Global Shore Power Market Size Envisaged to Hit US $4,869.05 Million By 2032, Growing at 11.32% CAGR: Polaris Market Research
Polaris Market Research has conducted a comprehensive 2023 research study spanning over [+115] pages, revealing that the global shore power market was valued at USD 1,669.15 Million in 2022. The study predicts that the market will grow at a compound annual growth rate (CAGR) of 11.32% and is expected to reach USD 4,869.05 Million By 2032. The retrofit segment is anticipated to grow at a significant CAGR over the forecast period. The expanding number of terminals with marine power infrastructure is likely to result in a major increase in the retrofit segment as well. Some of the top market players are AC Power, VINCI Energies, ABB Group, Blueday Technology, Cavotec, ESL Power Systems, General Electric Corporation, Igus GmbH, Cochran Marine and others.
New York, NY, April 12, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled *“Shore Power Market Share, Size, Trends, Industry Analysis Report, By Installation Type (Shoreside, and Shipside); By Connection; By Component; By Power Rating; By Region; Segment Forecast, 2023- 2032”* in its research database.
“According to the latest research analysis, the global shore power market size/share is anticipated to be valued at approximately USD 1,669.15 Million in 2022 and is *projected to hit a revenue of around USD 4,869.05 Million By 2032*, at a *CAGR of around 11.32%* between 2023 and 2032.”
*What is **Shore Power? How Big is Shore Power Market Size & Share?*
· *Overview*
Shore power, also known as shore supply, is an eco-friendly and noise-free way of lowering air emissions of CO2, nitrogen, sulfur oxides, and particulate matter related to ship activity in a port. Ships can connect to the power grid at the wharf instead of using diesel generators. This improves local air quality and thus helps make ports environmentally friendly. Although the word indicates to shore rather than off-shore, it is sometimes used in aircraft or land-based automobiles like heavy trucks, campers, sleeping compartments, and tour buses.
In addition to providing an alternative to running auxiliary diesel engines, shore power technology also lowers fuel expenses for ship owners. Utilizing shore power may make it easier to maintain the ship's engines and generators. The growing demand for reducing carbon emissions and noise pollution is anticipated to drive the shore power market demand over the forecast period. The technology mentioned has the added benefit of reducing fuel costs, which in turn increases its demand and contributes to the growth of the market.
*Request Sample Copy of **Shore Power Market Research Report @ https://www.polarismarketresearch.com/industry-analysis/shore-power-market/request-for-sample*
*(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)*
*Our Sample Report Covers:*
· 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
· 115+ Pages Research Report (Inclusion of Updated Research).
· Provide Chapter-wise guidance on Requests.
· 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
· Includes Updated List of tables & figures.
· Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
*Some of the Top Market Players Are:*
· AC Power
· VINCI Energies
· ABB Group
· Blueday Technology
· Cavotec
· ESL Power Systems
· General Electric Corporation
· Igus GmbH
· Cochran Marine
· Danfoss
· Siemens
· Schneider Electric
· Smart Plug Systems
· TEC Container S.A.
· Wartsila
*To Know More Information on Key Players, Request to Download a PDF Report Brochure: https://www.polarismarketresearch.com/industry-analysis/shore-power-market/request-for-sample*
*Prominent Growth Driving Factors: *
· *Development of retrofit shore power systems:* The introduction of retrofit shore power systems and an increase in the number of luxury ships in the shipping sector is anticipated to fuel the shore power market size throughout the predicted period. Retrofit shore power systems enable ships to connect to an onshore power supply which reduces the emissions and noise generated by the ships.
· *Rise in modernization efforts:* The market is anticipated to experience growth due to increasing investments in modernization efforts that include the addition of more terminals and the installation of upgraded technologies. These modernization efforts are taken to enhance the efficiency and sustainability of port operations.
· *Low pollution emission:* Shore power systems are designed to provide electrical power to ships at berth, allowing them to reduce burning fossil fuels and emit fewer pollutants into the air and water. This is one of the major factors driving the shore power industry's growth.
· *Strict government policies:* Governments across the globe are introducing strict regulations about emissions targets and environmental regulations for the maritime sector. As a result, many ports and harbors have already employed shore power systems, which is majorly propelling the product demand.
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*Top Report Findings*
· Shore power allows ships to reduce or eliminate their emissions of noise and pollutants such as CO2, nitrogen, and sulfur oxides which is fueling the industry expansion.
· The shore power market is segmented into installation type, power rating, component, connection, and region.
· North America is predicted to register significant growth in 2022
*Top Trends Influencing the Market:*
· *Rising technological developments:* Demand for shore power is growing as a result of large companies developing more high-power devices for different industries. This factor supports the shore power market growth. For instance, in March 2022, TDK Corporation expanded its programmable power amplifier series with the Highly Programmable Rack DC Energy Systems, which offers 30kW-60kW power. This system is suitable for various markets such as automotive, renewables, industrial, aviation, and applied R&D. It can be used for applications like battery and component verification, fuel cells, water purification, hydrogen generation, rooftop solar inverters, and rechargeable batteries R&D.
