Shore Power Market worth $2.8 Billion by 2027
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The shoreside segment is expected to grow at the highest CAGR from 2022 to 2027
Based on the installation type of shore power systems, the shoreside segment is estimated to be the fastest-growing market from 2020 to 2027. The strict environmental regulations implemented by governments worldwide have led port authorities to highly focus on reducing noise and emission levels through port operations, which has increased the shoreside installation of shore power systems and fueled the market growth.
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Retrofit segment by connection is projected to emerge as the largest segment for Shore Power Market
The Retrofit segment, by connection, is projected to hold the highest market share during the forecast period. With the idea of retrofitting, the shipowners get the flexibility to modify the existing vessels and develop them into sustainable ones in response to new safety and environmental regulations implemented worldwide. There is also a significant difference between retrofits and new installations, with retrofits sometimes costing twice as much as new installations. The operational cost is primarily related to electricity costs and taxes, which vary from region to region.
By component, frequency converters segment is expected to grow at the highest CAGR from 2022 to 2027
Based on the frequency converters of shore power systems, the component is estimated to be the fastest-growing market from 2020 to 2027. The shore power frequency converters power the ships through the port's electrical grid, even if they have different operating voltages, which can be witnessed in ships traveling internationally. The frequency converters change the local grid power to match the input frequency and voltage of the ship. Their use helps save costs as they consume less diesel fuel. They also reduce air pollution caused by the engine's operation while at the port.
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Asia Pacific is expected to lead the Shore Power Market
Asia Pacific accounted for a 33.4% share of the Shore Power Market in 2022. The countries covered in the region are China, Japan, South Korea, India, Australia, Singapore, and Rest of Asia Pacific. Asia Pacific is projected to hold the largest size of the Shore Power Market during the forecast period as multiple countries in the region have been emphasizing reducing their carbon footprint by utilizing several techniques such as shore power, which would help them achieve their goals.
Asia Pacific is the world's most populated region and is expected to become the largest energy-consuming region globally in the near future. The growing population and rising per capita income are the key factors for the increasing demand for energy in Asia Pacific. It comprises several developing nations that eventually require more energy for different purposes. According to the Asian Development Bank (ADB), the region's share of global energy consumption is expected to increase to 56% by 2035 from 34% in 2010.
The leading players in the Shore Power Market include GE (US), Siemens (Germany), Schneider Electric (France), ABB (Switzerland), and Eaton (Ireland).
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