Dublin, Dec. 13, 2024 (GLOBE NEWSWIRE) — The “Shore Power Market by Installation Type (Shoreside, Shipside), Connection (New Installation, Retrofit), Component (Transformer, Switchgear, Frequency Converter, Cables and Accessories), Power Output) – Global Forecast to 2029” report has been added to ResearchAndMarkets.com’s offering.
The global shore power market is expected to grow significantly from an estimated USD 2.03 billion in 2024 to USD 3.58 billion by 2029, at a CAGR of 12% during the forecast period. There are multiple factors that propel the growth of the global shore power market. Since there is increasing environmental awareness and regulations that are limiting the emissions from shipping activities, there is a need for ports and shipping firms to embrace greener options such as shore power.
Another significant factor is the increased emphasis on decarbonization and clean energy technologies especially given that this system helps in sourcing shore power making it possible to easily reduce greenhouse gas emissions and attain global sustainability targets. Furthermore, factors such as upgraded shore power systems and energy efficient equipment are making it feasible and cost-effective to adopt these systems. In addition, government policies and incentives help to promote the worldwide development of the shore power network.
Above 60 MVA segment, by power output, is expected to hold the third largest market share during the forecast period
The global shore power market segment Above 60 MVA ranks the third position in terms of market share. The primary reason for this is the growing need of high capacity power solutions used in bigger vessels like the container ships and oil tankers. These types of vessels consume a great deal of electrical energy as a lot of their systems are run on board, hence high capacity deployable shore power connection is necessary for effective and clean operations.
Furthermore, ports are developing better facilities to take care of the bigger operations, which include the significant reduction of emissions while the vessels are docked. This segment is also driven by the increasing implementation of regulations that require the use of shore power for large vessels to avoid emissions. Therefore, due to these reasons, there is an increasing requirement for shore power systems with more than 60 MVA system capability which in turn entrenches its position in the market.
New installation segment, by installation type, is expected to capture the second largest market share during the forecast period
The New Installation sub-segment within the scope of By Installation market in shore power market worldwide has second largest market share due to rising trends in the construction of new port facilities with shore power systems. Ports and shipping companies are more concerned about sustainability and reduction of carbon emissions; hence calls for new projects incorporating shore power facilities on new ports and new vessels are on the rise.
High levels of investments for reconstruction of old facilities indicate the willingness to embrace cleaner and greener technologies that are in line with the government’s infrastructural goals and are also efficient. Moreover, the integration of the advanced technologies in the shore power solutions accelerates the market for new installations, resulting into an important market strategy as more advanced and energy consuming ships are introduced in the ports.
Europe is expected to be the third largest regional market during the forecast period
Owing to the robust legal structure and the several sustainability plans in place, Europe comes in as the third largest market in the Global Shore Power Market. The environmental standards put forth by the European Union, among them, the European Green Deal and that of the Marine Environment Protection Committee, have accelerated the use of shore power technologies within ports and shipping lines considerably.
In addition, Europe has ports such as Rotterdam and Hamburg which are some of the largest in the world, and which have incorporated shore power facilities to help curb the emission of pollutants into the port. In addition, the continuous influx of advanced technology and system modernization helps the region maintain its competitive edge in the shore power sector Further. The interlink between the policies, issues of climate change and the emergence of new technologies are some of the reasons why this region has a significant market in this sector that is still shaping up.
Research Coverage
The report defines, describes, and forecasts the shore power market by installation type, component, connection, power output, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market.
A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; Contracts, partnerships, agreements. new product launches, mergers and acquisitions, and recent developments associated with the biorefinery market. Competitive analysis of upcoming startups in the shore power market ecosystem is covered in this report.
The global shore power market is dominated by key players that hold a wide regional presence and offer a diverse range of products. Leading companies in the shore power market include ABB (Switzerland), Schneider Electric (France), General Electric Company (US), Eaton (Ireland), Siemens (Germany), and Cavotec SA (Switzerland), among others.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 314 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $2.03 Billion |
| Forecasted Market Value (USD) by 2029 | $3.58 Billion |
| Compound Annual Growth Rate | 12% |
| Regions Covered | Global |
Market Dynamics
- Drivers
- Rising Focus of Government Authorities on Sustainability, Carbon Neutrality, and Decarbonization Initiatives
- Increasing Maritime Traffic and Expanding Port Networks
- Thriving Cruise Ship Industry
- Restraints
- High Initial Investment Costs
- Lack of Uniform Technical and Regulatory Frameworks Across Ports
- Opportunities
- Advances in Shore Power Technology
- Integration of Renewable Energy into Shore Power Systems
- Challenges
- Limited Grid Capacity and Renewable Energy Source Availability
- Operational and Technical Challenges of Shore Power Systems
Case Study Analysis
- Wasaline Improves Energy Efficiency of Hybrid Electric Ferry with Danfoss Drives’ Vacon 100 Drives
- Seam and Danfoss Drives Assist Nesodd Ferries in Delivering Zero-Emission Services to Commuters
- Danfoss Drives Retrofits Skulebas Training Vessel for Greener and More Efficient Fishing Practices
Additional Shore Power Market Analysis
- Trends/Disruptions Impacting Customer Business
- Ecosystem Analysis
- Pricing Analysis
- Investment and Funding Scenario
- Supply Chain Analysis
- Technology Analysis
- Key Conferences and Events, 2024-2025
- Trade Analysis
- Tariff and Regulatory Landscape
- Patent Analysis
- Key Stakeholders and Buying Criteria
- Impact of Generative AI/AI on Shore Power Market
- Macroeconomic Outlook for Shore Power Market
The major companies profiled in this shore power market report include:
- General Electric Company
- Siemens
- Schneider Electric
- ABB
- Cavotec SA
- Eaton
- Vinci Energies
- Wartsila
- Hitachi Energy Ltd.
- Danfoss
- Wabtec Corporation
- Powercon A/S
- ESL Power Systems, Inc.
- Igus
- Blue Day Technology
- Watts Marine
- AC Power Corp.
- Smartplug
- Piller Power Systems
- Power Systems International
- Manta Marine Technologies
- Conntek Integrated Solutions Inc (USA)
- Patton & Cooke Co.
- Ratio Electric B.V.
- Sydney Marine Electricals
For more information about this report visit https://www.researchandmarkets.com/r/vbsyws
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