The growth of powerships market is predicted to be promising in the years ahead. Incessantly rising demand for energy and lack of available infrastructure for conventional power plants have led to development of alternates such as powerships. Powerships complement energy generation from conventional power plants, and are an alternate resource for energy generation in developing countries.
Efficiency of powerships and reduced loss of power during distribution is resulting in their increasing use as a power generation resource. Having said this, powerships have evolved too. Powerships are now self-propelled, self-contained, and can be readily plugged into national grids whererver required.
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Powerships are of few configurations. The Unmotorised type are known as powerships. Further, installation capacity of powerships also varies from one to another. Powerships can be equipped with either single or multiple gas turbines, akin to boilers or nuclear reactors and diesel and gas engines for electricity generation.
Changing Competitive Dynamics as Keen Players Craft Partnerships with Mainstream Electric and Shipping Companies
The competitive outlook of powerships market is poised to be bright. Currently, the market features considerable degree of consolidation due to a handful of vendors in the space. Key companies presently operating in the powerships market are General Electric Co., Volkswagen AG, GAS Entec Co. Ltd., ABB Group, and Karpower International BV.
Keen companies in the powerships market are crafting strategic growth plans for expanded share in the powerships market. In a recent industry move, in 2018, ABB Group based in Zurich announced acquisition of U.S-based GE Industrial Solutions- GE’s global arm for electrification solutions.
Even recent, in April 2019, Karpower International B.V. and Mitsui O.S.K. Lines Ltd. entered into a collaboration with LNG-to-Powership business. This collaboration named “KARMOL” is the world’s most reliable LNG to powership solution provider.
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Globally, among key regions for powerships, the Middle East & Africa holds prominence. Rapid economic development in the region has accentuated energy need for business and industrial operations. Lack of adequate on-grid infrastructure to satisfy energy requirements has resulted in installation of powerships for the same. This fuels growth of powerships market in the region.