Shore Power Market Growth Analysis | 2023-2028

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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Market Dynamics

Introduction

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.

Market Drivers

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.

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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

Note: The above list does not necessarily include all the top players in the market.

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Segments Analysis

By Component Type

The shore power market is segmented into transformers, switchgear, frequency converters, 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.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects shore power market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• 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 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 in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for 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, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

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)

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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: 

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