LONDON--(BUSINESS WIRE)--The global powerships market is expected to post a CAGR almost 24% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
There is an increase in the demand for energy across the globe due to growth in the global population and robust economic growth. Several factors such as the electrification of the transportation sector and heating sector, digitalization of modern economies, and growth in the number of electronically connected devices are driving the increase in demand for energy systems. Consequently, the adoption of powerships is increasing to meet the growing energy demand across the world. Thus, the rising global energy demand will boost the growth of the powerships market during the forecast period.
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As per Technavio, the development of LNG-to-powerships market, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This 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 other conditions on which the floating power plant operates. Several countries around the world lack appropriate regasification facilities and LNG distribution pipelines that are required to import natural gas over long distances. 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. Thus, with the development of LNG-to-powerships market, the market for powerships is expected to showcase a positive outlook during the forecast period.
“Apart from the development of LNG-to-powerships market, the rising popularity of the plug-and-play concept and increasing natural gas production are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Powerships Market: Segmentation Analysis
This market research report segments the global powerships market by type (oil-fired and gas-fired) and geography (MEA and ROW).
MEA led the market in 2018, followed by rest of the world. During the forecast period, MEA is expected to maintain its dominance over the global market. This is due to strong government support and growing demand for energy in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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