Shore Power Market Size Expected to Grow $2.8 Billion by 2027 | MarketsandMarkets™
Chicago, May 16, 2024 (GLOBE NEWSWIRE) -- *The global* *Shore Power Market* *size* *is expected to grow from USD **1.6 billion in 2022 to USD **2.8 billion by 2027, at a CAGR of 11.2%* *according** to a new report by MarketsandMarkets™. *Shore power, shore-to-ship power, or cold ironing is a technique of supplying electricity from the shore to ships to fulfill their power requirements for onboard electrical systems. This technique is also called an alternative maritime power, wherein the provided electricity can either be derived from a combination of port-owned renewable energy sources and local grids or solely from the local grids. The incoming power is fed to a substation at the port, converted into the required form, and transmitted to special power connectors, enabling the connection between the shore and ship.
Booming power sector and augmented power generation capacities worldwide offer huge opportunity for shore power market. There has been a steady increase in the global demand for power, due to which substantial investments have been made, especially in regions such as the Middle East, Asia Pacific, and Africa, to augment the power generation capacities. Investments in conventional power generation in Middle Eastern countries such as Egypt and Oman and renewable power generation in Asia Pacific and African countries such as China, India, and South Africa have been planned to meet the increasing demand for power.
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*Shore Power Market Scope:*
*Report Coverage* *Details*
Market Size USD 2.8 billion by 2027
Growth Rate 11.2% of CAGR
Largest Market Asia Pacific
Market Dynamics Drivers, Restraints, Opportunities & Challenges
Forecast Period 2022-2027
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Shore Power Market by installation, connection, component, power output, and region.
Geographies Covered Asia Pacific, North America, Europe, Middle East & Africa, and South America.
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunities Integration of shore power systems with offshore wind, floating solar, and other renewables
Key Market Drivers Rising government-led initiatives to reduce greenhouse emissions from port operations
Shore power systems are used to reduce pollution caused by the additional electricity requirement. They derive power from the local grid and transfer it to the ship after adjusting various parameters according to the requirement. The parameters that need to be adjusted include voltage and frequency, which are generally controlled through transformers and frequency converters. In the shore power systems installed on shoreside, components such as step-down transformers, control panels and switchgear devices, frequency converters and other parameter enhancers, step-up transformers, connection boxes, cable reels, and connectors are used. Regions such as Asia Pacific, North America, and Europe record the highest number of cargo and LNG ship arrivals, which creates a high requirement for shoreside power systems to reduce carbon emissions during docking of ships for berthing.
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*Shore Power Market Dynamics:*
*Drivers:*
1. Growing noise and air pollution from port operations
2. Increasing cruise passenger traffic
3. Rising government-led initiatives to reduce greenhouse emissions from port operations
*Restraints:*
1. Requirement of high capital expenditure
2. Increased onshore power for shipping amid significant cost challenges
*Opportunities:*
1. Retrofitting old ships and ports with shore power technology
2. Integration of shore power systems with offshore wind, floating solar, and other renewables
*Challenges:*
1. Low fuel costs and minimal returns
2. Operational and technical challenges
*Asia Pacific is expected to be the largest region in the **Shore Power Industry*
Asia Pacific accounted for a 33.4% share of the Shore Power market in 2022. The countries covered in the region are China, Japan, South Korea, India, Australia, Singapore, and Rest of Asia Pacific. Asia Pacific is projected to hold the largest size of the shore power market during the forecast period as multiple countries in the region have been emphasizing reducing their carbon footprint by utilizing several techniques such as shore power, which would help them achieve their goals.
Asia Pacific is the world’s most populated region and is expected to become the largest energy-consuming region globally in the near future. The growing population and rising per capita income are the key factors for the increasing demand for energy in Asia Pacific. It comprises several developing nations that eventually require more energy for different purposes. According to the Asian Development Bank (ADB), the region’s share of global energy consumption is expected to increase to 56% by 2035 from 34% in 2010.
*Key Market Players:*
Some of the major players in the *Shore Power Companies* are GE (US), Siemens (Germany), Schneider Electric (France), ABB (Switzerland), and Eaton (Ireland).
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