According to the research report, the global shore power market was valued at USD 1,669.15 million in 2022 and is expected to reach USD 4,869.05 million by 2032, to grow at a CAGR of 11.32% during the forecast period.
Market Overview:
The shore power market is gaining significant traction as industries and governments worldwide focus on reducing environmental pollution and enhancing energy efficiency in maritime operations. Shore power, also known as cold ironing or shore-to-ship power, is the provision of electrical power to ships from the shore while they are docked, allowing them to shut down their auxiliary engines. This technology helps minimize greenhouse gas emissions, reduce noise pollution, and improve air quality in port areas. It is increasingly adopted in ports worldwide as part of sustainability initiatives and stringent environmental regulations.
Key Trends:
Several key trends are shaping the shore power market:
- Integration of Renewable Energy: Many ports are leveraging renewable energy sources, such as solar and wind power, to supply electricity to docked ships, aligning with global sustainability goals.
- Technological Advancements: Innovations in energy storage systems, power management, and grid infrastructure are enhancing the efficiency and reliability of shore power solutions.
- Collaborative Initiatives: Partnerships between governments, port authorities, and private stakeholders are accelerating the deployment of shore power infrastructure.
- Standardization of Systems: Efforts to standardize shore power systems across ports globally are reducing technical barriers and encouraging widespread adoption.
- Electrification of Ferries and Short-Sea Vessels: The increasing electrification of ferries and short-sea shipping vessels is boosting the demand for shore power systems at ports.
Major Key Players:
- AC Power Corp.
- ABB Group
- Blueday Technology Limited
- Cavotec SA
- Cochran Marine LLC
- Danfoss A/S
- ESL Power Systems Inc.
- General Electric Corporation
- Igus GmbH
- Siemens AG
- Schneider Electric Group
- Smart Plug Systems Corp.
- VINCI Energies Corp.
- Wartsila Inc
𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐓𝐡𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐞𝐫𝐞:
https://www.polarismarketresearch.com/industry-analysis/shore-power-market
Recent Developments:
- In March 2022, Ohmia Retail Sweden was established as a joint venture between Danfoss and Ohmia Retail International. This collaboration aims to strengthen the company’s existing retail food product offerings in Sweden.
- In October 2022, PowerCon secured a €4.9 million contract as part of the “Phase Zero of the Wharf Electrification Plan” initiated by the Port of Barcelona. The project includes preparation, execution, and ongoing support for connecting and disconnecting ships from the installation, along with maintenance of the system.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:
The research study includes segmental analysis that divides the market into distinct groups or segments based on common characteristics. With market segmentation, businesses can identify specific customer groups that are more likely to be interested in specific products or services. Also, it enables these businesses to focus their marketing efforts and resources more efficiently, leading to higher conversion rates and improved return on investment. Furthermore, segmentation analysis helps companies develop personalized products or services, which can result in increased customer loyalty and improved customer satisfaction.
Shore Power Market, Power Rating Outlook (Revenue – USD Million, 2019-2032)
- Up to 30 MVA
- 30-60 MVA
- Above 60 MVA
Shore Power Market, Component Outlook (Revenue – USD Million, 2019-2032)
- Transformers
- Switchgear Devices
- Frequency Converter
- Cables and Accessories
- Others
Shore Power Market, Connection Outlook (Revenue – USD Million, 2019-2032)
- New Installation
- Retrofit
Shore Power Market, Installation Type Outlook (Revenue – USD Million, 2019-2032)
- Shoreside
- Shipside
- Passenger Vessel
- Merchant Vessel
- Offshore Support Vessel
- Specialized Vessel
The future of the shore power market looks promising, driven by the maritime industry’s ongoing transition towards cleaner and more sustainable energy solutions. With increasing investments in green port infrastructure and the adoption of electrification technologies, the market is poised for substantial growth. Emerging innovations, such as wireless charging for ships and the integration of smart grid technologies, are expected to further enhance the market’s potential.
𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:
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