How Has the Shore Power Market Evolved Historically and What is its Current Size?
The shore power market has seen considerable growth due to a variety of factors.
• In the last few years, the market size of shore power has experienced a swift expansion. Projected to increase from $1.65 billion in 2024 to $1.86 billion in 2025, it represents a compound annual growth rate (CAGR) of 12.5%.
The growth seen in the historical period is due the factors like environmental regulations, initiatives to improve air quality, sustainability objectives set by ports, decreased noise and vibrations, as well as cost reduction for shipping lines.
What Does Future Hold for The Shore Power Market By 2029?
The shore power market is expected to maintain its strong growth trajectory in upcoming years.
• Projected to witness a significant surge in the subsequent years, the shore power market is estimated to reach a worth of $2.83 billion by 2029, experiencing a compound annual growth rate (CAGR) of 11.1%.
This anticipated rise during the forecast period can be tied to the global enlargement of shore power facilities, international cooperation on reducing emissions, enhancements in green port projects, increased maritime transport electrification, incentives, and grants. Notable trends during this period will encompass the focus on electrifying maritime transport, the creation of onboard shore power systems, the fusion with grid management systems, upgrading currently existing ports with shore power, and the emphasis on cost-effectiveness and investment returns.
What Are The Primary Growth Drivers In The Shore Power Market?
The continued growth of the shore power market is projected due to a surge in passenger counts on cruise ships. Cruise ships, designed for recreational travel, offer passengers various amenities, entertainment, and services during their voyages to different locations. By reducing noise pollution and fostering a healthier environment, shore power contributes to a peaceful and pleasant travel experience for cruise ship passengers. For example, In July 2023, the UK's Department for Transport reported a substantial increase in the number of cruise passengers in 2022 to 2.0 million, a significant rise from the previous count of 181,000 in 2021. Thus, this growth in cruise ship passenger numbers is indeed spurring the shore power market's development. The impact of port operations on the environment and the development of shore power solutions serve as a driving force within the Shore Power Market. The increasing air and noise pollution stemming from port operations, which refers to the release of harmful pollutants adversely affecting the air, environment, and the health of humans and marine life, is expected to further stimulate the growth of the shore power market. Shore power infrastructure reduces carbon emissions and noise by allowing vessels to switch off their engines and connect to the local electricity grid to power auxiliary systems during their stay at the port. To illustrate, in February 2022, The Environmental and Energy Study Institute (EESI) noted that the Ports of Los Angeles and Long Beach, which handle 40% of incoming containers in the United States, produce 100 tons of smog each day, surpassing daily emissions of six million cars in Southern California - a significant source of greenhouse gases and local air pollution. Therefore, the mounting air and noise pollution from port operations is propelling the expansion of the shore power market.
What Is The Segmentation Of The Global Shore Power Market?
The shore power market covered in this report is segmented –
1) By Component: Transformer, Switchgear, Cables And Accessories, Frequency Converter, Other Components
2) By Power Output: Up To 30 MVA, Above 30 MVA
3) By Installation: Shoreside, Shipside
4) By Connection: New Installation, Retrofit
Subsegments:
1) By Transformer: Step-Down Transformers, Isolation Transformers
2) By Switchgear: Medium Voltage Switchgear, Low Voltage Switchgear
3) By Cables And Accessories: Power Cables, Connectors And Plugs, Cable Management Systems
4) By Frequency Converter: Static Frequency Converters, Rotary Frequency Converters
5) By Other Components: Control Systems, Monitoring Equipment, Circuit Breakers
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What New Trends Are Influencing The Shore Power Market?
Leading companies in the shore power market are concentrating on the creation of innovative products, like high-voltage shore power solutions, to maintain their market standing. High-voltage shore power is an electrical link between the ship and the electrical grid enabling the ship to turn off its engine, thus reducing fuel use and carbon emissions. For example, in August 2022, ERMA FIRST ESK Engineering S.A., a marine equipment solutions manufacturer based in Greece, introduced BLUE CONNECT for shore power. This high-voltage solution, also known as alternate marine power (AMP) or cold ironing, allows for the reduction of the ship's diesel generators, cutting noise levels and emissions of volatile organic compounds, nitrogen oxides, sulfur oxides, and particulate matter. Components include the power transformer, the main control panel for shore connection, and the power switch.
Who Are the Key Players In The Shore Power Market?
Major companies operating in the shore power market report are:
• Siemens AG
• General Electric Corporation
• Schneider Electric SE
• ABB
• Eaton
• Vinci Energies S.A.
• Carnival Corporation & PLC
• Danfoss
• Royal Caribbean Group
• Wärtsilä Oyj Abp
• Norwegian Cruise Line Holdings Ltd.
• Piller Power Systems
• IGUS
• Power Systems International
• Cochran Inc.
• Cavotec SA
• ESL Power Systems Inc.
• Victron Energy
• Mastervolt
• SmartPlug Systems
• Atlas Marine Systems
• Tec Container S.A.
• Preen (AC Power Corp.)
• Asea Power Systems
• Blueday Technology AS
What Are The Regional Insights Into The Shore Power Market?
Asia-Pacific was the largest region in the shore power market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the shore power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
