Overview and Scope
Shore power refers to an external source of electrical power provided to a ship, boat, or marine vessel while it is docked or moored at a port or harbor. Shore power offers several benefits, including reduced emissions and noise pollution since the ship’s internal generators can be turned off, improving air quality in port areas.
Sizing and Forecast
The shore power market size has grown rapidly in recent years. It will grow from $1.47 billion in 2023 to $1.65 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to environmental regulations, air quality improvement initiatives, ports’ sustainability goals, reduced noise and vibrations, cost savings for shipping lines..
The shore power market size is expected to see rapid growth in the next few years. It will grow to $2.54 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to global expansion of shore power infrastructure, international collaboration on emission reduction, advancements in green port initiatives, growing electrification in maritime transport, incentives and subsidies.. Major trends in the forecast period include focus on electrification of maritime transport, development of onboard shore power systems, integration with grid management systems, retrofitting existing ports with shore power, focus on cost-efficiency and return on investment..
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Segmentation & Regional Insights
The shore power market covered in this report is segmented –
1) By Component: Transformer, Switchgear, Cables And Accessories, Frequency Converter, Other Components
2) By Power Output: Up to 30 MVA, Above 30 MVA
3) By Installation: Shoreside, Shipside
4) By Connection: New Installation, Retrofit
Asia-Pacific was the largest region in the shore power market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the shore power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing number of passengers traveling on cruise ships is expected to propel the growth of the shore power market going forward. A cruise ship is a large passenger ship designed for leisure voyages where passengers can enjoy various amenities, entertainment, and services while traveling to different destinations. Shore power provides a cleaner and healthier environment, reduces noise pollution, and gives comfort to passengers for a peaceful and enjoyable experience while they are traveling on a cruise. For instance, in March 2021, according to Cruise Industry News, a US-based travel agency, 31.7 million passengers traveled on cruises in 2022, which is estimated to increase to 38.7 million passengers by 2027. Therefore, the increasing number of passengers traveling on cruise ships is driving the growth of the shore power market.
Key Industry Players
Major companies operating in the shore power market report are Siemens AG, General Electric Corporation, Schneider Electric SE, ABB, Eaton, Vinci Energies S.A., Carnival Corporation & PLC, Danfoss, Royal Caribbean Group, Wärtsilä Oyj Abp, Norwegian Cruise Line Holdings Ltd., Piller Power Systems, IGUS, Power Systems International, Cochran Inc., Cavotec SA, ESL Power Systems Inc., Victron Energy, Mastervolt, SmartPlug Systems, Atlas Marine Systems, Tec Container S.A., Preen (AC Power Corp.), Asea Power Systems, Blueday Technology AS
The shore power market report table of contents includes:
1. Executive Summary
2. Shore Power Market Characteristics
3. Shore Power Market Trends And Strategies
4. Shore Power Market – Macro Economic Scenario
5. Global Shore Power Market Size and Growth
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31. Shore Power Market Other Major And Innovative Companies
32. Global Shore Power Market Competitive Benchmarking
33. Global Shore Power Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Shore Power Market
35. Shore Power Market Future Outlook and Potential Analysis
36.Appendix
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