Vessel Energy Storage System Market: Growing Demand for Energy Storage Solutions
- Currently, increase in concerns about environmental pollution and fossil fuel consumption has captured attention in the transportation industry, especially in marine vessels
- Another major challenge faced by ships is the fluctuations caused due to high dynamic loads. In order to have good reliability in shipboard power system, number of generators are kept operating continuously below their efficient point.
- This leads to severe environmental pollution and inefficient energy operations.
- To make the shipboard power systems more reliable, integration of energy storage systems is an effective solution. The energy storage systems are widely used is number of applications which comprise ultra-capacitor, batteries, fuel cell, and fly-wheel. Energy storage vessel systems help create profitable, more nimble, and sustainable vessels.
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Less Emissions and Reduce Costs to Enhance Demand
- Vessel energy storage system helps ship-owners reduce emission to meet the environmental rules and regulations. Increases vessels responsiveness as battery powered propulsion systems react instantly.
- The vessel energy storage system also helps to lower the operation cost by storing and using regenerated energy.
- The safety levels also increase because of the back-up energy reserve that keeps the system functional if a failure occurs
- Vessel energy storage systems minimize the maintenance cost by reducing engines’ running hours. Furthermore, the comfort level of crew and passengers increases as the vibrations and pollution gets eliminated.
- The system help vessels and shipping companies maintain their green profile, increasing vessels’ sustainability at the same time
Key Drivers of Vessel Energy Storage System Market
- The vessel energy storage system powers the overall system, discarding the need for engines. Noiseless operations, zero emissions, and no fuel consumption are some of the advantages. This minimizes the environmental pollution, thereby reducing its effect on marine life.
- The vessel energy storage system ingests the load variations in the power network. The energy storage system manages the power required by engine and eliminates peak load required to start new engines. The power can be produced at peak efficiency and at economical cost.
- Recently, Rolls-Royce plc, has introduced a lithium-ion based energy storage system for ships with an aim to offer safe, clean, and cost efficient system. It consists of a liquid cooled battery system which enables scaling of energy and power requirements of different types of ships. This system meets the criteria of global regulations for low and zero emissions propulsion system. The system can also be used with liquefied natural gas (LNG) or diesel powered engine making it a hybrid propulsion unit.
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North America Expected to Hold Major Share
- The vessel energy storage system market can be split across five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- The vessel energy storage system market in North America is expected to expand at a significant pace during the forecast period, due to the growth in international trade and to comply the environmental norms in the region
- The U.S. is estimated to be a major consumer of vessel energy storage system in North America.
- The Asia Pacific region is projected to hold significant share of the vessel energy storage system market and is anticipated to grow at a good pace.
- Europe is likely to be a stable region for the vessel energy storage system market. Furthermore, the market in Latin America and Middle East & Africa is expected to expand at a moderate pace during the forecast period.
Key Players Operating in the Vessel Energy Storage System Market:
Key players operating in the vessel energy storage system market include:
- Plan B Energy Storage
- Rolls-Royce plc
- NORIS Group
- General Electric
- Corvus Energy
- Aspin Kemp & Associates Inc.
- MG Energy Systems
- Magnus Marine
Global Vessel Energy Storage System Market: Research Scope
Global Vessel Energy Storage System Market, by Type
- Less than 1MWh
- More than 3MWh
Global Vessel Energy Storage System Market, by Application
- Commercial Vessels
- Transport Vessels
- Military Vessels
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
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