India, Pune, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The global Shore Power Market size was valued at USD 1.12 billion in 2020. The market is anticipated to grow from USD 1.26 billion in 2021 to USD 3.16 billion by 2028, exhibiting a CAGR of 14% over the estimated period. The use of onshore power is done to power a ship in the berth while its main and auxiliary engines are shut down. Its usage virtually eliminates diesel emissions and other air pollutants that come by running the vessel’s onboard auxiliary engines. Its usage has become an effective way of reducing pollutants that damage air quality and generate greenhouse gases. Additionally, it helps in reducing the operational costs and engine noise. These features have increased its demand in the maritime industry.
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Shore Power Market Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 14% |
| 2028 Value Projection | USD 3.16 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 1.12 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 210 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Reduction in Low-Frequency Noise and Emissions to Fuel Demand in Market |
| Key Players to Focus on Facility Expansions to Strengthen their Market Prospectus |
Shore Power Market Driving Factors
Reduction in Low-Frequency Noise and Emissions to Fuel Demand in Market
This onshore power allow ships at a dock or in a dry dock to use shoreside electricity to power the onboard electrical systems, such as lighting, ventilation, cargo pumps, communication, and other critical equipment while turning off their auxiliary engines. Thus it helps in lowering the low-frequency noise and vibration. This allows crew to save the ship’s diesel engines while berthed. Additionally, it is a quicker and cheaper short-term solution for allowing shipping companies to achieve emissions targets is expected to fuel the shore power market growth during the forecast period.
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COVID-19 Impact
The global pandemic caused by the spread of the novel coronavirus has had a damaging impact on every industry. As international import and exports of goods is majorly dependent on maritime activities, the lockdowns and travel bans have decline the trade industry. Additionally, it also impacted the investment done in marine industry.
Shore Power Market Segmentation:
By connection the market is segmented into shoreside and shipside. By installation it is divided into new installation and retrofit. By component it is divided into transformer, switchgear, cables & accessories, frequency Converter and others.
Based on component, the frequency converter segment held market share of 30.47% in 2020. This is attributable to its use to adjust the grid electricity which is suitable for the ship frequency.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, and Rest of the World.
What does the Report Provide?
The market for shore power report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration to contribute to the market growth.
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Shore Power Market Regional Insights
Asia Pacific to Dominate Backed by Presence of Large Ports in the Region
Asia Pacific is expected to remain at the forefront and hold the highest position market during the forecast period. This is attributable to the presence of large ports in the region. As China has seven out of the world's ten largest ports in terms of annual cargo and containers. Ports of Shanghai and Qingdao are getting more investments to install the shore power system in China's ports, increasing the market demand to reduce emissions and noise pollution. The region’s market stood at USD 0.37billion in 2020.
North America is expected to showcase significant shore power market share in upcoming years. This is attributable to the increasing trade of goods through ships. For instance, the Bureau of Economic Analysis, stated that the US trade imports of goods and services increased to USD 264.9 billion in 2018. Hence, increasing transportation and growing investments in marine trade and transport are expected to propel the regional market.
Shore Power Market Competitive Landscape
Key Players to Focus on Facility Expansions to Strengthen their Market Prospectus
The global market industrial waste management contains a large number of prominent companies that are constantly trying to develop unique solutions to cater to the demand from across the globe. To do so, they are joining hands with local or reputed firms, launching new solutions, facility expansions to strengthen their portfolio in the market. Below is industry development:
June 2021 – Port of Gothenburg situated in Sweden is all set for expansion of its shore side power network to the Energy Port. This expansion will allow tankers to shore power from 2023. Additionally, this will help in lowering CO₂ emissions from vessels by 1,800 tonnes annually, as the port visions to cut down its carbon emissions by 70% by 2030.
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List of Shore Power Market Key Players Profiled in Report
- ABB (Switzerland)
- ESL Power Systems, Inc. (US)
- Schneider Electric (France)
- SmartPlug Systems (US)
- Cochran Marine LLC (US)
- Siemens (Germany)
- Wärtsilä (Finland)
- Cavotec (Switzerland)
- Blueday Technology (Norway)
- VINCI Energies (France)
- igus Inc. (Germany)
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Shore Power Industry
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Shore Power Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Connection
- Shoreside
- Shipside
- Passenger Vessel
- Merchant Vessel
- Offshore Support Vessel
- Specialized Vessel
- Market Analysis, Insights and Forecast – By Installation
- New Installation
- Retrofit
- Market Analysis, Insights and Forecast – By Component
- Transformer
- Switchgear
- Cables & Accessories
- Frequency Converter
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Rest of the World
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