Cruise Ship Industry Surge Fuels Shore Power Market Growth For Cleaner, Quieter, And Greener Travel: The Driving Engine Behind Shore Power Market Evolution in 2025

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Shore Power Market Size Growth Forecast: What to Expect by 2025?
The market size of shore power has seen a swift surge in past years. Its growth projection shows an increase from $1.65 billion in 2024 to $1.85 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 11.9%. This significant increase during the historical period could be credited to factors such as environmental regulations, endeavours to improve air quality, sustainability objectives of ports, noise and vibration reduction, along with cost-effectiveness for shipping lines.

How Will the Shore Power Market Size Evolve and Grow by 2029?
We can anticipate a swift expansion of the shore power market size in the upcoming years, with an estimation to reach $2.83 billion by 2029, expanding at a compound annual growth rate (CAGR) of 11.2%. The projected expansion during this period is a result of the global development of shore power facilities, international partnerships for reducing emissions, advancements made in eco-friendly port initiatives, increased use of electricity in maritime transport, and attractive incentives and subsidies. The forecast period is set to see significant trends such as a shift towards electrifying maritime transport, the creation of onboard shore power systems, integration with power grid management systems, retrofitting existing ports with shore power facilities, and a greater focus on cost-effectiveness and return on investment.

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What Drivers Are Propelling the Growth of Shore Power Market Forward?
The anticipated surge in the shore power market is tied with the escalating number of passengers opting for travel on cruise ships. These large passenger ships, designed for comfortable voyages, offer a multitude of amenities, entertainment options, and services, thereby enhancing the travel experience for passengers heading off to various destinations. Shore power not only ensures a cleaner and healthier environment but also significantly declines the level of noise pollution. It manages to create an environment conducive to the passenger's peace and tranquility during their cruise journey. For example, in July 2023, the Department for Transport, a UK government entity, unveiled reports indicating a steep rise in cruise passenger count, jumping to 2.0 million in 2022 from a mere 181,000 in 2021. This rising trend of passengers opting for cruise ship travel, therefore, paves the way for the expansion of the shore power market.

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Which Emerging Trends Are Transforming the Shore Power Market in 2025?
To maintain their dominance in the shore power market, major companies are concentrating on developing inventive products such as high-voltage shore power solutions. These solutions provide an electrical linkage between a ship and an electric grid, enabling the ship to turn off its engine, reducing fuel consumption and carbon emissions. An example of this is ERMA FIRST ESK Engineering S.A., a Greek manufacturer of marine equipment solutions, which rolled out BLUE CONNECT for shore power in August 2022. This solution, also known as alternate marine power or cold ironing, enables the ship's diesel generators to decrease their activity, reducing noise levels and emissions of volatile organic compounds, nitrogen oxides, sulfur oxides, and particulate matter. The solution comprises of a power transformer, a shore connection main control panel, and a power changeover.

What Are the Key Segments in the Shore Power Market?
The shore powermarket 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

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Who Are the Key Players Shaping the Shore Power Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Shore Power Market?
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

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