ID: MRFR/E&P/6881-HCR | February 2021 | Region: Global | 111 pages
Shore Power Market size is projected to reach USD 1.55 billion by 2025, with 6.67% CAGR between 2019 and 2025.
The major factors driving the growth of the global shore power market include increasing cruise liners in the shipping industry and reduced low-frequency noise & emissions at ports with the implementation of shore power. For instance, according to the Cruise Industry Overview report published in 2018, cruise liner passengers in the shipping industry in 2017 were 25.8 million, which has increased to 27.2 million in 2018 which shows that cruise liners are increasing due increased passengers. However, government initiatives to reduce greenhouse gas emissions from ports would act as an opportunity for the shore power market players.
The key players operating in the global shore power market are Cochran Marine LLC (US), ABB (Switzerland), General Electric (US), Wartsila (Finland), Siemens (Germany), Cavotec SA (Switzerland), Danfoss (Denmark), Igus (Germany), VINCI Energies (France), Schneider Electric (France), Smart Plug Systems (US), AC Power Corp. (Taiwan), ESL Power Systems, Inc. (US), and Blueday Technology (Norway).
Many major players such as ABB, Siemens, and Schneider Electric are actively focusing on signing contracts and agreements with utilities and industries to supply shore power vessels. For instance, in May 2018, Niedersachsen State's Ports Authority granted Siemens, an agreement to introduce the Siemens' Siharbor shore power supply framework at the offshore for vessel billet. The extent of the arrangement involved the incorporation of the transformer station, and an 8DJH MV switchgear. This has helped the organization innovate and upgrade the nature of its items and administrations. However, high costs of installation and maintenance are expected to restrain the growth of the shore power market.
Shore power, or cold ironing is the method of supplying electrical power from the shore to a ship at berth, enabling the auxiliary motors to be switched off. Shore power nearly eliminates diesel emissions and other air pollutants resulting from the onboard auxiliary motors of the vessel by plugging these motors in and shutting them off.
The Global Shore Power Market is expected to grow at 12.93% CAGR during the forecast period.
The global shore power market has been segmented based on installation, connection, and component. On the basis of installation, the global market includes shoreside and shipside. The shoreside segment is expected to hold larger share during the forecast period. On the basis of connection, the global market is segmented as new installation and retrofit. The new installation segment is expected to grow with the higher CAGR during the forecast period as retrofitting of shore power in existing vessels is more expensive when compared to new installation. On the basis of component, the global shore power market is segmented as transformer, switchgear, frequency converter, cables & accessories, and others. The frequency converter segment is estimated to hold the largest share within the global shore power market as the shore power frequency converters save money by reducing the consumption of diesel fuel. They also reduce the air pollution caused by the unnecessary functioning of the engine while at the port. Another benefit of using shore power frequency converters is noise reduction, whereas idling and diesel generators are noisier.
The global shore power market is expected to grow substantially during the forecast period owing to the installation of retrofit shore power systems globally.
On the basis of region, the global shore power market is segmented as North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. Asia-Pacific holds the largest shore power market share due to in the growth of the maritime industry, stringent emission regulations, and mounting concerns regarding local air pollution in the region.
|Market Size||2025: USD 1.55 Billion|
|CAGR||6.67% CAGR (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Installation, Connection, Component|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Cochran Marine LLC (US), ABB (Switzerland), General Electric (US), Wartsila (Finland), Siemens (Germany), Cavotec SA (Switzerland), Danfoss (Denmark), Igus (Germany), VINCI Energies (France), Schneider Electric (France), Smart Plug Systems (US), AC Power Corp. (Taiwan), ESL Power Systems, Inc. (US), and Blueday Technology (Norway)|
|Key Market Opportunities||Government initiatives to reduce greenhouse gas emissions|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The market is expected to achieve a growth rate of 12.93% in the years ahead.
The market value by 2025 is estimated to be USD 2.82 billion.
Blueday Technology (Norway), Igus (Germany), ESL Power Systems, Inc. (US), Cochran Marine LLC (US), Wartsila (Finland), ABB (Switzerland), General Electric (US), Siemens (Germany), Danfoss (Denmark), Smart Plug Systems (US), Schneider Electric (France), AC Power Corp. (Taiwan), VINCI Energies (France), Cavotec SA (Switzerland), are the most notable companies in the global market for shore power.
Shoreside and shipside are the segments based on installation.
High costs of maintenance as well as installation can have a negative impact on the shore power market.