market growth. On the other hand, rise in demand for primary energy has led many nations and private sector to opt for powership present, which provide new opportunities for the market in the coming years.
- The outbreak of the COVID-19 pandemic affected various industries around the globe including the powership market. According to the global powership market trends, the pandemic severely impacted the global transmission and distribution networks as projects stalled, which, in turn, led to a reduced demand for defense.
- The instances of the spread of new virus variants led to repeated travel and trade bans, which affected the global economy.
- As lockdowns complicated efforts to bring electricity to every part of the world, powerships put generation units on ships that can sit offshore and plug into local grids at short notice.
The hybrid segment to rule the roost during the forecast period
Based on type, the hybrid segment was the largest market in 2021, contributing to nearly two-fifths of the global powership market share, and is expected to maintain its leadership status during the forecast period. The hybrid powership is both oil-fired and gas-fired, and can be used for multiple functions, such as power conversion, power generation, power storage, and any combination of those. On the other hand, the fully electric segment is projected to witness the fastest CAGR of 21.7% from 2022 to 2031. The report also mentions the fully electric and plug-in-hybrid segments.
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The power conversion segment to maintain its dominance during the forecast period
Based on system, the power conversion segment held the largest market share of more than one-fourth of the global power ship market in 2021, and is expected to maintain its dominance through 2031. The same segment is projected to witness the largest CAGR of 21.7% from 2022 to 2031, owing to power generation reliability, good insulation, and durability of fully electric power ship. The other segments analyzed in the study include electricity storage, power generation, and others.
The defense segment to maintain the fastest growth during the forecast period
Based on application, the defense segment held the largest market share of nearly three-fifths of the global powership market in 2021, and is expected to maintain its dominance during the forecast period. The same segment is projected to witness the highest CAGR of 21.4% from 2022 to 2031. This is owed to the fact that defense operations are usually carried out in highly remote and secluded areas that lack general infrastructure. The report also analyzes the commercial segment.
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LAMEA to maintain its dominance by 2031
Based on region, LAMEA was the largest market in 2021, capturing nearly half of the global powership market, and is expected to lead the trail during the forecast period. The same market is projected to manifest the fastest CAGR of 21.6% during the forecast period. This is attributed to weaker electricity generation/supply that is unable to meet the region's electricity needs. Moreover, using powership helps the nation in load shedding. For example, the load shedding cost for the South African economy was $338 billion over the last ten years, which will be reduced through hiring powerships. The report also analyzes the Asia-Pacific, North America, and Europe markets.
Leading Market Players
- ABB Ltd.
- MAN Energy Solutions SE
- Siemens AG
- Corvus Energy
- General Dynamics Electric Boat
- Norwegian Electric Systems AS
- Leclanché S.A.
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SOURCE Allied Market Research