Shore Power Market is Forecasted to Reach US$ 3.23 billion in 2028, Says Stratview Research

The global shore power market is projected to witness a growth rate of 11.51% annually from 2023 to 2028, with an anticipated size of US$ 3.23 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global shore power market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
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Report Highlights:
Market Size in 2028: US$ 3.23 billion
Growth (CAGR): 11.51% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 3
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Shore Power Market:

The global shore power market is segmented based on component type, connection type, and region.

Based on component type - The shore power market is segmented into transformers, switchgear, frequency converters, cables & accessories, and Others. The frequency converter segment is estimated to account for the largest share of the market and is also likely to be the fastest-growing segment during the forecast period. A shore power frequency converter lets a ship be powered by the port's electrical grid, even though the vessel may have a different operating voltage.

Based on connection type - The market is segmented into new installation and retrofit. The New Installation segment is expected to account for a larger share of the market during the forecast period. The segment's growth can be attributed to the fact that ships are required to be properly equipped to receive power from a local grid or an outside source. This facilitates the shore power to be effectively implemented.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/1446/shore-power-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is estimated to account for the largest share of the market during the forecast period and is expected to remain dominant during the same period. This growth outlook is majorly attributed to the following-

• The region's growth is driven by countries such as China, whose container capacity clocked around 250 million standards in 2020. Additionally, China is seen with promising growth to be the seventh out of the ten largest ports during the forecast period.
• Other regions such as North America and Europe are also expected to mark their presence in the shore power market during the forecast period driven by the increase in the installation of retrofit and low-frequency noise reduction & emission at the port.

Shore Power Market Drivers:

Some of the key drivers listed in the report are given below.
• The growing need to minimize carbon emissions and noise pollution is anticipated to drive the surge in demand for shore power.
• The increasing focus on environmental sustainability and the need to reduce carbon emissions in the maritime industry.
• Stringent regulations and guidelines implemented by governments and international organizations to mitigate the environmental impact of the shipping industry are playing a crucial role in driving the adoption of shore power.
• The installation of retrofit shore power systems.

Top Companies in the Shore Power Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• ABB
• Cavotec
• Cochran marine
• Danfoss
• GE Company
• IGUS
• Schneider
• S&C Electric Company
• Siemens
• Wartsila

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Shore Power Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

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This release was published on openPR.