Shore Power Market Share, Size, Trends, Industry Analysis Report, By Installation Type (Shoreside, and Shipside); By Connection; By Component; By Power Rating; By Region; Segment Forecast, 2023- 2032

Shore Power Market Share, Size, Trends, Industry Analysis Report, By Installation Type (Shoreside, and Shipside); By Connection; By Component; By Power Rating; By Region; Segment Forecast, 2023- 2032

The global shore power market size is expected treach USD 4,869.05 million by 2032, according ta new study by Polaris Market Research. The report “Shore Power Market Share, Size, Trends, Industry Analysis Report, By Installation Type (Shoreside, and Shipside); By Connection; By Component; By Power Rating; By Region; Segment Forecast, 2023- 2032” gives a detailed insight intcurrent market dynamics and provides analysis on future market growth.

Cruise ship traveler numbers are rapidly rising, and investments for cruise travelers by government institutions are fostering market expansion. According tthe Cruise Lines International Association (CLIA), In 2022, 16 new cruise ships, comprising 5 LNG-powered ships & 9 expedition ships, are expected tmake their debuts with CLIA ocean-going member cruise lines.

The economic data from 2020, when compared t2019, show the pandemic's extensive effects on the cruise industry and emphasize the significance of cruise travel teconomies worldwide. There are 5.8 million passengers departed and 576K jobs supported by cruises. And the total economic contribution of cruise passengers was USD 63.4 Bn in 2022. As a result, the shipping industry is receiving a boost from growing cruise lines.

Furthermore, the increasing government regulations and support for reducing greenhouse gas emissions are boosting the market growth. Governments are focusing on investing in this innovation on the global market. In January 2022, the Government of Canada announced that the USD 200 million second round of applications is now open and will fund various regional programs treduce local pollution across Canada.

Tcreate and implement transformative leadership projects that substantially reduce their greenhouse gas emissions, generate good jobs, and support Canada's 2030 emission reduction, municipal governments, businesses, not-for-profit organizations, and Indigenous communities receive support from investment opportunities. So, during the anticipated period, the market expansion is predicted tbe fueled by favorable government regulation for lowering greenhouse gas emissions.

Additionally, in February 2022, Solstad Offshore approached Wärtsilä for assistance in its attempts tlessen the carbon footprint of its 90-vessel fleet. By 2030, CO2 emissions are expected thave decreased by 50%. Reduced greenhouse gas emissions from auxiliary diesel engines while docked are made possible by shore electricity. These collaborations for producing shore electricity and reducing carbon emissions drive the market's growth.

Shore Power Market Report Highlights

The retrofit segment is anticipated tgrow at a significant CAGR over the forecast period. The expanding number of terminals with marine power infrastructure is likely tresult in a major increase in the retrofit segment as well.

The shipside segment accounted for considerable global revenue share due trising interest in passenger ships as well as increasing interest in cargships.

Asia-Pacific is expected tgrow at a significant CAGR over the projected period. This is rising owing tthe rising government investment in the installation of electricity plants at the shoreside as well as increasing cruise travelers.

The global players include AC Power, ESL Power Systems, General Electric, Igus, Siemens, Schneider Electric, Smart Plug Systems, VINCI Energies, and Wartsila.

Polaris Market Research has segmented the Shore Power market report based on installation type, power rating, component, connection, and region:

Shore Power, Installation Type Outlook (Revenue - USD Million, 2019 - 2032)

Shoreside

Shipside

Passenger Vessel

Merchant Vessel

Offshore Support Vessel

Specialized Vessel

Shore Power, Connection Outlook (Revenue - USD Million, 2019 - 2032)

New Installation

Retrofit

Shore Power, Component Outlook (Revenue - USD Million, 2019 - 2032)

Transformers

Switchgear Devices

Frequency Converter

Cables and Accessories

Others

Shore Power, Power Rating Outlook (Revenue - USD Million, 2019 - 2032)

Up t30 MVA

30-60 MVA

Above 60 MVA

Shore Power, Regional Outlook (Revenue - USD Million, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa