Shore Power Market Report

Market Insights

Shore Power Market is likely to witness an impressive CAGR of 13.6% during the forecast period. The major drivers propelling the growth of the market are the increasing number of cruise liners in the shipping industry, the reduction of low-frequency noise and emissions at ports, and installation of retrofit shore power systems.

Segments' Analysis

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Shore Power Market Share: By Component Type

Based on the component type, the market is segmented as transformer, 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. Shore power frequency converter lets a ship to be powered by the port’s electrical grid, even though the vessel may have a different operating voltage. By the reduction of the consumption of diesel fuel, 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.

Shore Power Market Share: By Connection Type

Based on the connection type, the market is segmented as new installation and retrofit. The new installation segment is expected to account for the larger share of the market during the forecast period. The growth of the segment can be attributed to the fact that ships are required to be properly equipped so as 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 of 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.

Shore Power Market Share: By Region

In terms of regions, Asia-Pacific is estimated to account for the largest share of the shore power 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 a 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 increase in installation of retrofit and low-frequency noise reduction & emission at the port.

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Market Scope & Segmentation

Shore Power is the delivery of electrical power to a shore-side ship when its engines are damaged and shutdown. It helps in saving 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 the diesel emission and other air pollutants.

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. 

Shore Power Market Size, Share, & Forecast, by Component Type:

• New Installation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Retrofit  (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Shore Power Market Size, Share, & Forecast, by Connection Type:

• Transformer (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Switchgear (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Frequency Converter (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Cables & Accessories (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Shore Power Market Size, Share, & Forecast, by Region:

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

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Key Players

Some of the major players in the shore power market are-

• Siemens
• Wartsila
• ABB
• Schneider Electric
• Cavotec

Research Methodology

This report offers high-quality insights and is the outcome of 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 800 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. 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. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

With this detailed report, 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)

Market Segmentation

• Current market segmentation of any one of the component types by connection type.  

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 at sales@stratviewresearch.com.