Press release
Shore Power Market to Reach USD 3.3 Billion by 2031, Driven by Maritime Sustainability Regulations - TMR Report
The global shore power industry, valued at US$ 1.4 billion in 2022, is projected to advance at a CAGR of 10.2% from 2023 to 2031, reaching an estimated US$ 3.3 billion by the end of the forecast period.Shore power-also known as cold ironing or on-shore power supply-enables vessels at berth to connect with onshore electrical grids, reducing reliance on shipboard generators and significantly cutting emissions. The rising number of ports worldwide, coupled with ongoing modernization initiatives, is driving market expansion. Additionally, stringent government regulations and supportive policies aimed at reducing carbon footprints are further bolstering the adoption of shore power technologies.
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Market Overview: Powering the Maritime Sector Sustainably
Shore power systems allow vessels to draw electricity from port infrastructure while docked, replacing onboard generators that typically burn heavy fuel oils. This switch not only reduces harmful emissions but also enhances energy efficiency at ports. Key features of shore power include:
Environmental Benefits: By cutting emissions from idling ships, shore power contributes to lower greenhouse gas outputs and improved air quality.
Economic Efficiency: Utilizing grid electricity in ports can reduce operational costs related to fuel consumption and maintenance of onboard generators.
Enhanced Port Competitiveness: Modern, green ports with integrated shore power systems are better positioned to meet global environmental standards and attract eco-conscious shipping companies.
Key Market Drivers and Trends
The global shore power market is fueled by several critical factors:
Stringent Government Regulations: Governments around the world are imposing strict emission standards and providing subsidies, tax incentives, and regulatory frameworks that encourage the adoption of shore power.
Modernization of Ports: Increasing investments in port infrastructure and smart grid integration are modernizing maritime operations, driving demand for shore power installations.
Rising Number of Ports: With global trade expanding, the number of operational ports is increasing, thereby expanding the market opportunity for shore power systems.
Research & Development: Ongoing R&D investments are leading to technological advancements that enhance system efficiency and reduce installation costs, paving the way for broader adoption.
Regional Outlook: Europe Leads the Market
Europe remains the most lucrative region for shore power, driven by established cold ironing ports and robust regulatory mandates-such as the EU's Fit for 55 program-which require major vessels to utilize shore power to reduce emissions. North America and Asia Pacific are also experiencing steady growth as port modernization and environmental sustainability initiatives gain momentum, while Latin America and the Middle East & Africa show promising potential for future expansion.
Analysis of Key Players
The shore power market is highly consolidated, with a few large-scale vendors dominating the space. Leading companies are investing in R&D and strategic collaborations to enhance product innovation and expand their market presence globally.
Key players include:
ABB
Wärtsilä
Cavotec SA
Siemens
Yara Marine Technologies
PowerCon A/S
Preen (AC Power Corp.)
Danfoss
Hareid Group
Schneider Electric
Wabtec Corporation
General Electric
Blueday Technology AS
These companies are at the forefront of driving technological innovation and sustainability in maritime energy solutions.
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Market Analysis:
The report provides a comprehensive cross-segment analysis at global and regional levels, incorporating qualitative insights on drivers, restraints, market opportunities, key trends, Porter's Five Forces, value chain analysis, and trend assessments.
Competition Landscape:
Detailed market share analysis by company (2022) is provided, along with profiles covering company overviews, product portfolios, sales footprints, strategic initiatives, and financial performance.
Market Segmentation:
By Power Output:
Up to 3 MVA
3 MVA to 10 MVA
Above 10 MVA
By Installation Type:
New Installations
Retrofit
By Connection:
Port Terminal
Shore Power to Ship (including Ro-Ro vessels, cruise ships, container ships, LNG carriers, tankers, bulk carriers, offshore vessels, and e-vessel charging)
By Component:
Transformer
Power Distribution System
Control Panel
Frequency Converter
Cable Reel and Connectors
Switchboard
Others
By Regional Coverage:
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
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About Us Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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