Shore Power Market Size, Share, Growth Analysis, By Component(Transformers, Switchgear Devices), By Installation Type(Shoreside, and Shipside), By Connection(New Installation, and Retrofit) - Industry Forecast 2024-2031

Drivers

High Focus on Sustainability

• The immediate threat of climate change and global warming has pushed countries across the world to implement stringent mandates to conserve the environment. Shore power solutions help reduce marine pollution and emissions, which helps in the overall sustainability improvement therefore sustainability is crucially driving shore power demand.

Rising Number of Electric and Hybrid Marine Vessels

• Growing availability and use of electric and hybrid marine vessels is projected to bolster the demand for power on different ports around the world and this is slated to benefit the shore power market growth over the coming years.

Restraints

Retrofitting Challenges

• Retrofitting old marine infrastructure with modern shore power components is a complex and capital-intensive task, which is projected to limit the adoption of shore power solutions in companies with budgetary constraints.

High Initial Investments

• Installation of new shore power facilities or retrofitting in old infrastructure are both capital intensive tasks and require high upfront investments. Budgetary constraints and unwillingness to shell out huge amount of capital for shore power could slow down shore power demand outlook in the long run.