Global Powerships Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Powerships Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A power ship is an existing ship that has been modified for power generation, a marine vessel, on which a power plant is installed to serve as a power generation resource.

Market Overview:

The latest research study on the global Powerships market finds that the global Powerships market reached a value of USD 843.0 million in 2022. It’s expected that the market will achieve USD 851.2 million by 2028, exhibiting a CAGR of 0.16% during the forecast period.

COVID-19 impact for powerships market

The suspension in the trade business due to coronavirus pandemic leads to decline in of ship-borne trade and temporary downfall in power ship market. Shipping represents around 90% of the world trade; thus, downfall in trade activities will create enormous pressure on shipping industry. Slowdown of major ports and disruption in cargo activities may lead to economic challenges for power ship owners. The manufacturing industries and machines are shut down in a large number, thus declining the need for electricity and power. Furthermore, the imbalance in demand and supply of electricity will hamper the growth of the powerships market during the forecast period.

Growing energy and natural gas demand to stimulate market growth

Due to the growth of the global economy, the global demand for energy has increased. The increase in people’s income levels 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 this industrial demand has increased the demand for energy.
In addition to the increased demand for energy, the significant increase in natural gas production is another factor driving the growth of the global powerships market. In the next few years, the digitization of the modern economy, the electrification of the heating and transportation industries, and more and more electronic connection devices will drive the demand for electricity. The increase in natural gas production will directly affect the growth of the global powerships market.

High maintenance challenge

Powerships may be damaged by harsh environmental conditions. Any damage to the equipment requires maintenance, which is slightly higher than the maintenance cost of an onshore power plant. In addition, powerships are usually located tens of miles from the coast and are difficult to access, especially in inclement weather. Therefore, correcting minor technical problems can be tricky and cause huge costs. Compared with barge-based power plants, the maintenance challenges based on powerships are higher. The equipment of the marine power plant is located at the bottom of the ship. Therefore, issues related to maintenance and repairs will increase the downtime of the power plant.

Company Overview:

Karpowership is one of the major players operating in the Powerships market, holding a share of 100% in 2023.

Karpowership

Karpowership provides power generation services. The Company builds, owns, and operates fleet designed to meet energy needs. Karpowership is the only owner, operator and builder of the first Powership, floating power plant, fleet in the world.

Segmentation Overview:

By type, Oil-fired Powership segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Military segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Powerships market covered in Chapter 3:

Karpowership

In Chapter 4 and Chapter 14.2, on the basis of types, the Powerships market from 2018 to 2029 is primarily split into:

Oil-fired Powership
Gas-fired Powership

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Powerships market from 2018 to 2029 covers:

Military
Civil

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)