Vessel Energy Storage System Market

Global Vessel Energy Storage System Market Size (2024 to 2032):

The global vessel energy storage system market size is estimated at USD 1.2 billion in 2023 and is anticipated to reach a valuation of USD 28.53 billion by 2032 from USD 1.71 billion in 2024 and is predicted to register a CAGR of 42.2% during 2024-2032.

Current Scenario of the Global Vessel Energy Storage System Market

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, super/ultracapacitors, or a combination of the two depending on the charge cycle, which is 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 the 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.

MARKET TRENDS

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 total power plants for ship propulsion and power generation.

MARKET DRIVERS

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.

MARKET RESTRAINTS

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 technical knowledge of companies is the main factor that can hamper the expansion of the worldwide market for vessel energy storage systems.

MARKET OPPORTUNITIES

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 the efficient operation have also fueled the expansion of the worldwide market for ship energy storage systems.

MARKET CHALLENGES

Another major challenge ships face is fluctuations due to high dynamic loads. In order to have good reliability in the onboard power system, various generators continue to operate continuously below their point of efficiency. This leads to serious environmental pollution and inefficient energy operations.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Vessel Energy Storage System Market Analysis By Type

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.

Global Vessel Energy Storage System Market Analysis By Application

Increased trade between countries and investment in commercial sectors will see these segments dominate the worldwide market for vessel energy storage systems.

REGIONAL ANALYSIS

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 the Middle East, and Africa is likely to expand at a moderate pace during the estimated period.

KEY PLAYERS IN THE GLOBAL VESSEL ENERGY STORAGE SYSTEM MARKET

Companies playing a prominent role in the global vessel energy storage system market include 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, and Others.​​​​

RECENT HAPPENINGS IN THE GLOBAL VESSEL ENERGY STORAGE SYSTEM MARKET

• Rolls-Royce has launched a new lithium-ion-based energy storage system for boats.
• Launch of new Nidec batteries in the zero-emission boat market. Nidec ASI, responsible for the commercial platform Nidec Industrial Solutions belonging to the Nidec group, presents its first battery system of the Nidec brand designed for propulsion systems of large and medium boats at the Electric & Hybrid Marine World Expo in Amsterdam.

DETAILED SEGMENTATION OF THE GLOBAL VESSEL ENERGY STORAGE SYSTEM MARKET INCLUDED IN THIS REPORT

This research report on the global vessel energy storage system market has been segmented and sub-segmented based on type, application, and region.

By Type

• Lithium-Ion
• Hybrid Energy Storage Systems

By Application

• Commercial
• Transport
• Military
• Others

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa