Shore Power

Shore Power

Global Shore Power Market to Reach US$2.3 Billion by 2030

The global market for Shore Power estimated at US$1.6 Billion in the year 2023, is expected to reach US$2.3 Billion by 2030, growing at a CAGR of 5.3% over the analysis period 2023-2030. Shoreside Installation, one of the segments analyzed in the report, is expected to record a 5.6% CAGR and reach US$1.6 Billion by the end of the analysis period. Growth in the Shipside Installation segment is estimated at 4.8% CAGR over the analysis period.

The U.S. Market is Estimated at US$440.2 Million While China is Forecast to Grow at 5.1% CAGR

The Shore Power market in the U.S. is estimated at US$440.2 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$366.3 Million by the year 2030 trailing a CAGR of 5.1% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 5.0% and 4.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.4% CAGR.

Global Shore Power Market - Key Trends and Drivers Summarized

How Is Shore Power Revolutionizing Maritime Operations?

Shore power, also known as cold ironing or alternative maritime power (AMP), is a system that allows ships to connect to onshore electrical sources while docked, enabling them to turn off their auxiliary engines and reduce emissions. By supplying electricity from the grid, shore power significantly lowers air pollution and noise levels at ports, improving environmental conditions and complying with stricter emission regulations. As the shipping industry strives to achieve decarbonization, shore power solutions are being adopted globally by cruise ships, cargo vessels, ferries, and container ships, making it an integral part of sustainable port infrastructure.

What Are the Key Segments in the Shore Power Market?

Key components include transformers, switchgear, frequency converters, cables, and software, with transformers holding the largest market share due to their role in managing voltage levels and ensuring safe power transfer. Installation types are divided into shoreside and shipside installations, with shoreside installations leading the market due to the significant investment required in port infrastructure. End-users encompass ports, naval bases, and ships, with ports representing the largest segment as they are the primary facilitators of shore power integration to reduce emissions and meet regulatory standards.

How Is Shore Power Being Implemented Across Ports and Vessels?

At ports, shore power infrastructure includes high-voltage transformers, frequency converters, and power management systems that facilitate a seamless connection to ships. Major ports in Europe, North America, and Asia-Pacific are actively adopting shore power to comply with emission standards and improve air quality for port workers and surrounding communities. Cruise ships and container vessels are among the earliest adopters, utilizing shore power to significantly cut emissions while berthed. Naval bases also use shore power to support naval vessels during maintenance and downtime, ensuring operational readiness while reducing carbon footprint. Additionally, the integration of shore power into sustainable port development plans supports global decarbonization goals, promoting cleaner and greener maritime operations.

What Factors Are Driving the Growth in the Shore Power Market?

The growth in the Shore Power market is driven by several factors, including the increasing focus on reducing emissions from ships to comply with stringent environmental regulations. The rising investments in sustainable port infrastructure, supported by government initiatives and funding, have accelerated the adoption of shore power systems globally. Advancements in power conversion and distribution technologies have improved the efficiency and reliability of shore power connections, supporting broader deployment. The growing awareness of the health and environmental benefits of reducing emissions at ports has further encouraged adoption among port authorities and ship operators. Additionally, the push for electrification and renewable energy integration within maritime operations has contributed to the expansion of the shore power market.

Select Competitors (Total 34 Featured) -

• ABB
• Blueday Technology
• Cavotec
• Cochran Marine
• ESL Power
• IGUS
• Piller Power Systems
• Power Systems International
• Preen
• Schneider Electric
• Siemens
• SmartPlug
• Vinci Energies
• Wartsila

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