The shore power market size is projected to reach USD 1.4 billion by 2025 from USD 1.1 billion in 2020, at a CAGR of 6.7%.
Rising adoption of new technologies for limiting carbon emissions in the developed regions is the key driver for this market during the forecast period.
Shoreside installation is expected to be largest market during forecast period
The market has been segmented, by installation, into shoreside and shipside installations. The shoreside segment is expected to be the most shore power market, by installation, during the forecast period. This growth can be attributed to the high cost of components that need to be installed in shoreside shore power systems. Also, some additional components are required on the shoreside to make the shoreside shore power system more flexible and meet the power requirements of different types of vessels.
New installation segment is expected to be largest in the shore power market, by connection, during forecast period
The shore power market, by connection, has been segmented into new installations and retrofit. The new installation segment is expected to be the largest in the shore power market, by location, during the forecast period. This growth can be attributed to the increase in the number of stringent environmental norms by various countries. All under-construction ports and upcoming vessels are being installed with shore power systems during construction or beforehand. This procedure also reduces the cost of implementation.
Frequency converters segment is expected to hold largest share of shore power market, by component, during forecast period
The market has been segmented, by component, into transformers, switchgear devices, frequency converters, cables and accessories, and others, including safety grounding equipment and plugs. Frequency converters enable the shoreside shore power system to supply frequency matching the vessel's operating frequency.
North America is expected to lead in global shore power
Though the Asia Pacific is the fastest-growing market during the forecast period, North America is the largest shore power market, followed by Europe and the Asia Pacific. It is expected in North America that there will be maximum adoption and implementation of shore power systems owing to the favourable regulations in multiple states across the countries. Major countries in this region include the US and Canada. The North American region experiences significant vessel movement owing to the sea-bound trade of commodities. Additionally, the US and Canada are among the top oil producers in the world who export this oil to other parts of the world.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in Shore Power Market 4.2 Shore Power Market, by Region 4.3 Shore Power Market, by Installation Type 4.4 Shore Power Market, by Connection 4.5 North American Shore Power Market, by Installation Type and Country, 2019 4.6 Shore Power Market, by Component
5 Market Overview 5.1 Introduction 5.2 Covid-19 Health Assessment 5.3 Market Dynamics 5.3.1 Drivers 184.108.40.206 Growing Noise and Air Pollution from Port Operations 220.127.116.11 Increasing Number of Cruise Passengers 18.104.22.168 Rising Government Initiatives to Reduce Greenhouse Gas Emissions from Ports and Supportive Shore Power Regulations 5.3.2 Restraints 22.214.171.124 High Capex Investments 5.3.3 Opportunities 126.96.36.199 Retrofitting Older Ships and Ports With Shore Power Technology 188.8.131.52 Integrating Shore Power With Offshore Wind, Floating Solar, and Other Renewables 5.3.4 Challenges 184.108.40.206 Low Fuel Costs and Minimal Returns 220.127.116.11 Operational Difficulties and Technical Challenges 5.4 Impact of Covid-19 5.4.1 Impact on Shipping Industry 5.5 Technology Analysis 5.5.1 Wireless Shore Power 5.6 Value Chain Analysis 5.6.1 Shore Power Manufacturers and Providers 5.6.2 Port Authorities 5.6.3 Shipping Industry 5.6.4 Government Regulations
6 Covid-19 Impact on Shore Power Market, Scenario Analysis,By Region 6.1 Introduction 6.2 Impact of Covid-19 on Gdp 6.2.1 Scenario Analysis of Cargo Shipping and Cruise Liner Industry 6.2.2 Optimistic Scenario 6.2.3 Realistic Scenario 6.2.4 Pessimistic Scenario
7 Shore Power Market, by Installation Type 7.1 Introduction 7.2 Shoreside 7.2.1 Emphasis on Curbing Carbon Emissions Creating Requirement for Shoreside Installations 7.3 Shipside 7.3.1 Low Cost of Deployment and Seamless Integration of Port Operations Boosting Market for Shipside Installations
8 Shore Power Market, by Connection 8.1 Introduction 8.2 New Installation 8.2.1 Stringent Government Regulations and Low Installation Cost Foster Market for New Installations 8.3 Retrofit 8.3.1 Increased Need to Minimize Carbon Emissions and Noise Levels from Old Ships Encourages Adoption of Retrofit Solutions
9 Shore Power Market, by Component 9.1 Introduction 9.2 Transformers 9.2.1 Growing Transformer Requirement for Smooth Operation of Shore Power Systems 9.3 Switchgear Devices 9.3.1 Rising Need for Switchgear Devices to Ensure Reliable and Safe Shore Power Operations 9.4 Frequency Converters 9.4.1 Surging Demand for Frequency Converters to Match Shipside and Shoreside Frequencies 9.5 Cables and Accessories 9.5.1 Growing Necessity for Cables and Supporting Accessories for Proper Transmission of Power 9.6 Others
10 Shore Power Market, by Power Output 10.1 Introduction 10.2 Up to 30 MVA 10.2.1 Requirement for Low Capex, Coupled With Their Compact Dimensions, Boosting Demand for Shore Power Systems Having Power Range of Up to 30 MVA 10.3 30 to 60 MVA 10.3.1 Focus of Shipbuilders to Construct Large and Extra Large Ships to Drive Demand for Shore Power Systems With Power Output Ranging from 30 to 60 MVA 10.4 Above 60 MVA 10.4.1 Ability to Supply Multiple Ships Parallelly to Propel Growth of Market for Shore Power Systems Having Power Output of Above 60 MVA
11 Shore Power Market, by Region 11.1 Introduction 11.2 North America 11.2.1 Impact of Covid-19 on North American Shore Power Market: 11.2.2 Us 18.104.22.168 Growing Shipping Industry With Increasing Tourism and Trade to Boost Demand for Shore Power Systems 11.2.3 Canada 22.214.171.124 Increasing Investments in Oil & Gas Projects to Promote Shore Power Setup at Ports 11.3 South America 11.3.1 Impact of Covid-19 on South American Shore Power Market: 11.3.2 Brazil 126.96.36.199 Growing Oil Export Activities in Brazil to Create Need for Shore Power Systems 11.3.3 Argentina 188.8.131.52 Increasing Trading of Mined Minerals to Be Beneficial for Shore Power Market in Future 11.3.4 Rest of South America 11.4 Middle East & Africa 11.4.1 Impact of Covid-19 on Middle Eastern & African Shore Power Market: 11.4.2 Uae 184.108.40.206 Increasing Oil Trading and Tourism Activities to Generate Need for Shore Power 11.4.3 Saudi Arabia 220.127.116.11 Increasing Trading Activities of Oil and Natural Gas to Create Favorable Conditions for Shore Power Market 11.4.4 Egypt 18.104.22.168 Rising Focus on Implementing Shore Power Systems on Multiple Ports to Foster Market Growth 11.4.5 South Africa 22.214.171.124 Growing Trading-Related Activities of Oil and Natural Gas to Encourage Utilization of Shore Power Technique on Ports 11.4.6 Rest of Middle East & Africa 11.5 Europe 11.5.1 Impact of Covid-19 on European Shore Power Market: 11.5.2 Sweden 126.96.36.199 Surging Requirement for Importing Goods and Growing Cruise Ship Tourism to Propel Shore Power Market Growth 11.5.3 Germany 188.8.131.52 Rapidly Growing Maritime and Shipping Industries to Accelerate Demand for Shore Power Systems 11.5.4 UK 184.108.40.206 Thriving Shipping Industry in Country to Fuel Installation of Shore Power Systems 11.5.5 Russia 220.127.116.11 Increasing Sea-Bound Trade to Boost Shore Power Demand 11.5.6 Netherlands 18.104.22.168 Enhancing Maritime Industry in Country Stimulating Need for Shore Power to Minimize Pollution 11.5.7 Norway 22.214.171.124 Rising Focus on Deployment of New Technologies Such as Shore Power to Reduce Carbon Footprint 11.5.8 Rest of Europe 11.6 Asia-Pacific 11.6.1 Impact of Covid-19 on Shore Power Market in Asia-Pacific: 11.6.2 China 126.96.36.199 Increased Vessel Movement With Growing Trading Activities to Propel Growth of Shore Power Market 11.6.3 Japan 188.8.131.52 High Emphasis on Reducing Carbon Emissions, Coupled With Expanding Trading Activities, to Spur Shore Power Demand 11.6.4 South Korea 184.108.40.206 Rapid Growth of Shipbuilding Industry Requires Country to Be Well Equipped With Shore Power Systems 11.6.5 India 220.127.116.11 High Government Focus to Make Country Cleaner and Greener, Along With Thriving Maritime Industry, to Support Adoption of Shore Power Technology 11.6.6 Australia 18.104.22.168 Trading of Fuels and Growing Shipbuilding Industry to Create Opportunities for Providers of Shore Power Systems 11.6.7 Singapore 22.214.171.124 High Emphasis of Government on Utilization of Green Solutions to Reduce Carbon Emissions Likely to Encourage Implementation of Shore Power Solutions 11.6.8 Rest of Asia-Pacific
13 Company Profiles 13.1 Siemens 13.2 Schneider Electric 13.3 Cavotec 13.4 Wartsila 13.5 Vinci Energies 13.6 Danfoss 13.7 Abb (Hitachi) 13.8 Esl Power Systems 13.9 Igus 13.10 Blueday Technology 13.11 Cochran Marine 13.12 Preen 13.13 Smartplug 13.14 Piller Power Systems 13.15 Power Systems International 13.16 Ratio Electric 13.17 Sydney Marine Electrical 13.18 Ocean Electrics 13.19 Conntek Integrated Solutions 13.20 Patton and Cooke