Shore Power Market Size, Competitive Landscape and Market Forecast - 2030
Global Shore Power Market is segmented By Component (Cable & Accessories, Frequency Converter, Transformer, Switchgear, Other Components), By Installation (Shipside, Shoreside), By Connection(Retrofit, New Installation), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Shore Power Market Overview
The report on global shore power analyses the market shares, size, recent trends, competitive intelligence, and future market outlook. Shore power market Usage in cable & accessories, frequency converters, is on the rise. Demand for frequency converters in ‘The Asia Pacific is growing. The competitive rivalry intensifies with ESL Power Systems, Schneider Electric, Smartplug, Blueday Technology, and others active in the market.
The technique of transferring electrical power from the shore to a ship while it is docked, also known as cold-ironing or alternative marine power, enables a ship's auxiliary engines to be shut down and the burning of diesel fuel to stop. Shore power is a practical means of lowering air pollution and enhancing regional air quality.
Additionally, shore power technology lowers ship owners' fuel costs, improving ports' competitiveness by giving ship operators an alternative to operating auxiliary diesel engines when docked. Even though the phrase refers to shore rather than off-shore, it is occasionally used to refer to aircraft or land-based vehicles (campers, large trucks with sleeping compartments), which may hook into grid power when parked for idle reduction.
Shore power market trends and outlook
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Metrics |
Details |
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Market CAGR |
6.65% |
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Segments Covered |
By Type, By Ingredient, By Form, By Application, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Shore Power Market Dynamics
The growth of cruise liners in the shipping sector and the escalating laws and regulations for emission control are the main factors fueling the shore power market's expansion. Additionally, the market demand may be hampered by the high installation costs of shore power systems.
The increasing number of cruise liners
With an increasing number of ports of call and destinations around the world, multinational clients and passengers from every continent, and disconnection of communities and nations that have historically had significant economic, legal, environmental, and social repercussions, the modern cruise industry is also one of the most notable examples of globalization.
Every year, millions of passengers worldwide enjoy an exciting, eventful, relaxing, and enjoyable experience on cruise ships thanks to a crisis-resistant industry that provides various air freight options and modern port infrastructure. It opens cruising as a vacation option to a growing, wealthier customer base. More cruise lines are entering the shipping market than ever, including Carnival Cruise Lines, Celebrity Cruises, Costa Cruises, Norwegian Cruise Line, and others, accelerating the market.
The growing rules and regulations for emission control
Marine power plants allow docked or dry-docked ships to use shore power while shutting down auxiliary engines to power onboard electrical systems, including lighting, ventilation, cargo pumps, communications, and other essential equipment. It enables the crew to preserve the vessel's diesel engine while berthing and reduces low-frequency noise and vibration. Companies that ship goods must cut expenses and emissions. Additionally, it is a short-term solution that allows transportation businesses to fulfill emissions standards quicker and less expensive.
The risk of ships hitting whales and underwater noise are two further environmental effects of shipping that are impacted by speed optimization and decrease. Significant attempts have been undertaken to develop underwater noise measuring standards to establish a uniform metric for the underwater noise emitted by commerce ships. Currently, unique sea tests are used to determine whether it satisfies the requirements of classification societies for underwater noise. Consequently, shore power systems assist marine enterprises in meeting emissions targets and lowering underwater noise levels.
High installation costs
The key elements influencing the high installation cost of this technology are the expense of frequency conversion onboard and the cost of supplying high-voltage power to the terminal. Additionally, the weight of this equipment makes transportation challenging, reduces overall flexibility, and raises maintenance expenses. Higher installation and maintenance expenses, as a result, limit market expansion. During the anticipated term, the global pandemic and the coronavirus outbreak have become major obstacles and market uncertainties in the maritime shipping industry. It will harm the transportation sector.
Retrofit and new-build projects differ significantly in cost, with retrofits costing up to twice as much as incremental new-build investments. The main operational costs are taxes and power, both of which are localized. Although some electricity suppliers also levy connection fees, several nations, including Sweden, lower taxes on electricity consumed by shore power systems.
