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Shore Power Market Size Reaches USD 0.9 Billion in 2022, Expected to Surge to USD 2.4 Billion by 2032 with a Remarkable 11.90% CAGR

02-06-2024 11:17 AM CET | Energy & Environment

Press release from: TechSci Research Pvt Ltd

Shore Power Market Size Reaches USD 0.9 Billion in 2022, Expected

According to TechSci Research report, "Shore Power Market - Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029", the Global Shore Power Market is experiencing a surge in demand in the forecast period.
Shore power helps in reducing greenhouse gases emission produced by auxiliary diesel engines while docked. Therefore, governments are focusing on investing in this technology in the global market. For instance, In June 2021, trade body Maritime U.K. urged the government to invest USD 235 million marine power to build a viable charging network and reduce port emissions. For instance, the European Commission has mandated to the implementation of shore connection systems to all European ports. Hence, such supportive government regulations for reducing greenhouse gas emissions is likely to fuel the market growth during the forecasted period.

The international community's increasing emphasis on sustainable development has prompted the maritime sector to seek environmentally friendly practices. For instance, According to UNCTAD (United Nations Conference on Trade and Development), Maritime trade is expected to grow 2.4% in 2023 and more than 2% between 2024 and 2028. Shore power aligns with this agenda, offering a tangible means to reduce the carbon footprint of shipping activities. Thus, the Global Shore Power market is anticipated to grow.

Governments worldwide are recognizing the importance of shore power in achieving environmental goals and are implementing supportive policies and incentives. Financial incentives, tax breaks, and grants are being offered to encourage ports and shipping companies to invest in shore power infrastructure. For instance, the European Investment Bank and stakeholders have committed to exerting optimal efforts to implement onshore electricity supply by 2028, with a specific focus on cruise and container vessels. The signatories further agreed to reward the most environmentally friendly ship stopovers and promote actions which improve the environment around ports, including through reducing stopover fees for greener vessels. These initiatives not only foster a sustainable maritime industry but also stimulate economic growth in the renewable energy and technology sectors.

Browse over XX Market data Figures spread through XX Pages and an in-depth TOC on "Global Shore Power Market." @: https://www.techsciresearch.com/report/shore-power-market/15769.html

The Global Shore Power Market is segmented into type, application and region.
Based on installation, Shoreside Installation dominated the global Shore Power market with a market share of 68.03% in 2022. Shoreside connections ensure ships have a consistent and efficient power supply.

For instance, in July 2023, ABB completed the sale of its Power Conversion division to AcBel Polytech Inc. for USD 505 million in total. Additionally, July 2023- the new Schneider Electric Easy UPS 3-Phase Modular is at the cutting edge of dependability, scalability, and simplicity.
In June 2022, Enova, a Norwegian government enterprise, supported five new shore projects in the country with about USD 3.4 million. In addition, in February 2022, port authorities and government ministers from across the globe signed a shore power declaration at the One Ocean summit.

Based on Connection, Retrofit Connection dominated the global Shore Power market with a market share of 57.78% in 2022.
The growing investments in retrofitting the ports will propel its demand in the market. For instance, in October 2019, Global Ports Holding had started operations at the Nassau cruise port, with an investment of USD 250 million for capacity expansion and retrofitting the existing port.
In June 2021, Antwerp, Bremerhaven, Hamburg, Haropa Port, and Rotterdam made a joint declaration of zero-emission shipping in line with their green ports strategy. The ports stressed a strong business case for retrofitting or equipping large container ships for shore power and pointing to the readiness level among these vessels to use cold ironing. Hence, an increasing number of terminals and installation of retrofit systems on the port will bolster growth.
Thus, the global Shore Power market players are advised to focus on this Retrofit Connection segment to capitalize on lucrative market opportunities.

Major companies operating in the Global Shore Power Market are:
GE Power Conversion
Siemens AG
ABB Ltd
Eaton Corporation plc
Wartsila Corporation
Westinghouse Air Brake Technologies Corporation
SmartPlug Systems LLC
AC Power Corporation
Schneider Electric SE
Danfoss A/S

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"The Global Shore Power Market is expected to rise in the upcoming years and register a significant CAGR during the forecast period. The primary driver propelling the global shore power market is the increasing regulatory pressure on the maritime industry to curb emissions. Stringent environmental standards set by international bodies and governments worldwide mandate ports and shipping companies to adopt sustainable practices. Shore power, offering an eco-friendly alternative by enabling vessels to connect to the grid and power down onboard generators while docked, aligns with these regulations.

