Shore Power Market Forecasted to Touch USD 1.55 Billion by 2027, Growing at a CAGR of 6.67% - Report by Market Research Future (MRFR)
Years Head to See New Avenues Opening in the Shore Power Space
New York, US, June 28, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Shore Power Market Analysis by Installation (Shoreside and Shipside), Connection (New Installation and Retrofit), Component (Transformer, Switchgear, Frequency Converter, Cables & Accessories and others) and Region - Forecast till 2027” valuation is poised to reach* *USD 1.55 Billion by 2027, registering an 6.67% CAGR throughout the forecast period (2021–2027).
*Shore Power Market Overview*
The outlook of the global shore power market appears extremely promising. Supportive government policies focused on controlling pollution levels and the impacts of climate change are opening new growth paths for the industry. New emerging technologies would address these challenges and completely transform the renewable energy industry by changing business models, policies, and investment patterns.
*Shore Power Market Report Scope:*
*Report Metric* *Details* Market Size USD 1.55 Billion CAGR 6.67% Base Year 2020 Forecast Period 2021-2027 Historical Data 2019 Forecast Units Value (USD Billion) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Segments Covered Installation, Component and Region Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW) Key Vendors ABB (Switzerland), General Electric (US), Cochran Marine LLC (US), Siemens (Germany), Cavotec SA (Switzerland), Wartsila (Finland), Danfoss (Denmark), Igus (Germany), VINCI Energies (France), Schneider Electric (France), Smart Plug Systems (US), AC Power Corp. (Taiwan), ESL Power Systems, Inc. (US), and Blueday Technology (Norway) Key Market Opportunities Government initiatives to reduce greenhouse gas emissions Key Market Drivers Increasing cruise liners in the shipping industry
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Docked ships don’t need energy for propulsion but for several other functions that remain working, including HVAC systems, cargo handling systems, control systems, and others. While generators that are still running to keep these functions operative pollute the atmosphere with noise and emissions as well as contribute to global climate emissions. Here, shore power comes to play, not just providing the power but also helping to control carbon footprints.
Shore power has been used extensively to draw power from the land-based mains supply to power vessels with moderate power requirements. Small vessels are typically capable of using normal grid voltage & frequency and replacing the energy with the shore power with only marginal investments.
Serving larger vessels with higher power requirements with shore power gets slightly more complicated and requires relatively costly installations. On average, very few vessels and ports are capable of making use of shore power that demands upgraded grid capacity, frequency converters, and huge funds to address complex high power connectors.
*Shore Power Market Segments*
The report segments the shore power market into installation types, connection types, components, and regions. The installation type segment comprises shoreside and shipside. The connection type segment comprises new installations and retrofits. The component segment comprises transformers, switchgears, frequency converters, cables & accessories, and others. The region segment comprises the Middle East & Africa, Americas, Asia Pacific, Europe, and rest-of-the-world.
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*Shore Power Market Regional Analysis *
The Asia Pacific region dominates the shore power market. The growth of the maritime industry due to the ample availability of water bodies, including large oceans and rivers, drives the market growth. Besides, stringent emission regulations and mounting air pollution concerns boost the market size.
Skyrocketing demand for energy, rapid depletion of non-renewable energy sources such as fossil fuels, and scarcity of land in the region are key driving forces behind the growth of the shore power market. Furthermore, government initiatives to promote renewable energy, rapid growth in the utility sector, and the presence of flourishing marine vessel manufacturing units are some of the other factors impacting the regional market growth.
*Industry Trends*
Significant grants and funding are allocated to cover the expenditures required to install shore power infrastructure at the marine terminals. The Bay Area Air Quality Management and Maritime Administration teams contribute colossally to port shore power projects. Additionally, shipping lines bear a major chunk of costs associated with retrofitting vessels to plug into shore power.
Rising developments of shore power systems designed to be installed vertically or horizontally are seen. There is a huge demand for systems featuring a lightweight, compact design and form factor and easily deployable in small spaces. Shore power systems with lightweight, compact aspect ratios and aesthetic yacht finish are in demand as they add resale value.
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Shore power systems are designed for marine use to produce steady, regulated output that can sustain regardless of changes in power from the dock or load demands. They are designed to work in marine environments; constant use in high-temperature environments is required.
Conversely, high installation and maintenance costs are expected to restrain the market growth. Also, the complexity of designing the systems impedes the growth of the market. However, rising government initiatives to promote renewable energy adoption would support the market growth throughout the assessment period.
*Shore Power Market Competitive Analysis*
*Dominant Key Players on Shore Power Market Covered are:*
· ABB (Switzerland)
· General Electric (US)
· Cochran Marine LLC (US)
· Siemens (Germany)
· Cavotec SA (Switzerland)
· Wartsila (Finland)
· Danfoss (Denmark)
· Igus (Germany)
· VINCI Energies (France)
· Schneider Electric (France)
· Smart Plug Systems (US)
· AC Power Corp. (Taiwan)
· ESL Power Systems Inc. (US)
· Blueday Technology (Norway)
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Highly competitive, the shore power market appears fragmented due to the presence of several well-established players. Technology providers boost investments in product development and improve design concepts. Other strategies these market players adopt are greater commercialization of their products, promotion initiatives through competitions & trade exhibitions, and increased collaboration.
These players incorporate strategies, such as mergers & acquisitions, collaborations, expansion, and product/ technology launch to gain a larger competitive share. For instance, on May 03, 2022, Cavotec SA (Switzerland) announced winning a shore power order valued at €15.7 million from a leading global container shipping line. Cavotec would supply its ship-mounted shore power systems for a range of newly built containerships.
Cavotec’s systems connect docked ships to electrical power in ports, enabling dramatic reductions in emissions of carbon dioxide, sulfur and nitrogen oxides. This order aligns with Cavotec’s strategy to focus on cleantech solutions that can support niche markets emerging as mass markets while emphasizing decarbonization of the global maritime sector.
This order further adds a tailwind that Cavotec needs in the market. Cavotec’s journey to developing cleantech solutions started in 2020, and by 2022, it already has record-high new orders, and by the first quarter of this year, the order backlog grew another 26% compared to three months earlier.
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