· *Implementation of advanced technologies:* Shipping companies are adding marine power to new boats and modernizing their older ones because of the rise in terminals employing this power and changes in legislation. For instance, in August 2021, In August 2021, the Megastar ferry operated by Tallink will get an ABB shore connection system, allowing it to have emission-free layovers in the Port of Tallinn. The 2,800-passenger, 646-car ferry is powered by LNG. This is one of the key shore power market trends accelerating its expansion.
*Segmental Analysis*
· *Shoreside segment is anticipated to grow at the fastest pace in 2022*
Shoreside installation is anticipated to be the most significant section of the beach power market during the predicted period. The higher installation cost is probably related to this benefit because more electrical parts are required on the coast. In addition, shore-to-ship power systems enable docked ships to use the total amount of power necessary to move their systems, such as ventilation and cooling, from the local power grid. When docked at ports, ships are able to turn off their diesel engines. This enhances local air quality by lowering emissions of noise, greenhouse gases, and vibrations.
· *New installation segment industry is expected to witness the largest shore power market share over the foreseen period*
Based on the connection, the new installation category is estimated to register a major revenue share during the anticipated period. This growth can be attributed to strengthened government environmental policies. The segment is also fueled by new installations' lower cost compared to retrofit installations.
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*Shore Power Market: Report Scope & Coverage*
*Report Attribute* *Details*
*Revenue forecast in 2032* USD 1,854.76 Million
*Market size value in 2023* USD 4,869.05 Million
*Expected CAGR Growth* 11.32% from 2023-2032
*Base Year* 2022
*Forecast Year* 2023 – 2032
*Top Market Players* AC Power Corp., ABB Group, Blueday Technology Limited, Cavotec SA, Cochran Marine LLC, Danfoss A/S, ESL Power Systems Inc., General Electric Corporation, Igus GmbH, Siemens AG, Schneider Electric Group, Smart Plug Systems Corp., VINCI Energies Corp., Tec Container S.A., and Wartsila Inc
*Segments Covered* By Installation Type, By Connection, By Component, By Power Rating, By Region
*Customization Options* Customized purchase options are available to meet any research needs. *Explore customized purchase options*
*Geographic Overview*
*North America: *The demand in North America is likely to register significant growth in 2022. The demand is majorly driven by favorable government policies in many states of the region. Thus, the adoption of shore power systems is expected to surge across the region. In August 2020, in order to include a wider range of boats, the California Air Resources Board (CARB) of the United States expanded a rule controlling the use of shore power by ships when they are refloated. With the inclusion of auto carriers and tankers, which are responsible for 56% of all fine particle pollution from ocean-going ships in California ports, the rule has been revised to include these boats.
*APAC:* Moreover, the shore power market in APAC is expected to witness the greatest growth throughout the forecast period owing to the rising port terminals & investment in the marine infrastructure. China is home to seven of the top ten largest ports in the world in terms of total annual freight and container volume. China's ports are getting shore power systems installed, which will increase the market demand for this energy and reduce air and noise pollution.
Browse the Detail Report *“Shore Power Market Share, Size, Trends, Industry Analysis Report, By Installation Type (Shoreside, and Shipside); By Connection; By Component; By Power Rating; By Region; Segment Forecast, 2023- 2032”* with in-depth TOC: *https://www.polarismarketresearch.com/industry-analysis/shore-power-market*
*For Additional Information OR Media Enquiry, Please Mail At: sales@polarismarketresearch.com *
*Recent Developments*
· In March 2022, Ohmia Retail Sweden was established in Sweden as a joint venture between Danfoss and Ohmia Retail International to expand the company's current retail food product offerings.
· In October 2022, PowerCon secured a EUR 4.9 million contract for "Phase Zero of the Wharf Electrification Plan" at the Port of Barcelona. The contract includes preparation, execution, customer support, and maintenance for ship connections and disconnections from the installation.
*The Key Questions Answered in This Report*
· What will be the market size and growth rate in the forecast year?
· What are the key factors driving the industry?
· What are the main trends that are positively impacting the market growth?
· What growth opportunities does the market offer?
· What are the key outcomes of Porter’s five forces model?
· What are the names of key players working in the industry?
· What growth strategies are the companies considering to stay in the market?
*Polaris Market Research has segmented the Shore Power market report based on installation type, power rating, component, connection, and region:*
*By Installation Type Outlook*
· Shoreside
· Shipside
· Passenger Vessel
· Merchant Vessel
· Offshore Support Vessel
· Specialized Vessel
*By Power Rating Outlook*
· Up to 30 MVA
· 30-60 MVA
· Above 60 MVA
*By Component Outlook*
· Transformers
· Switchgear Devices
· Frequency Converter
· Cables and Accessories
· Others
*By Connection Outlook*
· New Installation
· Retrofit
*By Region Outlook*
· North America (U.S., Canada)
· Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
· Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
· Latin America (Brazil, Mexico, Argentina)
· Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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*About Polaris Market Research*
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