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The energy storage systems are used to store the excess electrical generation capacity when the required demand is fulfilled and is used later when there is instantaneous demand from the system. The environmental considerations have forced the marine industry to consider the other alternatives and new technologies for ship propulsion and power generation.
The advantages provided by the vessel energy storage systems such as zero emissions, peak shaving, spinning reserve, load leveling, faster response, silent working, redundancy and less cost of fuel are the factors which have made their adoption impact on the marine industry in a positive way.
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The technological advancements coming up in the storage systems will further augment the growth of the global vessel energy storage system market in the given forecast period.
On the basis of its type, the global vessel energy storage system market is broadly classified into lithium-ion and hybrid energy storage systems. The growing adoption of the hybrid storage systems in recent years will see hybrid energy storage systems hold a larger market share in the global vessel energy storage system market.
On the basis of the field of application, the global vessel energy storage system market can be segmented into commercial, transport, military, and others. The rising trades between the countries and increased investment in commercial sectors will see these segments dominate the global vessel energy storage system market.
The increasing concerns over the environment and restrictions being imposed over the carbon emissions made by the ships are the major factors driving the growth of the global vessel energy storage system market. The advantages offered and increased adoption in recent years due to the efficient operation have also acted as drivers for the global vessel energy storage system market.
The high upfront cost indulged in the installation of the advanced storage systems along with limited technological awareness among companies are the major factors that may hinder the global vessel energy storage system market growth.
The key players in the global vessel energy storage system market are Rolls-Royce, Corvus Energy, ABB, Siemens, PATHION Inc., Wärtsilä, Hyundai Heavy Industries Co., Ltd, NIDEC ASI S.P.A., DNV GL, Plan B Energy Storage, EST-Floattech, and GE.
· Hybrid Energy Storage Systems
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
The global vessel energy storage system market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The demand for energy storage in marine vessels is quite a new concept, and the market has not yet bloomed across the world. North America and Europe have by far being the dominating regions in the market. The rising number of commercial fleets increased offshore exploration activities, and investment in defense has been the major driving factors in both regions. Additionally, in Latin America, the abundance of offshore reserves and growing trades with the neighboring regions are the primary factor for regional growth. Asia Pacific region has witnessed the major adoption due to the extensive manufacturing facilities and increasing trade investments.
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