Powership Market to Reach $22.8 Billion Globally by 2031 at 21.4% CAGR: Allied Market Research

The growing demand for electricity and the lack of infrastructure to meet the demand is driving the global capacity market. On the basis of region, LAMEA is expected to maintain its revenue dominance and exhibit the fastest CAGR during the forecast period.

PORTLAND, Ore., November 24, 2022 /PRNewswire/ — Allied Market Research released a report titled “Electricity Market by Type (All-Electric, Hybrid, Plug-in-Hybrid), by System (Electricity Storage, Power Conversion, Power Generation, Others), by Application (Commercial, Defense): Global Capability Analysis and industry forecast, 2021-2031.” According to the report, the global power ships industry generates 3.4 billion dollars in 2021 and is expected to reach $22.8 billion to 2031, witnessing a CAGR of 21.4% from 2022 to 2031. The report offers detailed analysis of changing market trends, leading segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Engines and capabilities

The increasing demand for electricity and the lack of infrastructure to meet the demand are driving the growth of the global power market. However, the surge in oil prices leading to an increase in the cost of power generation is hampering the growth of the market. On the other hand, the increase in demand for primary energy has led many nations and the private sector to opt for current capacities that provide new opportunities for the market in the coming years.

Covid-19 scenario

  • The outbreak of the COVID-19 pandemic has affected various industries worldwide, including the power market. According to trends in the global power market, the pandemic has severely affected global transmission and distribution networks as projects have stalled, which in turn has led to reduced defense demand.

  • Cases of the spread of new variants of the virus led to repeated travel and trade bans, which affected the global economy.

  • As the blockades have complicated efforts to bring electricity to every part of the world, power ships have placed generator units on ships that can stay at sea and tap into local grids for short periods of time.

The hybrid segment to rule during the forecast period

On the basis of type, the hybrid segment was the largest market in 2021, contributing nearly two-fifths of the global capacity market share and is expected to maintain its leadership status during the forecast period. A hybrid propulsion ship runs on both oil and gas and can be used for multiple functions such as energy conversion, energy generation, energy storage, and any combination of these. On the other hand, the all-electric segment is expected to witness the fastest CAGR of 21.7% from 2022 to 2031. The report also mentions the all-electric and plug-in hybrid segments.

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The power conversion segment to maintain its dominant position during the forecast period

On the basis of system, the power conversion segment held the largest market share of more than a quarter of the global motor ships market in 2021 and is expected to maintain its dominance till 2031. The same segment is expected to witness the largest CAGR of 21.7% from 2022 to 2031, thanks to the reliability of power generation, good insulation and durability of an all-electric ship. The other segments analyzed in the study include electricity storage, power generation and others.

The defense segment will 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 engine market in 2021 and is expected to maintain its dominance over the forecast period. The same segment is expected to witness the highest CAGR of 21.4% from 2022 to 2031. This is due to the fact that defense operations are usually conducted in very remote and isolated areas that lack common infrastructure. The report also analyzes the commercial segment.

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LAMEA to maintain its dominance until 2031

On the basis of region, LAMEA was the largest market in 2021, capturing almost half of the global motor ship market, and is expected to lead the trail during the forecast period. The same market is expected to exhibit the fastest CAGR of 21.6% during the forecast period. This is due to weaker power generation/supply which cannot meet the region’s power needs. Moreover, the use of a force ship helps the nation to reduce the load. For example, the cost of load shedding on the South African economy was 338 billion dollars during the last ten years, which will be reduced by hiring strong ships. The report also analyzed Asia-Pacific region, North Americaand Europe markets.

Leading players in the market

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Allied Market Research (AMR) is the market research and business advisory wing of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global enterprises, as well as medium and small businesses, with an unmatched quality of “Market research reports” and “Business Intelligence Solutions.” AMR has a single-minded view of providing business insights and consulting to help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.

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