Shore Power Market: Current Analysis and Forecast (2024-2032)
Emphasis on Component (Cable & Accessories, Frequency Converter, Transformer, Switchgear, Other); Installation (Shipside, Shoreside); Connection (Retrofit, New Installation); and Region/Country
Shore Power Market Size & Forecast
The Shore Power Market was valued at USD 1.71 Billion in 2032 and is expected to grow at a strong CAGR of around 12.6% during the forecast period (2024-2032) owing to the rise in global trade and the expansion of port infrastructure necessitating the advanced shore power solutions.
Shore Power Market Analysis
Shore power is an emissions control measure used in ports that connects ships to the local land-side power grid, rather than utilizing the ship’s engines at berth. Shore power has been implemented at around 35 cruise berths at 14 ports globally. The number of ports worldwide implementing shore power is rising due to the increasing global response to climate change. In addition, environmental and local community impacts, specifically reducing air emissions within the local region and minimizing noise from cruise ships, further drive the adoption of shore power at ports.
Shore Power Market Trends
Advancement in Port Infrastructure:
The expansion of port infrastructure is significantly escalating the shore power market trend by driving the need for modern, sustainable, and efficient energy solutions to accommodate increased maritime activities. As global trade continues to grow, ports are expanding and upgrading their facilities to handle larger volumes of cargo and accommodate bigger, more advanced vessels. This expansion necessitates the adoption of shore power systems to meet environmental regulations, reduce emissions, and improve operational efficiency.
For instance: the Port of Los Angeles, considered as busiest port worldwide, has invested heavily in shore power infrastructure to reduce its environmental footprint. As part of its Clean Air Action Plan, the port has installed shore power systems at multiple berths, enabling vessels to shut down their auxiliary engines and connect to the local electrical grid while docked. This initiative has significantly reduced emissions of nitrogen oxides (NOx), sulfur oxides (SOx), and particulate matter, contributing to improved air quality in the surrounding areas.
Asia Pacific is Expected to Grow with Significant CAGR During Forecast Period
The Asia Pacific region has emerged as a major player in the Shore Power market, as the region is experiencing extensive maritime activities, characterized by numerous bustling ports and a high volume of shipping traffic, creating substantial demand for shore power solutions. Major ports in countries like China, Japan, South Korea, and Singapore are leading global trade hubs that increasingly prioritize sustainable practices to reduce emissions and improve air quality.
Further, stringent environmental regulations and policies implemented by regional governments to curb pollution in port cities drive the adoption of shore power systems. For instance, China’s strict environmental regulations and initiatives, such as the “Blue Sky” action plan, mandate the reduction of emissions from ships, compelling ports, and shipping companies to invest in shore power infrastructure.
Shore Power Industry Overview
The Shore Power Market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are ABB, Wartsila, Siemens, Schneider Electric SE, Smart Plug Systems, Cochran Marine, Blueday Technology, Hitachi Energy Ltd., VINCI Energies SA, and Ensmart Power Ltd.
Shore Power Market News
In February 2024, ABB won the order to deliver a shoreside shore connection installation as part of the Portsmouth ports’ Sea Change project. The Sea Change project will design, build, and operate a shore power project across its three busiest berths. It is funded by UK Government through the ‘ZEVI’ competition, delivered in partnership with Innovate UK.
In January 2022: Blueday Technology has agreed to supply a complete BluEco Shore Power System to Fjord Base. Shore-to-ship power solutions allow vessels parked in a port to draw all the electricity required to run their on-board systems.
Shore Power Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The Global Shore Power Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Shore Power Market Analysis (2024-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Shore Power market were the three major steps undertaken to create and analyze the adoption of Shore Power in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Shore Power market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the Shore Power market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Shore Power market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, Installation, and connection. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Shore Power market. Further, we conducted factor analysis using dependent and independent variables such as components, Installation, and connection of the Shore Power market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Shore Power market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Shore Power market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Shore Power market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Shore Power market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Shore Power market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component, Installation, and connection in the global Shore Power market.
The main objective of the Global Shore Power Market Study
The current & future market trends of the global Shore Power market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Shore Power market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the component, Installation, and connection
- Define and analysis of the regulatory framework for the Shore Power industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Shore Power market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the Shore Power market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the Shore Power market?
Q2: What are the driving factors for the growth of the Shore Power market?
Q3: Which segment has the largest share of the Shore Power market by component?
Q4: What are the emerging technologies and trends in the Shore Power market?
Q5: Which region will dominate the Shore Power market?
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