"Shore Power Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029 Segmented By Installation (Shoreside, Shipside), By Connection (New installation, Retrofit), By Component (Transformer, Switchgear, Cables & Accessories, Frequency Converter, Others), By Power Output (Upto 30 MVA, Above 30 MVA), By Region (Asia-Pacific, Europe, North America, Middle East & Africa, South America), By Region, By Competition", has evaluated the future growth potential of Global Shore Power Market and provides statistics & information on Market size, structure and future Market growth. The report intends to provide cutting-edge Market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Shore Power Market.

Report Scope:
In this report, the Global Shore Power Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Shore Power Market, By Installation:
o Shoreside
o Shipside
Shore Power Market, By Connection:
o New installation
o Retrofit
Shore Power Market, By Component:
o Transformer
o Switchgear
o Cables & Accessories
o Frequency Converter
o Others
Shore Power Market, By Power Output:
o Upto 30 MVA
o Above 30 MVA
Shore Power Market, By Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ Spain
§ Netherlands
§ Germany
§ Italy
§ United Kingdom
§ France
§ Poland
o Asia-Pacific
§ China
§ Singapore
§ South Korea
§ Malaysia
§ India
§ Japan
§ Vietnam
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ UAE
§ Turkey
§ Saudi Arabia
§ Morocco
§ South Africa

