Shore Power Market Global Industry Analysis, Business Development, Size, Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Shore Power Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $2.54 billion In 2028 At A CAGR Of 11.3% :

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..

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Shore Power Market Major Segments

Key Driver - 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.

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Prominent Trend - 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.

Shore Power Market Players
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

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the shore power market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the shore power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Shore Power Market Report Structure
3. Shore Power Market Trends And Strategies
4. Shore Power Market - Macro Economic Scenario
5. Shore Power Market Size And Growth
…..
27. Shore Power Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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