Market Analysis
The global shore power market will touch USD 2.4 billion at a 10.01% CAGR during the forecast period 2024- 2032, states the latest Market Research Future (MRFR) analysis. Shore power, also called cold ironing is a means to supply electrical power to a ship from the shore at berth, allowing the auxiliary motors to be switched off. The shore power will help in eliminating diesel emissions and other pollutants that result from the onboard auxiliary motors of the vessel via plugging in these motors and shutting them off.
Various factors are fuelling the global shore power market growth. As per the recent MRFR market estimates, such factors include the rising cruise liners in the shipping industry, reduced low-frequency noise and emissions at ports with the implementation of shore power, initiatives by the government in cutting down greenhouse gas emissions from ports, increasing focus by the government to reduce noise and air pollution due to port activities, increasing cruise-based and sea trade tourism, surging number of cruise liners in the shipping industry, and the installation of retrofit shore power systems.
On the contrary, high costs of installation, impact of the COVID-19 pandemic, and the increasing need for maintenance may limit the global shore power market growth over the forecast period.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global shore power market based on component, connection, and installation.
By installation, the global shore power market is segmented into shipside and shoreside. Of these, the shoreside segment will lead the market over the forecast period.
By connection, the global shore power market is segmented into retrofit and new installation. Of these, the new installation segment will dominate the market over the forecast period as retrofitting of shore power in existing vessels is more expensive over a new installation.
By component, the global shore power market is segmented into cables and accessories, frequency converter, switchgear, transformer, and others. Of these, the frequency converter will spearhead the market over the forecast period as these converters save money by reducing the diesel fuel consumption.
Regional Analysis
Geographically, the global shore power market is bifurcated into Europe, North America, South America, the Asia Pacific, along with the Middle East & Africa (MEA). Of these, the APAC region will spearhead the market over the forecast period. Growth of the maritime industry, strict emission regulations, mounting concerns about the local air pollution, ports on the region laying emphasis on sustainability for the boost in the maritime industry, rising concerns related to local air pollution, rigorous emission policy, growing focus of multiple countries on the reduction of pollution caused from port activities, the presence of large-sized ports, and the presence of emerging economies such as South Korea, Japan, and China having major manufacturing industries are adding to the global shore power market in the region.
Key Players
The notable players profiled in the global shore power market Size report include Blueday Technology (Norway), ESL Power Systems, Inc. (US), AC Power Corp. (Taiwan), Smart Plug Systems (US), Schneider Electric (France), VINCI Energies (France), Igus (Germany), Danfoss (Denmark), Cavotec SA (Switzerland), Siemens (Germany), Wartsila (Finland), General Electric (US), ABB (Switzerland), and Cochran Marine LLC (US), among others.
The global shore power market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
Industry Updates
May 2021- Southampton will soon become the foremost commercial port in the United Kingdom to offer shore power. The port by 2022 plans to have cold ironing technology accessible at two of the city’s five cruise ship terminal.
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