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Table of content
1. Solution Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Formulation of the Scope
2.4. Assumptions and Limitations
2.5. Sources of Research
2.5.1. Secondary Research
2.5.2. Primary Research
2.6. Approach for the Market Study
2.6.1.The Bottom-Up Approach
2.6.2.The Top-Down Approach
2.7. Methodology Followed for Calculation of Market Size & Market Shares
2.8. Forecasting Methodology
3. Executive Summary
4. Voice of Customer
4.1. Factors Considered while Choosing Market player for Shore Power Solutions
4.2. Key Satisfaction Level
4.3. Current Need Gaps
5. Global Shore Power Market Overview
6. Global Shore Power Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Installation (Shoreside, Shipside)
6.2.2. By Connection (New installation, Retrofit)
6.2.3. By Component (Transformer, Switchgear, Cables & Accessories, Frequency Converter, Others)
6.2.4. By Power Output (Upto 30 MVA, Above 30 MVA)
6.2.5. By Region (Asia-Pacific, Europe, North America, Middle East & Africa, South America)
6.3. By Company (2022)
6.4. Market Map
7. Asia-Pacific Shore Power Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Installation
7.2.2. By Connection
7.2.3. By Component
7.2.4. By Power Output
7.2.5. By Country
7.3. Asia-Pacific Shore Power Market Country Analysis
7.3.1. China Shore Power Market Outlook
7.3.1.1. Market Size & Forecast
7.3.1.1.1. By Value
7.3.1.2. Market Share & Forecast
7.3.1.2.1. By Installation
7.3.1.2.2. By Connection
7.3.1.2.3. By Component
7.3.1.2.4. By Power Output
7.3.2. Singapore Shore Power Market Outlook
7.3.2.1. Market Size & Forecast
7.3.2.1.1. By Value
7.3.2.2. Market Share & Forecast
7.3.2.2.1. By Installation
7.3.2.2.2. By Connection
7.3.2.2.3. By Component
7.3.2.2.4. By Power Output
7.3.3. South Korea Shore Power Market Outlook
7.3.3.1. Market Size & Forecast
7.3.3.1.1. By Value
7.3.3.2. Market Share & Forecast
7.3.3.2.1. By Installation
7.3.3.2.2. By Connection
7.3.3.2.3. By Component
7.3.3.2.4. By Power Output
7.3.4. Malaysia Shore Power Market Outlook
7.3.4.1. Market Size & Forecast
7.3.4.1.1. By Value
7.3.4.2. Market Share & Forecast
7.3.4.2.1. By Installation
7.3.4.2.2. By Connection
7.3.4.2.3. By Component
7.3.4.2.4. By Power Output
7.3.5. India Shore Power Market Outlook
7.3.5.1. Market Size & Forecast
7.3.5.1.1. By Value
7.3.5.2. Market Share & Forecast
7.3.5.2.1. By Installation
7.3.5.2.2. By Connection
7.3.5.2.3. By Component
7.3.5.2.4. By Power Output
7.3.6. Japan Shore Power Market Outlook
7.3.6.1. Market Size & Forecast
7.3.6.1.1. By Value
7.3.6.2. Market Share & Forecast
7.3.6.2.1. By Installation
7.3.6.2.2. By Connection
7.3.6.2.3. By Component
7.3.6.2.4. By Power Output
7.3.7. Vietnam Shore Power Market Outlook
7.3.7.1. Market Size & Forecast
7.3.7.1.1. By Value
7.3.7.2. Market Share & Forecast
7.3.7.2.1. By Installation
7.3.7.2.2. By Connection
7.3.7.2.3. By Component
7.3.7.2.4. By Power Output
8. Europe Shore Power Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Installation
8.2.2. By Connection
8.2.3. By Component
8.2.4. By Power Output
8.2.5. By Country
8.3. Europe Shore Power Market Country Analysis
8.3.1. Spain Shore Power Market Outlook
8.3.1.1. Market Size & Forecast
8.3.1.1.1. By Value
8.3.1.2. Market Share & Forecast
8.3.1.2.1. By Installation
8.3.1.2.2. By Connection
8.3.1.2.3. By Component
8.3.1.2.4. By Power Output
8.3.2. Netherlands Shore Power Market Outlook
8.3.2.1. Market Size & Forecast
8.3.2.1.1. By Value
8.3.2.2. Market Share & Forecast
8.3.2.2.1. By Installation
8.3.2.2.2. By Connection
8.3.2.2.3. By Component
8.3.2.2.4. By Power Output
8.3.3. Germany Shore Power Market Outlook
8.3.3.1. Market Size & Forecast
8.3.3.1.1. By Value
8.3.3.2. Market Share & Forecast
8.3.3.2.1. By Installation
8.3.3.2.2. By Connection
