Powership Market: Introduction
- Powership is a special purpose ship where a power plant is installed to generate power. It caters to short-term energy needs. It uses heavy fuels such as bunker fuel or gas for producing power over a period of three to 10 years.
- In developing countries, some powerships are built as self-propelled powerships, which are ready to be plugged in as and when required in the power grid
- Powerships can be deployed in areas where disaster has struck and energy installations are damaged or destroyed. Powerships can be deployed to serve a state’s energy demand till the time the required infrastructure is developed.
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Key Drivers & Restraints of Powership Market
- Installation of power plants takes longer time, while powerships can be deployed in a short span of around 120 days. They can be connected to the grid easily once fueled with heavy fuel oil or diesel. They begin output immediately, supplying directly to the transmission network from the high voltage substation maintained onboard. This alternative option for the generation of power is viable and is expected to drive the powership market in developing countries.
- Rise in demand for electricity in developing countries is attracting significant investment in the power generation sector. Powership is a viable option for generating power. It can be used widely in areas that lack power generation infrastructure. This is propelling the powership market.
- Lack of sufficient renewable energy generation options is anticipated to hamper the powership market. Additionally, fluctuation in prices of powerships is considered a major factor restraining the global powership market.
COVID-19 Impact Analysis
- Governments of several countries have imposed strict lockdowns to curb the spread of the Covid-19 pandemic. Building new ships requires workforce, which has been unavailable during the pandemic. Development of new ships has been declining owing to the shutdown of facilities. This is adversely affecting the new contracts for powerships.
- Many manufacturing companies are either shut down or running low on production capacity. This is hampering the demand for electricity. In turn, this is expected to negatively impact the global powership market.
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Oil-fired Type Segment to hold Major Share of Global Market
- The global powership market can be segmented based on type, application, and region
- Based on type, the global powership market can be segregated into oil-fired and gas-fired. Oil-fired powership is largely used across the globe, as the availability of heavy fuel oil and its consumption is higher compared to that of the natural gas, which requires advanced infrastructure for storage and usage.
Key Development
- As announced in the press release of Mitsui O.S.K.Lines dated March 29, 2019, Karpowership and MOL announced the LNG-to-Powership project under the name KARMOL, which is to be administered jointly in Nacala, Mozambique. This co-branded project with power generation capacity of 120MW is expected to create reliable supply of electricity for the people of Nacala, Mozambique.
- In 2020, Karpowership, a subsidiary of Karadeniz Energy Group, started using LNG as a source of fuel for powership instead of using heavy fuel oil, which emits toxic residuals. This has helped the company substantially curb the harmful emissions.
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