A key factor driving the growth of the global powerships market size is the rising global energy demand. The growing global population and robust economic growth have increased the demand for energy across the globe. Several factors such as the growth in the number of electronically connected devices, digitalization of modern economies, and the electrification of the transportation sector and heating sector are also driving the increase in demand for energy systems. Hence, powerships are increasingly being adopted as they can help fulfill the growing energy demand across the world. Therefore, the rising global energy demand will fuel the powerships market growth during the forecast period.
As per Technavio, the developments of LNG-to-powerships market will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global powerships market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global powerships market: Development of LNG-to-powerships market
Powerships offer fuel flexibility, which provides customers with the option to operate them based on fuel availability and conditions on which the floating power plant operates. As powerships can generate power using both oil and gas, there is an increase in the popularity of LNG-to-powerships market, wherein LNG is used to produce electricity in powerships. Several countries globally lack appropriate LNG distribution pipelines and regasification facilities to import natural gas. As a result, powerships are being used to generate power by receiving regasified LNG through FSRU to provide reliable electricity to the shore grids and facilities. Such developments are expected to boost the growth of the market during the forecast period.
“Apart from the development of LNG-to-powerships market, other factors such as the rising popularity of the plug-and-play concept, favorable government support, and rising natural gas production will have a significant impact on the growth of the powerships market size during the forecast period,” says a senior analyst at Technavio.
Global powerships market: Segmentation analysis
This market research report segments the global powerships market by type (oil-fired, and gas-fired), and geographic regions (MEA, and ROW).
The MEA region led the powerships market in 2018, followed by ROW. The growth of the powerships market in MEA can be attributed to the increasing demand for economic power generation within a short period. Moreover, the rising demand for electricity is increasing the load on existing grid connections, which results in power outages during the peak demand times. Therefore, powerships are increasingly being adopted in the region to avoid such instances and support the grid power during peak demand, such as summers.
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Five Forces Analysis
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- Vendors covered
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