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Shore Power Market Outlook, Share, Top Key Players And Forecast 2033

Shore Power Market

Shore Power Market

The shore power market size has grown rapidly in recent years. It will grow from $1.47 billion in 2023 to $1.65 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to environmental regulations, air quality improvement initiatives, ports' sustainability goals, reduced noise and vibrations, cost savings for shipping lines.

The shore power market size is expected to see rapid growth in the next few years. It will grow to $2.54 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to global expansion of shore power infrastructure, international collaboration on emission reduction, advancements in green port initiatives, growing electrification in maritime transport, incentives and subsidies. Major trends in the forecast period include focus on electrification of maritime transport, development of onboard shore power systems, integration with grid management systems, retrofitting existing ports with shore power, focus on cost-efficiency and return on investment.

Market Overview -
Shore power refers to an external source of electrical power provided to a ship, boat, or marine vessel while it is docked or moored at a port or harbor. Shore power offers several benefits, including reduced emissions and noise pollution since the ship's internal generators can be turned off, improving air quality in port areas.

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Cruise Ship Industry Surge Fuels Shore Power Market Growth For Cleaner, Quieter, And Greener Travel
The increasing number of passengers traveling on cruise ships is expected to propel the growth of the shore power market going forward. A cruise ship is a large passenger ship designed for leisure voyages where passengers can enjoy various amenities, entertainment, and services while traveling to different destinations. Shore power provides a cleaner and healthier environment, reduces noise pollution, and gives comfort to passengers for a peaceful and enjoyable experience while they are traveling on a cruise. For instance, in March 2021, according to Cruise Industry News, a US-based travel agency, 31.7 million passengers traveled on cruises in 2022, which is estimated to increase to 38.7 million passengers by 2027. Therefore, the increasing number of passengers traveling on cruise ships is driving the growth of the shore power market.

Competitive Landscape -
Major companies operating in the shore power market report are Siemens AG, General Electric Corporation, Schneider Electric SE, ABB, Eaton, Vinci Energies S.A., Carnival Corporation & plc, Danfoss, Royal Caribbean Group, Wärtsilä Oyj Abp, Norwegian Cruise Line Holdings Ltd, Piller Power Systems, IGUS, Power Systems International, Cochran Inc., Cavotec SA, ESL Power Systems Inc., Victron Energy, Mastervolt, SmartPlug Systems, Atlas Marine Systems, Tec Container S.A., Preen (AC Power Corp.), Asea Power Systems, Blueday Technology AS

Innovations In The Shore Power For Maritime Sustainability
Major companies operating in the shore power market are focusing on developing innovative products, such as high-voltage shore power solutions, to sustain their position in the market. High-voltage shore power is an electrical connection between a ship and an electric grid that allows the ship to shut off its engine and reduce fuel consumption and carbon emissions. For instance, in August 2022, ERMA FIRST ESK Engineering S.A., a Greece-based manufacturer of marine equipment solutions, launched BLUE CONNECT for shore power. This high-voltage shore power solution is called alternate marine power (AMP) or cold ironing. Blue Connect can turn down the ship's diesel generators, which lowers noise levels and emissions of volatile organic compounds, nitrogen oxides, sulfur oxides, and particulate matter. This includes the power transformer, the shore connection main control panel, and the power changeover.

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Key Segments -
The shore power market covered in this report is segmented -
1) By Component: Transformer, Switchgear, Cables And Accessories, Frequency Converter, Other Components
2) By Power Output: Up to 30 MVA, Above 30 MVA
3) By Installation: Shoreside, Shipside
4) By Connection: New Installation, Retrofit

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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