Shore Power Market Size Expected to Exceed USD 4,869.05 Million By 2032, at 11.32% CAGR: Polaris Market Research

Cruise ship traveler numbers are rapidly rising, and investments for cruise travelers by government institutions are fostering market expansion. According to the Cruise Lines International Association (CLIA), In 2022, 16 new cruise ships, comprising 5 LNG-powered ships & 9 expedition ships, are expected to make their debuts with CLIA ocean-going member cruise lines.

According to research report by Polaris Market Research, the global shore power market was valued at USD 1,669.15 million in 2022 and is expected to reach USD 4,869.05 Million By 2032, growing at a CAGR of 11.32% during the forecast period.

The economic data from 2020, when compared to 2019, show the pandemic's extensive effects on the cruise industry and emphasize the significance of cruise travel to economies worldwide. There are 5.8 million passengers departed and 576K jobs supported by cruises. And the total economic contribution of cruise passengers was USD 63.4 Bn in 2022. As a result, the shipping industry is receiving a boost from growing cruise lines.

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Furthermore, the increasing government regulations and support for reducing greenhouse gas emissions are boosting the market growth. Governments are focusing on investing in this innovation on the global market. In January 2022, the Government of Canada announced that the USD 200 million second round of applications is now open and will fund various regional programs to reduce local pollution across Canada.

To create and implement transformative leadership projects that substantially reduce their greenhouse gas emissions, generate good jobs, and support Canada's 2030 emission reduction, municipal governments, businesses, not-for-profit organizations, and Indigenous communities receive support from investment opportunities. So, during the anticipated period, the market expansion is predicted to be fueled by favorable government regulation for lowering greenhouse gas emissions.

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Additionally, in February 2022, Solstad Offshore approached Wärtsilä for assistance in its attempts to lessen the carbon footprint of its 90-vessel fleet. By 2030, CO2 emissions are expected to have decreased by 50%. Reduced greenhouse gas emissions from auxiliary diesel engines while docked are made possible by shore electricity. These collaborations for producing shore electricity and reducing carbon emissions drive the market's growth.

Shore Power Market Report Highlights

1. The retrofit segment is anticipated to grow at a significant CAGR over the forecast period. The expanding number of terminals with marine power infrastructure is likely to result in a major increase in the retrofit segment as well.
2. The shipside segment accounted for considerable global revenue share due to rising interest in passenger ships as well as increasing interest in cargo ships.
3. Asia-Pacific is expected to grow at a significant CAGR over the projected period. This is rising owing to the rising government investment in the installation of electricity plants at the shoreside as well as increasing cruise travelers.
4. The global players include AC Power, ESL Power Systems, General Electric, Igus, Siemens, Schneider Electric, Smart Plug Systems, VINCI Energies, and Wartsila.

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