8.3.3.2.3. By Component
8.3.3.2.4. By Power Output
8.3.4. Italy Shore Power Market Outlook
8.3.4.1. Market Size & Forecast
8.3.4.1.1. By Value
8.3.4.2. Market Share & Forecast
8.3.4.2.1. By Installation
8.3.4.2.2. By Connection
8.3.4.2.3. By Component
8.3.4.2.4. By Power Output
8.3.5. United Kingdom Shore Power Market Outlook
8.3.5.1. Market Size & Forecast
8.3.5.1.1. By Value
8.3.5.2. Market Share & Forecast
8.3.5.2.1. By Installation
8.3.5.2.2. By Connection
8.3.5.2.3. By Component
8.3.5.2.4. By Power Output
8.3.6. France Shore Power Market Outlook
8.3.6.1. Market Size & Forecast
8.3.6.1.1. By Value
8.3.6.2. Market Share & Forecast
8.3.6.2.1. By Installation
8.3.6.2.2. By Connection
8.3.6.2.3. By Component
8.3.6.2.4. By Power Output
8.3.7. Poland Shore Power Market Outlook
8.3.7.1. Market Size & Forecast
8.3.7.1.1. By Value
8.3.7.2. Market Share & Forecast
8.3.7.2.1. By Installation
8.3.7.2.2. By Connection
8.3.7.2.3. By Component
8.3.7.2.4. By Power Output
9. North America Shore Power Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Installation
9.2.2. By Connection
9.2.3. By Component
9.2.4. By Power Output
9.2.5. By Country
9.3. North America Shore Power Market Country Analysis
9.3.1. United States Shore Power Market Outlook
9.3.1.1. Market Size & Forecast
9.3.1.1.1. By Value
9.3.1.2. Market Share & Forecast
9.3.1.2.1. By Installation
9.3.1.2.2. By Connection
9.3.1.2.3. By Component
9.3.1.2.4. By Power Output
9.3.2. Mexico Shore Power Market Outlook
9.3.2.1. Market Size & Forecast
9.3.2.1.1. By Value
9.3.2.2. Market Share & Forecast
9.3.2.2.1. By Installation
9.3.2.2.2. By Connection
9.3.2.2.3. By Component
9.3.2.2.4. By Power Output
9.3.3. Canada Shore Power Market Outlook
9.3.3.1. Market Size & Forecast
9.3.3.1.1. By Value
9.3.3.2. Market Share & Forecast
9.3.3.2.1. By Installation
9.3.3.2.2. By Connection
9.3.3.2.3. By Component
9.3.3.2.4. By Power Output
10. Middle East & Africa Shore Power Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Installation
10.2.2. By Connection
10.2.3. By Component
10.2.4. By Power Output
10.2.5. By Country
10.3. Middle East & Africa Shore Power Market Country Analysis
10.3.1. UAE Shore Power Market Outlook
10.3.1.1. Market Size & Forecast
10.3.1.1.1. By Value
10.3.1.2. Market Share & Forecast
10.3.1.2.1. By Installation
10.3.1.2.2. By Connection
10.3.1.2.3. By Component
10.3.1.2.4. By Power Output
10.3.2. Turkey Shore Power Market Outlook
10.3.2.1. Market Size & Forecast
10.3.2.1.1. By Value
10.3.2.2. Market Share & Forecast
10.3.2.2.1. By Installation
10.3.2.2.2. By Connection
10.3.2.2.3. By Component
10.3.2.2.4. By Power Output
10.3.3. Saudi Arabia Shore Power Market Outlook
10.3.3.1. Market Size & Forecast
10.3.3.1.1. By Value
10.3.3.2. Market Share & Forecast
10.3.3.2.1. By Installation
10.3.3.2.2. By Connection
10.3.3.2.3. By Component
10.3.3.2.4. By Power Output
10.3.4. Morocco Shore Power Market Outlook
10.3.4.1. Market Size & Forecast
10.3.4.1.1. By Value
10.3.4.2. Market Share & Forecast
10.3.4.2.1. By Installation
10.3.4.2.2. By Connection
10.3.4.2.3. By Component
10.3.4.2.4. By Power Output
10.3.5. South Africa Shore Power Market Outlook
10.3.5.1. Market Size & Forecast
10.3.5.1.1. By Value
10.3.5.2. Market Share & Forecast
10.3.5.2.1. By Installation
10.3.5.2.2. By Connection
10.3.5.2.3. By Component
10.3.5.2.4. By Power Output
11. South America Shore Power Market Outlook
11.1. Market Size & Forecast
11.1.1. By Value
11.2. Market Share & Forecast
11.2.1. By Installation
11.2.2. By Connection
11.2.3. By Component
11.2.4. By Power Output
11.2.5. By Country
11.3. South America Shore Power Market Country Analysis
11.3.1. Brazil Shore Power Market Outlook
11.3.1.1. Market Size & Forecast
11.3.1.1.1. By Value
11.3.1.2. Market Share & Forecast
11.3.1.2.1. By Installation
