The energy storage system stores the excess power generation capacity for later use when needed. Storage cell includes batteries or advanced capacitors are connected to the grid via bidirectional static electronic power converter. Stringent environmental regulations for carbon emissions, increasing pressure to reduce greenhouse gases emissions, and advancement in the technology in the energy storage industry are pushing the shipping industry to go for hybrid solution for ship propulsion and power generation. The vessel energy storage system provides zero emissions, peak shaving, spinning reserve and other advantages which is further augmenting the adoption of vessel energy storage system which helps drive the market growth over the forecast period.
MARKET SCOPE
The "Global Vessel Energy Storage System Market Analysis to 2028" is a specialized and in-depth study of the energy storage system with a special focus on the global market trend analysis. The report aims to provide an overview of the vessel energy storage system market with detailed market segmentation by type, application and geography. The report provides key statistics on the market status of the leading vessel energy storage system market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
-On the basis of type the market is segmented into lithium-ion and hybrid energy storage systems
-On the basis application, the market is segmented as commercial, transport, military, and others
Drivers
-The upcoming technological advancement is driving the market growth
-The stringent environmental regulations for carbon emissions coupled with associated advantages of vessel energy storage system is fueling the market growth
-High cost of installation restraints the market growth
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South America. The vessel energy storage system market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five region, evaluating political, economic, social and technological factors affecting the vessel energy storage system market in these regions.
IMPACT OF COVID-19 ON VESSEL ENERGY STORAGE SYSTEM MARKET
The emergence of the COVID-19 has severely impacted the power industries, which resulted decline in the demand for energy storage system in the year 2020. The pandemic severely impacted the energy storage solutions in countries such as China, India, and Japan owing to significant shutdown of industrial operations and marine activities. The emergence of COVID-19 pandemic has caused significant economic and social upheaval. The pandemic has had an influence on the supply chain and value chain of numerous businesses. The impact of the COVID-19 pandemic will be analyzed on the basis of the overall industry including both the demand side and supply side perspectives. The effects of the pandemic would be studied and analyzed for short-term and long-term scenarios. This would assist to formulate business strategies for the period during the pandemic as well as the pandemic recovery period for all stakeholders involved in the industry including suppliers, manufacturers, vendors, distributors, and end-users. Hence, from 2021, the ease in restriction and opening of manufacturing industries have fueled the market growth over the projected period.
MARKET PLAYERS
The report covers key developments in the vessel energy storage system market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players in vessel energy storage system market are anticipated to get lucrative growth opportunities in the future owing increase in R&D investments.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the vessel energy storage system market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
-Rolls-Royce
-Corvus Energy
-ABB
-Siemens AG
-PATHION, Inc.
-Wärtsilä
-Nidec ASI spa
-DNV GL
-MG Energy Systems
-Saft