Press release
Shore Power Market Set to Achieve US$ 6,022.09 Million by 2034 Exhibiting 11.4% CAGR From 2025 to 2034
Market Definition:
To encounter growingly stringent decarbonization objectives, it is crucial to utilize green energy rather than fossil fuels whenever feasible. In several European nations up to 50% of electricity is created from green sources such as wind, hydro and solar power. This renders shore power an excessively green alternative. The possible influence of green shore power can be massive decreasing fuel intake and discharge by as much as 10% relying on the vessel type and trade.
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Growth Drivers and Opportunities:
• Several reasons have contributed to the expansion of the shore power market in recent years. Among these is the growing regulatory constraint on the shipping industry to decrease greenhouse gas discharge and the surging demand for uncontaminated energy sources.
• The market size will expand due to ports experiencing elevated ship turnaround times which has escalated the demand for green framework involving shore power. They sanction ships to link to the grid decreasing dependence on onboard generators in the course of port stays.
Shore Power Industry Developments:
• August 2024: ERMA FIRST introduced BLUE CONNECT, a high-voltage shore power solution designed to enable vessels to seamlessly connect to a port's electrical grid while docked. This innovation allows ships to switch off their diesel generators, significantly reducing noise pollution and emissions.
• June 2024: The Port of Helsinki inaugurated a new onshore power supply system for Finn lines vessels, contributing to a substantial reduction in port emissions-by 50 to 80 percent-enhancing environmental sustainability in maritime operations.
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Key Players:
Prominent market contenders are funding massively in R&D to augment their offerings thus driving market growth. Here is the list of the leading companies operating in the shore power market:
• AEG Power Solutions
• BluEco
• Cavotec SA
• Danfoss
• Eaton
• Emerson Electric Co.
• Engie
• GE Grid Solutions
• Konecranes
• Powercon
• Schneider Electric
• Siemens
Key Highlights of Shore Power Market Report:
• In terms of installation type, the shoreside segment led the shore power market in 2024, driven by the extensive deployment of shore power infrastructure across prominent ports worldwide.
• Based on connection, the retrofit segment is projected to experience the fastest growth from 2025 to 2034, owing to the rising need for upgrading existing ships and port facilities to meet stringent environmental standards.
• Asia Pacific led the global market in 2024, supported by its significant maritime trade volume, rapidly growing port infrastructure, and strict environmental regulations in countries like China, Japan, and South Korea.
• North America is anticipated to witness the fastest growth during the forecast period, fueled by strong environmental policies and considerable investments in port infrastructure modernization.
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Segmentation Overview:
The shore power market analysis is mainly based on installation type, power rating, component, connection and region. Based on type, the shoreside segment witnessed the fastest growth. Its excessive usage in shore power infrastructure across prominent ports is escalating the market demand.
According to connection, the retrofit segment holds a significant revenue share. This surge is due to the growing demand for improving prevailing ships, and port framework to conform to ecological directives.
By Installation Type Outlook (Revenue - USD Million, 2020-2034)
• Shoreside
• Shipside
• Passenger Vessel
• Merchant Vessel
• Offshore Support Vessel
• Specialized Vessel
By Power Rating Outlook (Revenue - USD Million, 2020-2034)
• Up to 30 MVA
• 30-60 MVA
• Above 60 MVA
By Component Outlook (Revenue - USD Million, 2020-2034)
• Transformers
• Switchgear Devices
• Frequency Converter
• Cables and Accessories
• Others
By Connection Outlook (Revenue - USD Million, 2020-2034)
• New Installation
• Retrofit
Geographical Landscape:
• 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)
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