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In 2022, the size of the shore power market was estimated at USD 0.9 billion. Industry analysts predict that the Shore Power Market will expand from USD 1.0 billion in 2023 to USD 2.4 billion by 2030, with a compound annual growth rate (CAGR) of 12.90% over the five-year forecast period (2023– 2030). The primary market factors boosting market growth include the expansion of cruise liners in the maritime industry as well as a decrease in low-frequency noise and emissions.
The increase in pollution control rules and regulations is driving the market CAGR for shore power. Marine power plants allow ships that are parked or dry-docked to use shore power while turning down their auxiliary engines, maintaining the functionality of vital onboard electrical systems including lighting, ventilation, cargo pumps, communications, and other apparatus. It lessens low-frequency noise and vibration while enabling the crew to keep the diesel engine running while berthing. Businesses that transport commodities must cut their expenses and emissions. Additionally, it is a temporary fix that enables transportation businesses to fulfil emissions standards more quickly and cheaply. Additional environmental implications of shipping include the potential for collisions with whales and underwater noise, both of which are affected by speed optimisation and decrease. To create a uniform metre for the underwater noise created by commercial ships, significant efforts have been made to develop underwater noise measuring standards. To determine whether it satisfies the classification societies' requirements for underwater noise, particular sea tests are now used. Therefore, shore power solutions aid marine businesses in achieving emissions goals and lowering noise levels underwater.
By consuming less petrol to power yachts and other vessels while they are in port, onshore electricity is proven to result in financial savings. Additionally, it helps to lessen greenhouse gas emissions from auxiliary diesel engines that are moored. In order to reduce GHG emissions, governments from various countries are funding the development of this maritime energy technology, which is expected to spur market growth in the coming years.
For instance, the Norwegian government business Enova pledged USD 3.4 million to five brand-new coastline projects in the nation in June 2022. Enova has given more than USD 84.2 million to 119 shore power projects since 2016. Additionally, a shore power declaration was signed by port administrators and ministers from all across the world during the One Ocean Summit in February 2022. Additionally, the shareholders have pledged to use all reasonable efforts to establish a shoreside power supply by 2028, particularly for container and cruise ships. The European Investment Bank has also joined.
Due to growing investments in the nation's maritime infrastructure, Europe's shore power industry has the second-largest market share. Additionally, the UK Shore Power Market had the quickest rate of growth in the European region, while the German Shore Power Market had the largest market share. From 2023 to 2032, the Asia-Pacific Shore Power Market is anticipated to experience the quickest CAGR growth. This is brought about by the growing use of renewable energy sources and the intensifying emphasis on reducing air pollution. In addition, the Indian Shore Power Market had the quickest rate of growth in the Asia-Pacific region, while China's Shore Power Market had the largest market share.
Report Coverage
Global Shore Power research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Shore Power report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Shore Power competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Shore Power market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Shore Power market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Shore Power market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ABB Ltd. (Switzerland), Siemens (Germany), Schneider Electric (France), Cavotec SA (Switzerland), WARTSILA (Finland), Vinci Energies S A (France), Danfoss (Denmark), ESL Power Systems, Inc. (CA), Blueday Technology (Norway), Cochran Inc. (US), AC Power Corp. (Taiwan), Piller Power System (Germany), Igus Inc. (US), Power Systems International (UK), Smartplug (US)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Shore Power market based on the below-mentioned segments:
Global Shore Power Market, By Installation
Shoreside
Shipside
Global Shore Power market, By Connection
New Installation
Retrofit
Global Shore Power Market, By Component
Transformer
Switchgear
Frequency Converter
Cables & Accessories
Global Shore Power market, Regional Analysis
The increase in pollution control rules and regulations is driving the market CAGR for shore power. Marine power plants allow ships that are parked or dry-docked to use shore power while turning down their auxiliary engines, maintaining the functionality of vital onboard electrical systems including lighting, ventilation, cargo pumps, communications, and other apparatus. It lessens low-frequency noise and vibration while enabling the crew to keep the diesel engine running while berthing. Businesses that transport commodities must cut their expenses and emissions. Additionally, it is a temporary fix that enables transportation businesses to fulfil emissions standards more quickly and cheaply. Additional environmental implications of shipping include the potential for collisions with whales and underwater noise, both of which are affected by speed optimisation and decrease. To create a uniform metre for the underwater noise created by commercial ships, significant efforts have been made to develop underwater noise measuring standards. To determine whether it satisfies the classification societies' requirements for underwater noise, particular sea tests are now used. Therefore, shore power solutions aid marine businesses in achieving emissions goals and lowering noise levels underwater.
By consuming less petrol to power yachts and other vessels while they are in port, onshore electricity is proven to result in financial savings. Additionally, it helps to lessen greenhouse gas emissions from auxiliary diesel engines that are moored. In order to reduce GHG emissions, governments from various countries are funding the development of this maritime energy technology, which is expected to spur market growth in the coming years.
For instance, the Norwegian government business Enova pledged USD 3.4 million to five brand-new coastline projects in the nation in June 2022. Enova has given more than USD 84.2 million to 119 shore power projects since 2016. Additionally, a shore power declaration was signed by port administrators and ministers from all across the world during the One Ocean Summit in February 2022. Additionally, the shareholders have pledged to use all reasonable efforts to establish a shoreside power supply by 2028, particularly for container and cruise ships. The European Investment Bank has also joined.
Due to growing investments in the nation's maritime infrastructure, Europe's shore power industry has the second-largest market share. Additionally, the UK Shore Power Market had the quickest rate of growth in the European region, while the German Shore Power Market had the largest market share. From 2023 to 2032, the Asia-Pacific Shore Power Market is anticipated to experience the quickest CAGR growth. This is brought about by the growing use of renewable energy sources and the intensifying emphasis on reducing air pollution. In addition, the Indian Shore Power Market had the quickest rate of growth in the Asia-Pacific region, while China's Shore Power Market had the largest market share.
Report Coverage
Global Shore Power research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Shore Power report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Shore Power competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Shore Power market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | ABB Ltd. (Switzerland), Siemens (Germany), Schneider Electric (France), Cavotec SA (Switzerland), WARTSILA (Finland), Vinci Energies S A (France), Danfoss (Denmark), ESL Power Systems, Inc. (CA), Blueday Technology (Norway), Cochran Inc. (US), AC Power Corp. (Taiwan), Piller Power System (Germany), Igus Inc. (US), Power Systems International (UK), Smartplug (US) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Shore Power Market from 2021 to 2030.
- Market Forecast for Shore Power Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Shore Power competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Shore Power
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Shore Power market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Shore Power market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ABB Ltd. (Switzerland), Siemens (Germany), Schneider Electric (France), Cavotec SA (Switzerland), WARTSILA (Finland), Vinci Energies S A (France), Danfoss (Denmark), ESL Power Systems, Inc. (CA), Blueday Technology (Norway), Cochran Inc. (US), AC Power Corp. (Taiwan), Piller Power System (Germany), Igus Inc. (US), Power Systems International (UK), Smartplug (US)
Primary Target Market
- Market Players of Shore Power
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Shore Power market based on the below-mentioned segments:
Global Shore Power Market, By Installation
Shoreside
Shipside
Global Shore Power market, By Connection
New Installation
Retrofit
Global Shore Power Market, By Component
Transformer
Switchgear
Frequency Converter
Cables & Accessories
Global Shore Power market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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