The size of the global vessel energy storage system market is supposed to drive market expansion over the foreseen period of 2021 to 2026, with a CAGR of 40.5% and is likely to reach USD 1,147.7 million by 2026, up from USD 296.9 million in 2021.
Energy storage systems or ESS store excess power generation capacity when it is available, for its instant post later on the web when needed. Storage cells can include batteries or super / ultracapacitors or a combination of the two depending on the charge cycle, which are connected to the grid via a bidirectional static electronic power converter.Energy storage is the capture of energy produced at a given time for later use. A device that stores energy is generally called an accumulator or battery. Energy comes in many forms, including radiation, chemical potential, gravitational potential, electric potential, electricity, high temperature, latent heat, and kinetics. Energy storage involves converting energy in forms that are difficult to store into forms that can be stored more easily or economically. On-board energy storage systems continue to grow in the worldwide market.
Stringent environmental regulations, escalating pressure to reduce greenhouse gas emissions, and the availability of new technologies in the field of electrical energy storage are pushing the shipping industry to consider alternative technologies and novelties as hybrid solutions or totally power plants for ship propulsion and power generation.
The vessel energy storage system helps shipowners reduce emissions to meet environmental standards and regulations. Increases the responsiveness of the boat, as battery-powered propulsion systems respond instantly. The vessel's energy storage system also helps reduce operating costs by storing and using regenerated energy. Safety levels are also increased due to the reserve of backup power that keeps the system running in the event of failure. The ship's energy storage systems minimize maintenance costs by reducing engine hours. Additionally, the comfort level for crew and passengers increases as vibrations and contamination are eliminated. The system helps ships and shipping companies maintain their ecological profile, while escalating the durability of ships. Upcoming technological advancements in storage systems will further increase the expansion of the worldwide marine energy storage systems market during the forecast period.
Today, the growing concern about environmental pollution and the consumption of fossil fuels has attracted the attention of the transportation industry, especially on ships. The high initial cost induced by the installation of advanced storage systems together with the limited technological knowledge of companies are the main factors that can hamper the expansion of the worldwide market for vessel energy storage systems.
The ship's energy storage system powers the entire system, eliminating the need for motors. Quiet operations, zero emissions and zero fuel consumption are some of the benefits. This minimizes pollution of the environment, thus reducing its effect on marine life. The ship's energy storage system absorbs load variations in the electrical grid. The energy storage system manages the power required by the engine and removes the maximum load required to start new engines. Energy can be produced with maximum efficiency and at an economical cost. Growing environmental concerns and restrictions on ship-produced carbon emissions are the main factors driving the expansion of the worldwide market for vessel energy storage systems. The benefits offered and the increased adoption in recent years due to efficient operation have also fueled the expansion of the worldwide market for ship energy storage systems.
Another major challenge ships face is fluctuations due to high dynamic loads. In order to have good reliability in the on-board power system, various generators continue to operate continuously below their point of efficiency. This leads to serious environmental pollution and inefficient energy operations.
The escalating adoption of hybrid storage systems in recent years will see hybrid energy storage systems have a larger market share in the worldwide market for vessel energy storage systems.
Increased trade between countries and investment in commercial sectors will see these segments dominate the worldwide market for vessel energy storage systems.
The North American ship energy storage systems market is determined to grow at a significant rate during the conjecture period, due to expansion in international trade and to meet environmental standards in the region. The United States is estimated to be one of the largest consumers of ship energy storage systems in North America. The Asia-Pacific region is predicted to have a significant share of the vessel energy storage systems market and is supposed to grow apace. Europe is likely to be a stable region for the market for ship energy storage systems. Furthermore, the market in Latin America and the Middle East and Africa is likely to expand at a moderate pace during the estimated period.
The outbreak of the coronavirus disease has caused chaos and panic around the world, causing all normal daily activities such as going to work, going for a walk to stop outside or in some countries even walk one foot in front of the house. One of the activities that has also been seriously affected by the spread of this disease is the shipping industry. This decrease was also due to the stoppage of all types of cargo by sea or air during this quarantine period (isolation period) since the transport of these cargoes in ships or by air can carry the virus from one port to another. This widespread pandemic has caused a significant burden on the maritime and maritime industry, not only in China's ports (where the virus is believed to originate) but also in ports around the world. All commercial chains, including the main import and export exchanges, are facing a recession. During this unfavorable moment and the urgency of the situation, several countries also imposed a ban on the entry of containers and ships operated from other ports, especially those transported from China. These hampered operations hampered the logistics and operations of these industries. The ports also operate at low capacity and the storage facilities are very crowded. The shipping industry faces great challenges in these difficult times.
The major players operating in the global vessel energy storage systems market are ABB, Plan B Energy Storage, Wärtsilä, Rolls-Royce plc, NORIS Group, General Electric, EST-Floattech, Corvus Energy, Aspin Kemp & Associates Inc., Saft, MG Energy Systems, PATHION, Leclanche, Siemens, Magnus Marine
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Vessel Energy Storage System Market, By Type
6.1.2 Hybrid Energy Storage Systems
6.1.3 Market Size Estimations & Forecasts (2021-2026)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Vessel Energy Storage System Market, By Application
6.2.4 Market Size Estimations & Forecasts (2021-2026)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Type
7.2.3 By Application
7.3.1 By Country
7.3.2 By Type
7.3.3 By Application
7.4 Asia Pacific
7.4.1 By Country
7.4.2 By Type
7.4.3 By Application
7.5 Latin America
7.5.1 By Country
7.5.2 By Type
7.5.3 By Application
7.6 Middle East and Africa
7.6.1 By Country
7.6.2 By Type
7.6.3 By Application
8. Key Player Analysis
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.3 Rolls-Royce plc
8.4 NORIS Group
8.5 General Electric
8.7 Corvus Energy
8.8 Aspin Kemp & Associates Inc
8.10 MG Energy Systems
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures