Shore Power Market : By Industry Trends, Leading Players, Size, Share, Growth, Opportunity And Forecast 2024-2033

The Shore Power Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Shore Power Global Market Report 2024, The shore power market size has grown rapidly in recent years. It will grow from $1.47 billion in 2023 to $1.65 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to environmental regulations, air quality improvement initiatives, ports’ sustainability goals, reduced noise and vibrations, cost savings for shipping lines..

The shore power market size is expected to see rapid growth in the next few years. It will grow to $2.54 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to global expansion of shore power infrastructure, international collaboration on emission reduction, advancements in green port initiatives, growing electrification in maritime transport, incentives and subsidies.. Major trends in the forecast period include focus on electrification of maritime transport, development of onboard shore power systems, integration with grid management systems, retrofitting existing ports with shore power, focus on cost-efficiency and return on investment..

The increasing number of passengers traveling on cruise ships is expected to propel the growth of the shore power market going forward. A cruise ship is a large passenger ship designed for leisure voyages where passengers can enjoy various amenities, entertainment, and services while traveling to different destinations. Shore power provides a cleaner and healthier environment, reduces noise pollution, and gives comfort to passengers for a peaceful and enjoyable experience while they are traveling on a cruise. For instance, in March 2021, according to Cruise Industry News, a US-based travel agency, 31.7 million passengers traveled on cruises in 2022, which is estimated to increase to 38.7 million passengers by 2027. Therefore, the increasing number of passengers traveling on cruise ships is driving the growth of the shore power market.

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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

Major companies operating in the shore power market are focusing on developing innovative products, such as high-voltage shore power solutions, to sustain their position in the market. High-voltage shore power is an electrical connection between a ship and an electric grid that allows the ship to shut off its engine and reduce fuel consumption and carbon emissions. For instance, in August 2022, ERMA FIRST ESK Engineering S.A., a Greece-based manufacturer of marine equipment solutions, launched BLUE CONNECT for shore power. This high-voltage shore power solution is called alternate marine power (AMP) or cold ironing. Blue Connect can turn down the ship’s diesel generators, which lowers noise levels and emissions of volatile organic compounds, nitrogen oxides, sulfur oxides, and particulate matter. This includes the power transformer, the shore connection main control panel, and the power changeover.

The shore power market report table of contents includes: