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

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

Vessel Mounted Power Plant, also known as floating power plants, Vessel Mounted Power Plant are sites with one or more nuclear reactors located on an offshore platform. This is an autonomous site that can provide electricity and heat to hard-to-reach areas, such as the cold northern regions.

Market Overview:

The latest research study on the global Vessel Mounted Power Plant market finds that the global Vessel Mounted Power Plant market reached a value of USD 646.8 million in 2022. It’s expected that the market will achieve USD 1385.2 million by 2028, exhibiting a CAGR of 13.53% during the forecast period.

COVID-19 impact for Vessel Mounted Power Plant 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 Vessel Mounted Power Plant market during the forecast period.

Infrastructure development in the Asia-Pacific region

Developing countries such as China and India are large consumers of electricity. The increasing number of connected electronic devices, electrification of the transportation and heating industries, and widespread digitization have stimulated the demand for electricity in the region. Therefore, the Vessel Mounted Power Plant market in the Asia-Pacific region may witness a climax of growth. Some recently built power ships have become self-propelled Vessel Mounted Power Plant, preparing infrastructure for developing countries. These can be plugged into the national grid when needed. Non-motorized power boats, also called power barges, refer to power plants set up on deck barges. These ships are sometimes referred to as barge power plants or floating power plants.

High maintenance challenge

Vessel Mounted Power Plant 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, Vessel Mounted Power Plant 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 Vessel Mounted Power Plant 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.

Region Overview:

Geographically, Turkey held the largest market share – 61.19% in 2022.

Company Overview:

Karpowership is one of the major players operating in the Vessel Mounted Power Plant market, holding a share of 89.07% in 2021.

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.

Power Barge Corporation

Power Barge Corporation is a private company established in 2000 to provide turnkey projects, procurement and construction contracting, as well as after-sales and consulting services to developers, owners and operators of barge power plants equipped with gas turbines, medium-speed engines and energy storage. system. PBC also purchases and owns power barges and supports customer resale activities.

Segmentation Overview:

As for product types, the Gas Turbine Power segment held the largest market share in 2022.

Application Overview:

The market's largest segment by application is the segment High-power FPP, with a market share of 75.16% in 2022.

Key Companies in the global Vessel Mounted Power Plant market covered in Chapter 3:

Kawasaki Heavy Industries
Karpowership
Power Barge Corporation

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

Diesel Power
Gas Turbine Power

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Vessel Mounted Power Plant market from 2018 to 2029 covers:

Low-power FPP
Medium-power FPP
High-power FPP

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)