Shore Power Market Growing at a CAGR of 11.32% To Surpass USD 4,869.05 Million by 2032

Polaris Market Research has recently published its latest research report titled "Shore Power Market by Installation Type (Shoreside, and Shipside), Connection, Component, Power Rating, Region - Global Forecast to 2032." The report states that the market for shore power was valued at USD 1,669.15 million in 2022 and is projected to grow to USD 4,869.05 million by 2032, exhibiting a compound annual growth rate (CAGR) of 11.32% during the forecast period of 2023 to 2032.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧:

When docked at port, ships, RVs, and other heavy-duty vehicles need power to maintain their heating, cooling, lighting, and other important functions. Typically, the power required is provided by operating the Diesel-fueled auxiliary engines of the ship.

𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.polarismarketresearch.com/industry-analysis/shore-power-market/request-for-sample

Shore power, also referred to as alternative marine power, is an alternative way of providing power for the essential functions of the ship. As the name implies, shore power involves providing electrical power from the shore to the ship when it's docked.

That way, the auxiliary engines of the ship can be turned off, enabling the burning of diesel fuel to cease. Shore power offers numerous benefits for both end users and the environment. The most well-known benefit of shore power is the reduction of emissions in the environment. Along with that, shore power is helpful in reducing the wear and tear of the engine.

𝐆𝐫𝐨𝐰𝐭𝐡 𝐃𝐫𝐢𝐯𝐞𝐫𝐬:
The growing number of installations of retrofit shore power systems is propelling the shore power market forward. Owing to regulatory changes and the rise of terminals using this power, shipping firms are increasingly adding marine power into new ships and upgrading their old ones.

The increasing development of high-power products across various verticals is boosting the demand for shore power. Furthermore, the ability of shore power to reduce underwater noise and help achieve emission targets is having a favorable impact on the industry's expansion.

𝐁𝐮𝐲 𝐍𝐨𝐰 𝐓𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭𝐬: https://www.polarismarketresearch.com/buy/2059/2

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬

The market for shore power has the presence of both established players and new entrants. Some of the top players operating in the industry are:

• AC Power Corp.
• ABB Group
• Blueday Technology Limited
• Cavotec SA
• Cochran Marine LLC
• Danfoss A/S
• ESL Power Systems Inc.
• General Electric Corporation
• Igus GmbH
• Siemens AG
• Schneider Electric Group

𝐒𝐡𝐨𝐫𝐞 𝐏𝐨𝐰𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 :

• 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.

• The shipside segment accounted for considerable global revenue share due to rising interest in passenger ships as well as increasing interest in cargo ships.

• 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.

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐭𝐡𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐞𝐫𝐞: https://www.polarismarketresearch.com/industry-analysis/shore-power-market

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

• 𝐁𝐲 𝐈𝐧𝐬𝐭𝐚𝐥𝐥𝐚𝐭𝐢𝐨𝐧 𝐓𝐲𝐩𝐞
o Shoreside
o Shipside
o Passenger Vessel
o Merchant Vessel
o Offshore Support Vessel
o Specialized Vessel

• 𝐁𝐲 𝐏𝐨𝐰𝐞𝐫 𝐑𝐚𝐭𝐢𝐧𝐠
o Up to 30 MVA
o 30-60 MVA
o Above 60 MVA

• 𝐁𝐲 𝐂𝐨𝐦𝐩𝐨𝐧𝐞𝐧𝐭
o Transformers
o Switchgear Devices
o Frequency Converter
o Cables and Accessories
o Others

• 𝐁𝐲 𝐂𝐨𝐧𝐧𝐞𝐜𝐭𝐢𝐨𝐧
o New Installation
o Retrofit

𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐋𝐚𝐭𝐞𝐬𝐭 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐏𝐨𝐥𝐚𝐫𝐢𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧 𝐇𝐮𝐛𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 : https://www.polarismarketresearch.com/industry-analysis/hydrogen-hubs-market
𝐄𝐧𝐞𝐫𝐠𝐲 𝐄𝐧𝐠𝐢𝐧𝐞𝐞𝐫𝐢𝐧𝐠 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐎𝐮𝐭𝐬𝐨𝐮𝐫𝐜𝐢𝐧𝐠 (𝐄𝐒𝐎) 𝐌𝐚𝐫𝐤𝐞𝐭 : https://www.polarismarketresearch.com/industry-analysis/energy-engineering-service-outsourcing-eso-market
𝐒𝐨𝐥𝐚𝐫 𝐄𝐧𝐜𝐚𝐩𝐬𝐮𝐥𝐚𝐭𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 : https://www.polarismarketresearch.com/industry-analysis/solar-encapsulation-market
𝐇𝐞𝐚𝐭 𝐌𝐞𝐭𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 : https://www.polarismarketresearch.com/industry-analysis/heat-meter-market

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬:

Polaris Market Research
30 Wall Street, 8th Floor,
New York City, NY 10005,
United States
Phone:+1-929 297-9727
Email: sales@polarismarketresearch.com

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Polaris Market Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Polaris Market Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We at Polaris are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defence, among different ventures present globally.

This release was published on openPR.