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  • Shore Power Market Growth Analysis | 2023-2028

    Shore Power Market Growth Analysis | 2023-2028

    Shore Power Market Growth Analysis | 2023-2028
    Report code - SRCE277 Delivery - 2 Weeks
    Shore Power Market Size, Share, Trends, Forecast, & Growth Analysis - 2023-2028
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    Market Insights

    The shore power market was estimated at USD 1.68 billion in 2022 and is likely to grow at a CAGR of 11.51% during 2023-2028 to reach USD 3.23 billion in 2028.

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    What is shore power?

    Shore power is the delivery of electrical power to a shore-side ship when its engines are damaged and shut down. It helps save the consumption of fuels and eliminates air pollution caused due to fuel.

    This is a process in which electrical power is supplied from shore to a vessel at berth, enabling auxiliary engines to be turned off. Through this process, the shore power removes diesel emissions and other air pollutants.

    Shore Power Market Report Highlights

    Market Size in 2022

    USD 1.68 billion

    Market Size in 2028

    USD 3.23 billion

    Market Growth (2023-2028)

    11.51% CAGR

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Key Players

    Some of the major players in the market are-

    • ABB
    • Cavotec
    • Cochran marine
    • Danfoss
    • GE Company
    • IGUS
    • Schneider
    • S&C Electric Company
    • Siemens
    • Wartsila

    Market Dynamics

    The major factors driving the growth of the shore power market are-

    • The growing need to minimize carbon emissions and noise pollution is anticipated to drive the surge in demand for shore power.
    • The increasing focus on environmental sustainability and the need to reduce carbon emissions in the maritime industry.
    • Stringent regulations and guidelines implemented by governments and international organizations to mitigate the environmental impact of the shipping industry are playing a crucial role in driving the adoption of shore power.
    • The installation of retrofit shore power systems.

    Shore-Power-Market-Dynamics

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    Segments Analysis

    By Component Type

    The shore power market is segmented into transformers, switchgear, frequency converter, cables & accessories, and Others. The frequency converter segment is estimated to account for the largest share of the market and is also likely to be the fastest-growing segment during the forecast period. A shore power frequency converter lets a ship be powered by the port’s electrical grid, even though the vessel may have a different operating voltage.

    With the reduction of diesel fuel consumption, energy is conserved with the help of shore power frequency converters. Further, they also bring down air pollution caused by operating the engine unnecessarily while at the port. All these factors contribute to the growth of the segment in the coming five years.

    By Connection Type

    The market is segmented into new installation and retrofit. The New Installation segment is expected to account for a larger share of the market during the forecast period. The segment's growth can be attributed to the fact that ships are required to be properly equipped to receive power from a local grid or an outside source. This facilitates the shore power to be effectively implemented.

    Prevalent ships usually need to be retrofitted with explicit electrical equipment, such as connectors, wiring, transformers, and switchgear, whereas many new ships are now being designed and built with this equipment as an integral part of their electrical system architecture.

    The new installation segment is expected to bolster the market during the forecast period as the process of retrofitting shore power in prevalent vessels is far costlier against a new installation, eventually sometimes adding up to twice as much as incremental of the new-build investments.

    Regional Insights

    Asia-Pacific is estimated to account for the largest share of the market during the forecast period and is expected to remain dominant during the same period. The region’s growth is driven by countries such as China, whose container capacity clocked around 250 million standards in 2020. Additionally, China is seen with promising growth to be the seventh out of the ten largest ports during the forecast period.

    Other regions such as North America and Europe are also expected to mark their presence in the shore power market during the forecast period driven by the increase in the installation of retrofit and low-frequency noise reduction & emission at the port.

    Shore-Power-Market-Regional-Insights

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    Critical Questions Answered in the Report

    • What are the key trends in the market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the market?
    • What are the key strategies adopted by the major vendors to lead in the market?
    • What is the market share of the top vendors?

    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The shore power market is segmented into the following categories.

    By Component Type

    • New Installation
    • Retrofit

    By Connection Type

    • Transformer
    • Switchgear
    • Frequency Converter
    • Cables & Accessories
    • Others

    By Region

    • North America (Country Analysis: the USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Shore-Power-Market-Segmentation

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    Target Audience

    The following is a list of the customers that the market aims to convert the most:

    • Manufacturers
    • Suppliers
    • Distributors
    • Organizations
    • Government bodies

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

    We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Shore Power Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Report Customization Option

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: 

    Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    Shore Power is the delivery of electrical power to a shore-side ship when its engines are damaged and shut down. It helps save the consumption of fuels and eliminates air pollution caused due to fuel. This is a process in which electrical power is supplied from shore to a vessel at berth, enabling auxiliary engines to be turned off. Through this process, the shore power removes diesel emissions and other air pollutants.

    The shore power market was estimated at USD 1.68 billion in 2022.

    The shore power market is likely to reach USD 3.23 billion in 2028.

    The shore power market is likely to grow at a CAGR of 11.51% during 2023-2028.

    Asia-Pacific is estimated to account for the largest share of the market during the forecast period.

    Some of the major players in the market are- ABB, Cavotec, Cochran Marine, Danfoss, GE Company, IGUS, Schneider, S&C Electric Company, Siemens, and Wartsila.

    The major drivers propelling the growth of the market are the growing need to minimize carbon emissions and noise pollution is anticipated to drive the surge in demand for shore power. The increasing focus on environmental sustainability and the need to reduce carbon emissions in the maritime industry. Stringent regulations and guidelines implemented by governments and international organizations to mitigate the environmental impact of the shipping industry are playing a crucial role in driving the adoption of Shore Power. The installation of retrofit shore power systems.