Dublin, Jan. 10, 2025 (GLOBE NEWSWIRE) — The “Shore Power – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global market for Shore Power was estimated at US$1.6 Billion in 2023 and is projected to reach US$2.3 Billion by 2030, growing at a CAGR of 5.3% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the Shore Power market is driven by several factors, including the increasing focus on reducing emissions from ships to comply with stringent environmental regulations. The rising investments in sustainable port infrastructure, supported by government initiatives and funding, have accelerated the adoption of shore power systems globally.
Advancements in power conversion and distribution technologies have improved the efficiency and reliability of shore power connections, supporting broader deployment. The growing awareness of the health and environmental benefits of reducing emissions at ports has further encouraged adoption among port authorities and ship operators. Additionally, the push for electrification and renewable energy integration within maritime operations has contributed to the expansion of the shore power market.
How Is Shore Power Revolutionizing Maritime Operations?
Shore power, also known as cold ironing or alternative maritime power (AMP), is a system that allows ships to connect to onshore electrical sources while docked, enabling them to turn off their auxiliary engines and reduce emissions. By supplying electricity from the grid, shore power significantly lowers air pollution and noise levels at ports, improving environmental conditions and complying with stricter emission regulations.
As the shipping industry strives to achieve decarbonization, shore power solutions are being adopted globally by cruise ships, cargo vessels, ferries, and container ships, making it an integral part of sustainable port infrastructure.
What Are the Key Segments in the Shore Power Market?
Key components include transformers, switchgear, frequency converters, cables, and software, with transformers holding the largest market share due to their role in managing voltage levels and ensuring safe power transfer. Installation types are divided into shoreside and shipside installations, with shoreside installations leading the market due to the significant investment required in port infrastructure.
End-users encompass ports, naval bases, and ships, with ports representing the largest segment as they are the primary facilitators of shore power integration to reduce emissions and meet regulatory standards.
How Is Shore Power Being Implemented Across Ports and Vessels?
At ports, shore power infrastructure includes high-voltage transformers, frequency converters, and power management systems that facilitate a seamless connection to ships. Major ports in Europe, North America, and Asia-Pacific are actively adopting shore power to comply with emission standards and improve air quality for port workers and surrounding communities.
Cruise ships and container vessels are among the earliest adopters, utilizing shore power to significantly cut emissions while berthed. Naval bases also use shore power to support naval vessels during maintenance and downtime, ensuring operational readiness while reducing carbon footprint. Additionally, the integration of shore power into sustainable port development plans supports global decarbonization goals, promoting cleaner and greener maritime operations.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Shoreside Installation segment, which is expected to reach US$1.6 Billion by 2030 with a CAGR of a 5.6%. The Shipside Installation segment is also set to grow at 4.8% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $440.2 Million in 2023, and China, forecasted to grow at an impressive 5.1% CAGR to reach $366.3 Million by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players in the Global Shore Power Market such as ABB, Blueday Technology, Cavotec, Cochran Marine, ESL Power and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 89 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value (USD) in 2023 | $1.6 Billion |
| Forecasted Market Value (USD) by 2030 | $2.3 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Global Economic Update
- Shore Power – Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Rising Focus on Reducing Ship Emissions Spurs Growth in Shore Power Market
- Technological Advancements in High-Voltage Shore Connection (HVSC) Systems Strengthen Business Case for Adoption
- Growing Demand for Green Ports and Compliance with International Maritime Organization (IMO) Regulations Expands Addressable Market
- Expansion of Shore Power in Cruise Terminals, Container Ports, and Ferry Terminals Fuels Market Growth
- Increasing Adoption of Renewable Energy Integration in Shore Power Systems Expands Market Opportunities
- Technological Innovations in Energy Storage, Smart Grids, and Automated Power Management Propel Market Expansion
- Rising Focus on Complying with Sulphur Emission Control Area (SECA) Standards Drives Demand for Shore Power
- Growing Use of Shore Power in Cold Ironing, Offshore Platforms, and Naval Vessels Expands Market Potential
- Focus on Achieving Carbon Neutrality, Reduced Noise Pollution, and Improved Air Quality Strengthens Market for Shore Power
- Technological Advancements in Plug-and-Play Connections, Real-Time Monitoring, and Cybersecurity Propel Market Growth
- Increasing Focus on Integrating Shore Power with Smart Port Infrastructure and IoT Solutions Drives Adoption
- Rising Demand for Shore Power in Commercial Shipping, Oil Tankers, and Ro-Ro Vessels Strengthens Global Market
- Expansion of Shore Power in Hybrid and Electric Marine Fleets Expands Market Opportunities
FOCUS ON SELECT PLAYERS:Some of the 34 companies featured in this Global Shore Power market report include:
- ABB
- Blueday Technology
- Cavotec
- Cochran Marine
- ESL Power
- IGUS
- Piller Power Systems
- Power Systems International
- Preen
- Schneider Electric
- Siemens
- SmartPlug
- Vinci Energies
- Wartsila
For more information about this report visit https://www.researchandmarkets.com/r/721qlg
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