Shore Power Market: Global Overlook of Industry and Forecast (2022-2029)

Shore Power Market size was valued at US$ 1.17 Bn. in 2021. Global Shore Power Market size is estimated to grow at a CAGR of 6.8% over the forecast period.
Shore Power Market Overview:
Ships require the capacity to maintain their lights, heating, cooling, and other essential vessel capacities operational while docked at port. This force is often provided by the ship's diesel-powered auxiliary engines. Shore power, also known as cold-ironing or marine force, is a means of providing electrical power to a boat while docked, allowing the ship's assistant motors to be turned off and diesel fuel usage to be minimized. Shore power is an effective technique to reduce harmful emissions and enhance air quality. Shore power reduces the amount of gasoline used to power ships while they are in port, as well as the pollution caused by that fuel usage. Land-based power could come through a utility company's grid, but it's more likely to come from a remote generator. Diesel or renewable energy sources such as wind or solar may be used to power these generators.

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Shore Power Market Dynamics:
Growing Shipping Industry across the Globe:

The shore power market is expected to grow during the forecast period, owing to factors such as an increase in the number of luxury ships in the shipping industry and the establishment of retrofit shore power systems. The cost of installation and maintenance stymies the growth of shore power demand. Initiatives by the government to minimize greenhouse gas emissions from ports have created the major potential for the shore power sector. The high maintenance and installation costs of shore electricity are stifling the market's growth.

Government Support for Reducing Green House Gases:

As we all know, using onshore electricity saves money by reducing the amount of gasoline consumed to power yachts and boats when in port. In addition, while docked, it aids in the reduction of greenhouse gas emissions produced by auxiliary diesel engines. Governments are investing in this maritime power technology as a result. As a result, favorable government regulation and investment aimed at lowering greenhouse gas emissions are expected to boost the growth of the shore power industry over the forecast period.

Global Shore Power Market Developments:

The NorSea Group approved an agreement with ABB in May 2021. The partnership covers shore-to-power innovation, which will help the company expand four of its locations along Norway's coast. ABB is a pioneer in charge items, power networks, mechanical robotization, and application autonomy in industries such as utilities, transportation, and foundation. This reflects the company's focus on investing in innovation and development in order to take advantage of the market's growth opportunities and maintain its position as a market leader. ABB's current strategy is to focus mostly on the inorganic system in order to grow its market share.

Shore Power Market Trends:

The number of passengers aboard cruise ships is steadily increasing, boosting the expansion of the shore power sector. According to the Cruise Lines International Association's State of the Cruise Industry Outlook report, the cruise industry welcomed 29.7 million passengers globally in 2021. With 15.4 million passengers traveling in 2021, North America has the highest rate of cruisers. According to the World Tourism Barometer report published by the United Nations World Tourism Organization, foreign tourist arrivals climbed by 4% from January to June 2021, totaling 671 million, over 30 million more than the previous year. Cruise passenger numbers increased by approximately 1.7 million in 2017-2021, representing a nearly 6% increase. As a result, increasing cruise lines in the shipping sector, such as Carnival Cruise Lines, Celebrity Cruises, Costa Cruises, Norwegian Cruise Lines, Royal Caribbean International, Saga Cruises, and other cruises, are giving the market a boost.

With a growing number of terminals equipped with this power and regulatory changes, shipping lines are incorporating marine power into new vessels and retrofitting existing ones. The market's demand will be fueled by rising investments in port retrofitting. For example, Global Ports Holding began operations at the Nassau cruise port in October 2021, after investing USO 250 million in capacity expansion and upgrading the existing port. Hamburg, Haropa Port, Antwerp, Bremerhaven, and Rotterdam issued a joint proclamation of zero-emission shipping in June 2020, as part of its green ports strategy. The ports emphasized the compelling commercial justification for retrofitting or outfitting large container ships with shore power, as well as the readiness of these ships to employ cold ironing. As a result, the port's growth will be aided by the addition of more terminals and the installation of retrofit equipment.
Shore Power Market Segment Analysis:
Based on Installation, the Shore Power Market is segmented into Shoreside and Shipside. The Shoreside segment held the largest market share, accounting for 59% in 2021, and continue to dominate the worldwide market over the forecast period. The high expense of installation due to the need for additional electrical components on the coast can be ascribed to this dominance. The additional components allow shoreside shore power systems to be more versatile in order to fulfill the power needs of various types of vessels.



Based on Connection, the Shore Power Market is segmented into New Installation and Retrofit. The New Installation segment held the largest market share, accounting for 33% in 2021. The cheap cost of installation and the rise in the number of countries with strict environmental regulations are the primary drivers of this growth. According to the requirements, shore power systems are being installed in under-construction ports and boats that have yet to be commissioned. At the same time, new installations capture the market for both shipside and shoreside installations.
Shore Power Market Regional Insights:
The Asia Pacific region held the largest market share accounting for 37% in 2021. The region’s growth is attributed to increased use of shore power systems and the presence of some of the world's busiest and largest ports in the region. China alone accounted for 31% of global container port traffic in 2021, according to the World Bank. It was calculated that the value was 242.030 million TEU. In addition, nations like Japan, South Korea, Australia, and Singapore are heavily involved in developing guidelines to limit pollution generated by port activities, which is projected to fuel market expansion in APAC Through the forecast period.

The North America market is expected to grow at a CAGR of 6.7% during the forecast period. The region’s growth is attributed to an increase in retrofit and low-frequency noise reduction and emission at ports.

The objective of the report is to present a comprehensive analysis of the Shore Power Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Shore Power Market dynamics, structure by analyzing the market segments and projecting the Shore Power Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Shore Power Market make the report investor’s guide.
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Shore Power Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US$ 1.17 Bn.


Forecast Period 2022 to 2029 CAGR:
6.8%
Market Size in 2029:
US$ 1.98 Bn.


 Segments Covered:
by Installation
• Shoreside
• Shipside


by Connection
• New Installation
• Retrofit


by Component
• Transformers
• Switchgear Devices
• Frequency Converters
• Cables and Accessories
• Others


by Power Output
• Up to 30 MVA
• 30 to 60 MVA
• Above 60 MVA



Shore Power Market, by Region
• North America
• Europe
• Asia Pacific
• MEA
• South America
Shore Power Market Key Players:
• Schneider electric
• Cavotec
• Wartsila
• Vinci energies
• Danfoss
• ABB (hitachi)
• Esl power systems
• Igus
• Blueday technology
• Cochran marine
• Preen
• Smartplug
• Piller power systems
• Power systems international
• Ratio electric
• Sydney marine electrical
• Ocean electrics
• Conntek integrated solutions
• Patton and cooke
FAQ:
1] What segments are covered in the Shore Power Market report?
Ans. The segments covered in the Shore Power Market report are based on Installation, Connection, component, and Power Output.

2] Which region is expected to hold the highest share in the Shore Power Market?
Ans. Asia Pacific region is expected to hold the highest share in the Shore Power Market.

3] What is the market size of the Shore Power Market by 2029?
Ans. The market size of the Shore Power Market by 2029 is US$ 1.98 Bn.

4] What is the forecast period for the Shore Power Market?
Ans. The Forecast period for Shore Power Market is 2022-2029.

5] What was the market size of the Shore Power Market in 2021?
Ans. The market size of the Shore Power Market in 2021 was US$ 1.17 Bn.