COVID-19 Impact Analysis on Shore Power Market
The COVID-19 pandemic's onset has significantly influenced the world market for shore electricity. Nearly all main countries had slower economic growth due to the COVID-19 epidemic, which impacted consumer purchasing patterns. The supply-demand gap has widened due to the lockdown enacted in several nations' transportation systems, adversely affecting domestic and international supply chains.
Therefore, inadequate raw material supply is anticipated to hinder shore power production, affecting the market's expansion. As more European businesses halt operations and U.S. and Asia-Pacific manufacturers prolong shutdown periods, the situation is still murky. The pandemic is causing daily changes in the global economy.
Shore Power Market Segment Analysis
By component, the shore power market is segmented into cable & accessories, frequency converters, transformers, switchgear, and others.
Frequency converter helps to reduce diesel fuel usage driving the segment’s growth
The frequency converter segment will likely hold the biggest market share and have the fastest growth throughout the forecast. A ship can be powered by the port's electrical grid using a shore power frequency converter, even though the vessel may operate at a different voltage. With shore power frequency converters, energy is conserved by lowering diesel fuel consumption.
To guarantee that the shoreside shore power supply can deliver electrical frequency that matches the vessel's operational frequency, frequency converters are necessary. Additionally, they reduce air pollution by using the engine when not necessary at the port. All elements support growth throughout the ensuing years.
Shore Power Market Geographical Analysis
The growing adoption of shore power systems in Asia-Pacific
The Asia-Pacific shore power market is anticipated to grow at the strongest rate in the future. Asia-Pacific is predicted to experience the largest adoption and deployment of shore power systems due to the growing focus of many nations on decreasing pollution created by port activities. These nations also have several sizable ports, some of the busiest in the world.
Major nations include China, Japan, Australia, South Korea, India, Singapore, and the rest of Asia-Pacific. Due to the large manufacturing industries in nations like China, Japan, and South Korea, Asia-Pacific experiences a lot of vessel movement throughout the year.
Shore Power Market Competitive Landscape
The global shore power industry has numerous international, regional, and local suppliers. The local market is rather cutthroat. Cost, product quality, dependability, and aftermarket services are the criteria on which the vendors compete. Therefore, suppliers must offer affordable and effective items to thrive and survive in a cutthroat market environment.
Major global shore power market companies include ESL Power Systems, Schneider Electric, Smartplug, Blueday Technology, ABB Ltd., Cochran Marine, Vinci Energies, Cavotec, IGUS, and Siemens AG.
Cavotec
Overview: Leading engineering company Cavotec develops and produces automated and electrification systems for ports, airports, and industries across the globe. The solutions, supported by more than 40 years of experience, guarantee secure, effective, and long-lasting operations for a wide range of applications globally. It offers creative connection and electrification options to facilitate the decarbonization of ports and industrial applications.
Product Portfolio: The business offers shore power technology, such as cold ironing, onshore power supply (OPS), and alternative maritime power (AMP). At berth, emissions can be completely reduced. With the help of shore power solutions, ships can be connected to onshore power sources that supply electricity for onboard functions, enabling the diesel generators to be turned off. It provides shore electricity for ships, ports, and charging for electric boats.
Key Development: With orders for shore power in April 2022, Cavotec will further bolster its presence in the Asian market. Two clients in Asia have placed significant orders for shore power connections with Cavotec, demonstrating the company's expanding regional footprint and crucial role in facilitating the maritime industry's decarbonization. Customers placed both orders, one in Singapore and the other in South Korea.
The global shore power market report would provide access to approx. 69 market data tables, 61 figures, and 210 pages.
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Frequently Asked Questions
What is the Projected CAGR value of the Shore Power Market?
The shore Power Market is expected to grow at a CAGR of 6.65% during the forecasting period 2022-2029.
Which region controlled the global market during 2022-2029?
North America region Controls the Shore Power Market during 2022-2029.
Which is the fastest-growing region in the Shore Power Market?
Among all regions, Asia Pacific is the fastest-growing market share during the forecast period.