Global Vessel Energy Storage System Market is expected to reach US$ XX Mn by 2027 from US$ XX Mn in 2019 at a CAGR of 14.4% during the forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
Global Vessel Energy Storage System MarketGlobal Vessel Energy Storage System Market Dynamics:
The energy storage system is an important part of environmental-friendly, modern, and energy-efficient ship propulsion systems. The vessel energy storage systems help to lower operation costs by using and storing regenerated energy.
The benefits provided by the vessel energy storage systems such as load leveling, peak shaving, less cost for fuel, and zero-emission are the major factors positively impacted on the marine industry. The safety level is also increased thanks to the reverse of backup power that keeps the system running in the event of failure. This storage system helps to ship companies to maintain their ecological profile whereas growing the durability of ships. However, high capital spending required for the installation of battery energy storage systems is a major restraint factor in the global market for vessel energy storage systems.
Global Vessel Energy Storage System Market Segment Analysis:
The report covers the segments in the vessel energy storage system market such as type and application. By type, the hybrid energy storage system segment dominated the market, with a market size of US$ XX Mn. in 2019 and to reach US$ XX Mn. by 2027, with a CAGR of XX.23%. This growth is attributed to an easy upgrade option and increasing adoption of cost-effective solutions.
Based on application, the commercial vessels segment is expected to grow at the highest CAGR of XX% thanks to increased investment in the commercial industry and growing trades between the countries such as China, Japan, and the U.K.
Global Vessel Energy Storage System Market Regional Insights:
North America accounted for the largest market share in 2019, with a market value of US$ XX.68 Mn because of growth in international trade and to meet the environmental standard in the region. The U.S. is projected to be a major consumer of vessel energy storage systems in North America thanks to rising offshore exploration activities. The overall market revenues of the U.S. vessel energy storage system have enhanced at a substantial CAGR of XX.13 % during the forecast period, with revenues being registered at US$ XX Mn. in 2019.
The government in the U.S. is actively investing in renewable energy plants to achieve a future with maintainable energy. As per the International Energy Agency (IEA), the U.S government has imposed a multi-year allowance on tax credits for renewable energy plants, like thermal energy storage stations and CSP (Concentrating Solar Power).
Global Vessel Energy Storage System Market1
Global Vessel Energy Storage System Market Competitive Landscape:
The research study includes the profiles of leading companies operating in the global vessel energy storage system market. Such as, Corvus Energy Company has a fully automated lithium-ion battery factory in Norway. The company has provided energy storage systems for various vessels and projects around the globe, with the world’s first electric car and passenger ferry.
Global Vessel Energy Storage System Market Key Developments:
The reports also cover key developments in the vessel energy storage system market as organic and inorganic growth strategies. Various players are focusing on organic growth strategies like product launches, product approvals, and others. For example, in 2018, Rolls-Royce Plc. had its footsteps in the market for vessel energy storage systems with the introduction of a new SAVe energy storage system. This system helps to reduce carbon footprints and support the diesel hybrid vessel.
The objective of the report is to present a comprehensive analysis of the Global Vessel Energy Storage System Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Vessel Energy Storage System Market dynamics, structure by analyzing the market segments and projects the Global Vessel Energy Storage System Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Vessel Energy Storage System Market make the report investor’s guide.
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Global Vessel Energy Storage System Market Scope:
Global Vessel Energy Storage System Market, By Type
• Lithium
• Hybrid Energy Storage System
Global Vessel Energy Storage System Market, By Application
• Commercial Vessels
• Transport Vessels
• Military Vessels
• Others
Global Vessel Energy Storage System Market, By Region
• Asia Pacific
• North America
• Europe
• Latin America
• Middle East Africa
Global Vessel Energy Storage System Market Key Players:
• ABB
• Plan B Energy Storage
• Wartsila
• Rolls-Royce Plc.
• NORIS Group
• General Electric
• EST-Floattech
• Corvus Energy
• Aspin Kemp and Associated Inc.
• MG Energy Systems
• PATHION
• Leclanche
• Siemens
• Magnus Marine
• Hyundai Electric
• Kokam
• Maxwell Technologies, Inc.
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