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Shore Power Market Size, Share Analysis, Growth Trends, and Market Forecast 2023 – 2030

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Shore Power Market Size, Share Analysis, Growth Trends, and Market Forecast 2023 – 2030

May 15
20:09 2023
Shore Power Market Size, Share Analysis, Growth Trends, and Market Forecast 2023 - 2030
Shore Power Market – DataM Intelligence
Global Shore Power Market is estimated to grow at a CAGR of 6.6% during the forecast period (2023-2030)

Shore Power Market Overview:

Shore power may also be referred to as onshore power or alternative maritime power. It is the process of supplying shoreside electrical power to a ship in the berth while its main and auxiliary engines are shut down. By plugging in and shutting off the engines, shore power virtually eliminates diesel emissions and other air pollutants that would otherwise come from running the vessel’s onboard auxiliary engines. 

It is an effective way of reducing pollutants that damage air quality and greenhouse gas emissions that contribute to climate change. It also helps to decrease operational costs and engine noise. Additionally, by providing ship operators with an alternative to run auxiliary diesel engines while docked, this technology helps to reduce fuel costs, which increases its demand in the maritime industry.

Market Size Growth Rate:

According to the DataM market research report, the global shore power market was valued at US$ 1340.11 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 2351.22 million by 2030. The market is growing at a CAGR of 6.6% during the forecast period (2023-2030).

The global shore power market is a rapidly growing industry that offers a sustainable solution for reducing greenhouse gas emissions from ships while they are docked at ports. The market shares are driven by rising demand for eco-friendly and efficient power solutions for marine vessels. Shore power systems provide vessels with an alternative to using their onboard diesel generators, which emit harmful pollutants and contribute to air pollution.

Shore Power Market Drivers:

Marine power plants allow docked or dry-docked ships to use shore power while shutting down auxiliary engines to power onboard electrical systems, including lighting, ventilation, cargo pumps, communications, and other essential equipment. It enables the crew to preserve the vessel’s diesel engine while berthing and reduces low-frequency noise and vibration. Companies that ship goods must cut expenses and emissions.

Additionally, it is a short-term solution that allows transportation businesses to fulfill emissions standards quicker and less expensive.

Shore Power Market Restraints:

Installing shore power infrastructure at ports can be expensive, and the costs are typically borne by port operators or other stakeholders. This initial investment cost can be a barrier to adoption, especially for smaller ports or those with limited budgets.

Shore Power Market Opportunities:

The global shipping industry is anticipated to continue to grow in the coming years, which will increase the demand for shore power. This growth will be driven by factors such as increasing global trade, population growth, and rising consumer demand for goods.

 

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COVID-19 Impact Analysis:

The COVID-19 pandemic’s onset has significantly influenced the world market for shore electricity. Due to the COVID-19 epidemic, the economic growth of nearly all major nations slowed, which affected consumer purchasing patterns. The closure of several nations’ transportation systems has widened the supply-demand disparity, negatively impacting domestic and international supply chains.

Therefore, inadequate raw material supply is anticipated to hinder shore power production, affecting the market’s expansion. As more European businesses halt operations and U.S. and Asia-Pacific manufacturers prolong shutdown periods, the situation is still murky. The pandemic is causing daily changes in the global economy.

Recent Developments in the Industry:

  • Cavotec launched its “MoorMaster NxG” automated mooring system in April 2021, which includes a shore power option that enables vessels to connect to the grid while moored.
  • Siemens launched its new “SISHIP EcoProp” electric propulsion system in September 2020, which includes a shore power option that allows vessels to connect to the grid and recharge their batteries while at berth.
  • Schneider Electric introduced its new “EcoStruxure Power” solution in November 2020, which includes a range of shore power systems that enable vessels to connect to the grid and optimize their energy consumption while at berth.

Shore Power Market Segmentation:

As per the research analysis, the global shore power market is segmented by component into cable & accessories, frequency converter, transformer, switchgear, and others; by installation into shipside, shoreside; by power output into up to 30 MVA, above 30 MVA; and by connection into retrofit, new installation.

  • Based on the component, the frequency converter segment will likely hold the biggest market share and have the fastest growth over the forecast period. A ship can be powered by the port’s electrical grid using a shore power frequency converter, even though the vessel may operate at a different voltage. With shore power frequency converters, energy is conserved by lowering diesel fuel consumption.

To guarantee that the shoreside shore power supply can deliver electrical frequency that matches the vessel’s operational frequency, frequency converters are necessary. Additionally, they reduce air pollution by using the engine when not necessary at the port. All elements support growth throughout the ensuing years.

Global Shore Power Market Geographical Classification:

The global shore power market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.

Asia-Pacific Shore Power Market

The Asia-Pacific shore power market is anticipated to grow at the strongest rate in the future. Asia-Pacific is predicted to experience the largest adoption and deployment of shore power systems due to the growing focus of many nations on decreasing pollution created by port activities. These nations also have several sizable ports, some of the busiest in the world.

Europe Shore Power Market

Europe contributes to 90% of seaborne trading, which expands the marine industry significantly. Major European countries are primarily dependent on marine transportation. As per the European Commission, nearly 400 million passengers embark and disembark at European ports. Additionally, the maritime industry contributes majorly to the employment and income of the European economy.

North America Shore Power Market

The North American market is growing significantly, owing to the increasing focus on the reduction of retrofit and low-frequency noise and emission at ports. According to the United States Environmental Protection Agency (USEPA), pre-existing shore power installations are expanding at several ports, for example, three planned projects at the ports of Philadelphia for container ships and Miami and Galveston for cruise ships.

Competitive Landscape

The major global players include ESL Power Systems, Schneider Electric, Smartplug, Blueday Technology, ABB Ltd., Cochran Marine, Vinci Energies, Cavotec, IGUS, and Siemens AG.

Suggestions for Related Report

 

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Additional Benefits Post Purchase:

1) Unlimited Analyst support for a period of 1 year. 

2) Any query with regard to the scope offered will be addressed within 24- 48 hours.

3) An Excel sheet with market numbers will be provided separately.

The Full Report has the below insights: 

  • The report offers a comprehensive evaluation of the market in terms of market value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2021-2022) and verifiable projections about market size during the forecast period (2023-2030).
  • Visualize the composition of the global shore power market segmentation by component, installation, power output, connection, and region, highlighting the key commercial assets and players. 
  • By Component: Cable & Accessories, Frequency Converter, Transformer, Switchgear, Others 
  • By Installation: Shipside, Shoreside
  • By Power Output: Up to 30 MVA, above 30 MVA 
  • BY connection: Retrofit, New installation
  • By Region: North America, South America, Europe, Asia Pacific, Middle East & Africa
  • Identify commercial opportunities in the global shore power market by analyzing trends and co-development deals.
  • The report also covers data insights on various industry forces such as Porter’s five forces analysis, supply chain analysis, pricing analysis, regulatory analysis.
  • Excel data sheet with thousands of data points of global shore power market-level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study. 
  • Product mapping in Excel for the key product of all major market players
  • The report will provide access to approximately 61 market data tables, 64 figures and close to 180 pages.

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