New York, US, June 22, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Shore Power Market Information by Power Rating, Motor Type, and Region - Forecast till 2032”, Shore Power Market could thrive at a rate of 11.90% between 2023 and 2032. The market size will be reaching around USD 2.4 Billion by the end of the year 2032.
Shore Power Market Overview
Shore power, also known as cold ironing or alternative marine power, refers to the process of providing electricity to ships while they are docked in ports or harbors. It allows vessels to turn off their diesel generators and connect to onshore power sources, significantly reducing emissions and noise pollution. Shore power enables the use of cleaner and more sustainable energy sources, such as electricity generated from renewable sources or low-emission power plants.
Shore power finds applications in various maritime sectors, including cruise ships, ferries, container ships, and offshore vessels. By connecting to onshore power grids, ships can power their onboard systems, including lighting, heating, ventilation, air conditioning, and other electrical equipment, without relying on fossil fuel-based generators. Shore power not only improves air quality in port areas but also helps ship operators comply with stringent emission regulations and sustainability goals.
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Shore Power Market Competitive Landscape:
The affluent companies in the Shore Power industry include
- Cochran Marine ILC
- ABB
- General Electric
- Wartsila
- Siemens
- Cavotec
- Danfoss
- Igus
- VINCI Energies
- Schneider Electric
- Smart Plug Systems
- AC Power Corp
- ESL Power Systems Inc
- Blueday Technology
- Among others.
January 2023
Blueday Technology has agreed to provide Fjord Base with a comprehensive BluEco Shore Power System. This system offers a complete solution for shore-to-ship power, enabling ships docked at a port to access the necessary electricity to operate their onboard systems. By supplying the BluEco Shore Power System, Blueday Technology facilitates the seamless transfer of electrical power from onshore sources to vessels, eliminating the need for ships to rely on their power generators while in port.
COVID 19 Analysis
The COVID-19 pandemic had a mixed impact on the Shore Power Market. On one hand, the global downturn in maritime activities, including reduced cruise ship operations and trade disruptions, led to a temporary decline in shore power installations and usage. On the other hand, the pandemic catalyzed environmental consciousness, with an increased focus on sustainability and emissions reduction. As the industry recovers post-COVID, there is a growing emphasis on green recovery and sustainable shipping practices, driving the demand for shore power solutions.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 2.4 Billion |
| CAGR during 2023-2032 | 11.90% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Installation, Connection, Component, and Region |
| Key Market Opportunities | Increasing the number of cruise ships in the maritime industry. |
| Key Market Dynamics | Low-frequency noise and emission reductions at the port. |
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Shore Power Market USP Covered:
Shore Power Market Drivers:
Increasingly strict regulations aimed at reducing emissions from ships drive the adoption of shore power. Governments and environmental agencies worldwide are imposing limits on air pollution, including greenhouse gas emissions and particulate matter, leading to a greater demand for shore power solutions that enable ships to operate in compliance with these regulations. Growing concerns about climate change and environmental sustainability have propelled the demand for cleaner and greener maritime solutions. Shore power helps reduce greenhouse gas emissions and other pollutants associated with traditional ship power generation, making it an attractive option for both ship operators and port authorities committed to reducing their carbon footprint. Investments in port infrastructure, including the installation of shore power facilities, contribute to market growth.
Shore Power Market Restraints:
The adoption of shore power faces certain restraints. One significant challenge is the high initial cost associated with retrofitting ships to accommodate shore power connections. Retrofitting existing vessels can be expensive and time-consuming, especially for older ships not originally designed with shore power capabilities. Additionally, the availability and compatibility of shore power infrastructure in different ports and harbors can vary, posing challenges for ships to connect to onshore power sources consistently.
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Shore Power Market Segmentation
By Installation
By Installation, the segment includes Shoreside And Shipside.
By Connection
By Connection, the segment includes New Installation And Retrofit.
By Component
By Component, the segment includes Transformer, Switchgear, Frequency Converter, Cables & Accessories.
Shore Power Market Regional Insights
Europe is a key market for shore power, driven by stringent environmental regulations and the presence of major ports focused on sustainability. Countries like Norway, Sweden, and the Netherlands have been at the forefront of shore power adoption, investing in infrastructure and offering incentives to encourage ships to connect to onshore power sources.
North America, particularly the United States and Canada, has seen significant growth in the shore power market. The region's stringent emission regulations, especially in coastal areas, along with government initiatives to reduce air pollution, have led to the increased installation of shore power infrastructure in major ports.
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Asia Pacific is a rapidly growing market for shore power, driven by the increasing number of ports and the region's significant shipping activities. Countries like China, Japan, and South Korea are investing in shore power infrastructure to improve air quality and meet emission reduction targets. The growing awareness of environmental issues and sustainability goals in the region also contributes to market expansion.
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