Shore Power Market Size to Reach $2.8 Billion by 2027 | GE, Siemens, ABB, Schneider Electric, and Eaton.

The global shore power market size will grow to USD 2.8 billion by 2027 from USD 1.6 billion in 2022, at a CAGR of 11.2% during the forecast period. Shore power, shore-to-ship power, or cold ironing is a technique of supplying electricity from the shore to ships to fulfill their power requirements for onboard electrical systems. This technique is also called an alternative maritime power, wherein the provided electricity can either be derived from a combination of port-owned renewable energy sources and local grids or solely from the local grids. The incoming power is fed to a substation at the port, converted into the required form, and transmitted to special power connectors, enabling the connection between the shore and ship.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=34338697

Shore power systems have been installed since 1980. Previously, only small ships, such as pleasure craft ferries and other small boats, could avail this facility. As a small number of boats/ships that used to rely on this technology, it did not get much attention. However, in early 2000, the shipping industry witnessed a drastic increase in the number of large-scale ships. This increase in large-scale ships further increased the CO2 and NOx emissions, which, in turn, affected the surrounding environment at the ports. Therefore, the phenomenon of shore power gained momentum. Deployment of shore power technology on under-construction ports and ships has now become mandatory in countries such as Germany and China. However, with the increased technology adoption, retrofitting it with existing ports and ships is an excellent opportunity for the shore power market.

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 shore power market growth.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=34338697

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).

Content Source: https://www.marketsandmarkets.com/Market-Reports/shore-power-market-34338697.html

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: newsletter@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.