Global Shore Power Market (2020 to 2025) - Retrofitting Older Ships and Ports Presents Opportunities - ResearchAndMarkets.com

DUBLIN--()--The "Shore Power Market by Installation (Shoreside, Shipside), by Connection (New Installation, Retrofit), Component (Transformers, Frequency Converters, and More), Power Output (Up to 30 MVA, 30 to 60 MVA, Above 60 MVA), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The shore power market size is projected to reach USD 1.4 billion by 2025 from USD 1.1 billion in 2020, at a CAGR of 6.7%.

Rising adoption of new technologies for limiting carbon emissions in the developed regions is the key driver for this market during the forecast period.

Shoreside installation is expected to be largest market during forecast period

The market has been segmented, by installation, into shoreside and shipside installations. The shoreside segment is expected to be the most shore power market, by installation, during the forecast period. This growth can be attributed to the high cost of components that need to be installed in shoreside shore power systems. Also, some additional components are required on the shoreside to make the shoreside shore power system more flexible and meet the power requirements of different types of vessels.

New installation segment is expected to be largest in the shore power market, by connection, during forecast period

The shore power market, by connection, has been segmented into new installations and retrofit. The new installation segment is expected to be the largest in the shore power market, by location, during the forecast period. This growth can be attributed to the increase in the number of stringent environmental norms by various countries. All under-construction ports and upcoming vessels are being installed with shore power systems during construction or beforehand. This procedure also reduces the cost of implementation.

Frequency converters segment is expected to hold largest share of shore power market, by component, during forecast period

The market has been segmented, by component, into transformers, switchgear devices, frequency converters, cables and accessories, and others, including safety grounding equipment and plugs. Frequency converters enable the shoreside shore power system to supply frequency matching the vessel's operating frequency.

North America is expected to lead in global shore power

Though the Asia Pacific is the fastest-growing market during the forecast period, North America is the largest shore power market, followed by Europe and the Asia Pacific. It is expected in North America that there will be maximum adoption and implementation of shore power systems owing to the favourable regulations in multiple states across the countries. Major countries in this region include the US and Canada. The North American region experiences significant vessel movement owing to the sea-bound trade of commodities. Additionally, the US and Canada are among the top oil producers in the world who export this oil to other parts of the world.

Market Dynamics

Drivers

  • Growing Noise and Air Pollution from Port Operations
  • Increasing Number of Cruise Passengers
  • Rising Government Initiatives to Reduce Greenhouse Gas Emissions from Ports and Supportive Shore Power Regulations

Restraints

  • High Capex Investments

Opportunities

  • Retrofitting Older Ships and Ports With Shore Power Technology
  • Integrating Shore Power With Offshore Wind, Floating Solar, and Other Renewables

Challenges

  • Low Fuel Costs and Minimal Returns
  • Operational Difficulties and Technical Challenges

Companies Profiled

  • Siemens
  • Schneider Electric
  • Cavotec
  • Wartsila
  • Vinci Energies
  • Danfoss
  • Abb (Hitachi)
  • Esl Power Systems
  • Igus
  • Blueday Technology
  • Cochran Marine
  • Preen
  • Smartplug
  • Piller Power Systems
  • Power Systems International
  • Ratio Electric
  • Sydney Marine Electrical
  • Ocean Electrics
  • Conntek Integrated Solutions
  • Patton and Cooke

For more information about this report visit https://www.researchandmarkets.com/r/99ggio

Contacts

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900