Cruise Ship Industry Surge Fuels Shore Power Market Growth For Cleaner, Quieter, And Greener Travel: A Key Factor Shaping the Future of the Shore Power Market in 2025

"What Are the Projections for the Size and Growth Rate of the Shore Power Market?
The shore power market has seen rapid growth in recent years. It will grow from $1.65 billion in 2024 to $1.86 billion in 2025, at a CAGR of 12.5%. The growth is attributed to environmental regulations, air quality improvement initiatives, sustainability goals of ports, reduced noise and vibrations, and cost savings for shipping lines.

The shore power market is expected to grow rapidly, reaching $2.83 billion by 2029, at a CAGR of 11.1%. Growth drivers include global shore power infrastructure expansion, international emission reduction collaborations, advancements in green port initiatives, maritime electrification, and government incentives. Major trends include electrification of maritime transport, onboard shore power systems, integration with grid management, port retrofitting, and cost-efficiency focus.

What Are the Main Catalysts for Growth in the Shore Power Market?
The rising number of passengers traveling on cruise ships is expected to drive the growth of the shore power market. Cruise ships are large passenger vessels designed for leisure travel, offering amenities, entertainment, and various services while navigating different destinations. Shore power systems enhance passenger comfort, minimize noise pollution, and contribute to a cleaner and healthier environment during voyages. For instance, in July 2023, the UK's Department for Transport reported a significant rise in cruise passenger numbers, reaching 2.0 million in 2022, compared to just 181,000 in 2021. Therefore, the increasing number of cruise travelers is fueling the expansion of the shore power market.

Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=13115&type=smp

Which Businesses Are at the Forefront of Shore Power Market Development?
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

What Are the Latest Innovations in the Shore Power Market?
Major companies in the shore power market are advancing high-voltage shore power solutions to maintain their market position. High-voltage shore power connects ships to electric grids, allowing them to shut down engines, reduce fuel consumption, and lower emissions. In August 2022, ERMA FIRST ESK Engineering S.A., a Greece-based marine equipment manufacturer, introduced BLUE CONNECT, a high-voltage shore power solution also known as alternate marine power (AMP) or cold ironing. This innovation enables ships to turn off diesel generators, reducing noise pollution and emissions of volatile organic compounds, nitrogen oxides, sulfur oxides, and particulate matter. The solution includes a power transformer, shore connection main control panel, and power changeover system.

How Is the Shore Power Market Segmented?
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

Subsegments:
1) By Transformer: Step-Down Transformers, Isolation Transformers
2) By Switchgear: Medium Voltage Switchgear, Low Voltage Switchgear
3) By Cables And Accessories: Power Cables, Connectors And Plugs, Cable Management Systems
4) By Frequency Converter: Static Frequency Converters, Rotary Frequency Converters
5) By Other Components: Control Systems, Monitoring Equipment, Circuit Breakers

Pre-Book Your Report Now For A Swift Delivery:
https://www.thebusinessresearchcompany.com/report/shore-power-global-market-report

Where Is the Shore Power Market Growth Most Prominent?
Asia-Pacific was the largest region in the shore power market in 2024. 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

What Is Covered In The Shore Power Global Market Report?

- Market Size Analysis: Analyze the Shore Power Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Shore Power Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Shore Power Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Shore Power Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=13115

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Learn More About The Business Research Company
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model (GMM), is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.