11.3.1.2.2. By Connection
11.3.1.2.3. By Component
11.3.1.2.4. By Power Output
11.3.2. Colombia Shore Power Market Outlook
11.3.2.1. Market Size & Forecast
11.3.2.1.1. By Value
11.3.2.2. Market Share & Forecast
11.3.2.2.1. By Installation
11.3.2.2.2. By Connection
11.3.2.2.3. By Component
11.3.2.2.4. By Power Output
11.3.3. Chile Shore Power Market Outlook
11.3.3.1. Market Size & Forecast
11.3.3.1.1. By Value
11.3.3.2. Market Share & Forecast
11.3.3.2.1. By Installation
11.3.3.2.2. By Connection
11.3.3.2.3. By Component
11.3.3.2.4. By Power Output
11.3.4. Argentina Shore Power Market Outlook
11.3.4.1. Market Size & Forecast
11.3.4.1.1. By Value
11.3.4.2. Market Share & Forecast
11.3.4.2.1. By Installation
11.3.4.2.2. By Connection
11.3.4.2.3. By Component
11.3.4.2.4. By Power Output
11.3.5. Peru Shore Power Market Outlook
11.3.5.1. Market Size & Forecast
11.3.5.1.1. By Value
11.3.5.2. Market Share & Forecast
11.3.5.2.1. By Installation
11.3.5.2.2. By Connection
11.3.5.2.3. By Component
11.3.5.2.4. By Power Output
12. Market Dynamics
12.1. Drivers
12.2. Challenges
13. Trends and Developments
14. Company Profiles
14.1. GE Power Conversion
14.1.1. Business Overview
14.1.2. Key Financials & Revenue
14.1.3. Key Solutions Offered
14.1.4. Key Personnel/Contact Person
14.1.5. Headquarters Address
14.2. GE Power Conversion
14.2.1. Business Overview
14.2.2. Key Financials & Revenue
14.2.3. Key Solutions Offered
14.2.4. Key Personnel/Contact Person
14.2.5. Headquarters Address
14.3. ABB Ltd
14.3.1. Business Overview
14.3.2. Key Financials & Revenue
14.3.3. Key Solutions Offered
14.3.4. Key Personnel/Contact Person
14.3.5. Headquarters Address
14.4. Eaton Corporation plc
14.4.1. Business Overview
14.4.2. Key Financials & Revenue
14.4.3. Key Solutions Offered
14.4.4. Key Personnel/Contact Person
14.4.5. Headquarters Address
14.5. Wartsila Corporation
14.5.1. Business Overview
14.5.2. Key Financials & Revenue
14.5.3. Key Solutions Offered
14.5.4. Key Personnel/Contact Person
14.5.5. Headquarters Address
14.6. Westinghouse Air Brake Technologies Corporation
14.6.1. Business Overview
14.6.2. Key Financials & Revenue
14.6.3. Key Solutions Offered
14.6.4. Key Personnel/Contact Person
14.6.5. Headquarters Address
14.7. SmartPlug Systems LLC
14.7.1. Business Overview
14.7.2. Key Financials & Revenue
14.7.3. Key Solutions Offered
14.7.4. Key Personnel/Contact Person
14.7.5. Headquarters Address
14.8. AC Power Corporation
14.8.1. Business Overview
14.8.2. Key Financials & Revenue
14.8.3. Key Solutions Offered
14.8.4. Key Personnel/Contact Person
14.8.5. Headquarters Address
14.9. Schneider Electric SE
14.9.1. Business Overview
14.9.2. Key Financials & Revenue
14.9.3. Key Solutions Offered
14.9.4. Key Personnel/Contact Person
14.9.5. Headquarters Address
14.10. Danfoss A/S
14.10.1. Business Overview
14.10.2. Key Financials & Revenue
14.10.3. Key Solutions Offered
14.10.4. Key Personnel/Contact Person
14.10.5. Headquarters Address
15. Strategic Recommendations
16. About Us & Disclaimer
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The India semiconductor market is poised for significant growth, as indicated by the TechSci Research report titled "𝐈𝐧𝐝𝐢𝐚 𝐒𝐞𝐦𝐢𝐜𝐨𝐧𝐝𝐮𝐜𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 - By Region, Competition Forecast & Opportunities, 2019-2029." With a valuation of 𝐔𝐒𝐃 𝟑𝟒,𝟒𝟐𝟔.𝟗𝟏 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟑, 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐢𝐬 𝐞𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐞𝐱𝐡𝐢𝐛𝐢𝐭 𝐫𝐨𝐛𝐮𝐬𝐭 𝐞𝐱𝐩𝐚𝐧𝐬𝐢𝐨𝐧 𝐰𝐢𝐭𝐡 𝐚 𝐜𝐨𝐦𝐩𝐨𝐮𝐧𝐝 𝐚𝐧𝐧𝐮𝐚𝐥 𝐠𝐫𝐨𝐰𝐭𝐡 𝐫𝐚𝐭𝐞 (𝐂𝐀𝐆𝐑) 𝐨𝐟 𝟐𝟒.𝟑𝟐% 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝. Several factors contribute to this growth, including increasing consumer demand for electronic

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