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Shore Power Market Report
The Shore Power Market is Segmented by Connection Type (New Installation and Retrofit), by Component Type (Transformer, Switchgear, Frequency Converter, Cables & Accessories, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
The Shore Power Market is Segmented by Connection Type (New Installation and Retrofit), by Component Type (Transformer, Switchgear, Frequency Converter, Cables & Accessories, and Others), and by Region (North...
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Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues has gone down in 2020 and may resume an uptrend gradually form 2021. Companies optimizing their operation and statergy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
See less...Covid-19 has impacted the market dynamics, competition, and global...
See more...Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues has gone down in 2020 and may resume an uptrend gradually form 2021. Companies optimizing their operation and statergy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
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.
Shore Power Market - Snapshot |
|
Growth |
13.6% for the next five years |
Major Connection Type |
New Installation |
Major Component Type |
Frequency Connector |
Region with the highest demand |
Asia-Pacific |
Key Players |
ABB (Switzerland), Schneider Electric (France), Siemens (Germany), GE (US), Eaton (Ireland). |
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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.
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.
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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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.
Shore Power Market Research Report - Features |
|
Market Segmentation |
3 |
Regions Covered |
4 |
Countries/Sub-Regions Covered |
15 |
No. of Figures & Tables |
>150 |
Company Profiles |
10 |
The shore power market is segmented into the following categories.
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Some of the major players in the shore power market are-
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.
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:
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Market Segmentation
Competitive Benchmarking
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 [email protected].
The shore power market is expected to witness an impressive growth of 13.6% CAGR in the foreseeable future.
Siemens, Wartsila, ABB, Schneider Electric, and Cavotec are among the key players in the shore power market.
Asia-pacific is expected to account for the largest share of the shore power market during the forecast period of 2021-26.
The frequency converter segment is expected to be the fastest growing component type in the shore power market in the coming five years.
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