The insufficiency of liquefied natural gas distribution in pipelines for processes such as liquefaction or regasification to import gas is the major driver of the global power ship market. in addition, increase in need for energy requires sources to meet their power demands; hence, power ships can generate power in suitable power plant operating conditions and meet the increasing demand for electricity.
Moreover, exponential growth of global population and rise in economic activities contribute toward the expansion of the global power ships market. Digitalization in the electric sector and rise in penetration of electronic devices are anticipated to fuel the market growth. However, energy renewal sources that are more environment-friendly to produce power is anticipated to hamper the growth of the power ships market. In addition, fluctuation in prices for power ships is the major restraint of the global market.
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The power ship market is segmented based on its various characteristics. Depending on type, the power ships market is segregated into fully electric, hybrid, and plug-in-hybrid power ships. Power ships are regulating to generate power based on fuel availability and the operating conditions of a power plant. By system, it is extensively used for electricity storage, power conversion, and power generation. The applications covered in the study include commercial and defense. Region wise, the global power ship market is analyzed across North America, the Middle East, Asia-Pacific, and LAMEA.
The major market players operating in the power ship market are Kongsberg, ABB, Wartsila, Norwegian, MAN energy, Seiemens, Corvus Energy, and General Dynamics Electric Boat. These players majorly focus on new trends to sustain their business in the competitive market. Furthermore, expansions, acquisitions, partnerships, and new product developments are key strategies adopted by these players to expand their business in potential markets. They have further been focusing on strategies such organic and inorganic growth developments, including contracts and investments.
Key benefits of the report
- This study presents the analytical depiction of the global power ship market industry along with the current trends and market estimation to determine the imminent investment pockets
- The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the power ship market share
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the power ship market growth scenario
- The report provides a detailed market analysis depending on competitive and how the competition will take shape in coming years
- This report helps users in comprehending the key product segments and their future
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COVID-19 scenario analysis
- 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.
- However, digital and technological advancements may create lucrative opportunities in the market.
- 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 power ship market during the forecast period.
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