Global Shore Power Market

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

Report ID: SQMIG20E2076 | Region: Global | Published Date: March, 2024
Pages: 198 | Tables: 90 | Figures: 70

Shore Power Market News

  • In July 2023, Samskip, a logistics company based in the Netherlands, collaborated with Rotterdam Shortsea Terminals (RST) to launch a new green shore power initiative. This is the first of its kind power solution to be used on ports of the Netherlands.
  • In April 2023, ABB, a renowned multinational organization, announced that it had signed an agreement with Meyer Turku, a Finnish shipbuilding organization to power its new multi-purpose coast guard vessels.
  • In December 2023, the Port of San Diego, announced its plans to enhance its shore power capabilities for Cruise ships. The contract for this was awarded to Watts Marine LLC (formerly known as Cochran Marine).
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FAQs

shore power market size was valued at USD 1.5 billion in 2022 and is poised to grow from USD 1.67 billion in 2023 to USD 3.9 billion by 2031, growing at a CAGR of 11.2% in the forecast period (2024-2031).

Shore power companies can take advantage of the efforts of shipping companies and ports to reduce their costs and improve profitability by providing highly efficient shore power systems. Market players can also invest in the research and development of novel power technologies to curb maritime pollution and emissions. shore power providers can collaborate with shipbuilding companies and shipping providers to bolster their sales potential in the long run. Companies also take advantage of new sustainability initiatives and awareness programs launched by organizations such as the International Maritime Organization (IMO) and the International Association of Ports and Harbors (IAPH) to maximize their business reach on a level. 'VINCI Energies (France)', 'Danfoss (Denmark)', 'Schneider Electric (France)', 'Cochran Marine ILC (US)', 'ESL Power Systems Inc (US)', 'ABB (Switzerland)', 'Cavotec SA (Switzerland)', 'Igus (Germany)', 'AC Power Corp. (Taiwan)', 'Blueday Technology (Norway)', 'General Electric (US)', 'Siemens (Germany)', 'Smart Plug Systems (US)', 'Wartsila (Finland)'

The immediate threat of climate change and 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.

Integration of Advanced Technologies: Shore power providers can emphasize the integration of advanced technologies such as artificial intelligence and machine learning to improve the efficacy of shore power systems. Companies can also opt for smart manufacturing technologies to keep their production costs low and profit margins high.

The Asia Pacific regional market accounts for a dominant share of the shore power market. This can be attributed to the increasing number of ports and high investments in marine infrastructure development. China, Japan, and South Korea are key shipbuilding countries in this region, which is also slated to bolster the shore power market growth across the forecast period. Growing emphasis on the reduction of maritime pollution in this region will also favor shore power adoption in the future. Rapidly increasing population and urbanization in this region is also fueling the demand for marine trade, which in turn, is estimated to bolster shore power market development over the coming years.

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Global Shore Power Market

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