Shore Power Market Analysis
The Shore Power Market size is projected to be worth USD 1,623.10 million by 2030, registering a CAGR of 11.90% during the forecast period (2022–2030).
Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.
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Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global shore power market based on component, connection, and installation.
- By installation, the global shore power market is segmented into shipside and shoreside. Of these, the shoreside segment will lead the market over the forecast period.
- By connection, the global shore power market is segmented into retrofit and new installation. Of these, the new installation segment will dominate the market over the forecast period as retrofitting of shore power in existing vessels is more expensive over a new installation.
- By component, the global shore power market is segmented into cables and accessories, frequency converter, switchgear, transformer, and others. Of these, the frequency converter will spearhead the market over the forecast period as these converters save money by reducing the diesel fuel consumption.
Regional Analysis
Geographically, the global shore power market is bifurcated into Europe, North America, South America, the Asia Pacific, along with the Middle East & Africa (MEA). Of these, the APAC region will spearhead the market over the forecast period. Growth of the maritime industry, strict emission regulations, mounting concerns about the local air pollution, ports on the region laying emphasis on sustainability for the boost in the maritime industry, rising concerns related to local air pollution, rigorous emission policy, growing focus of multiple countries on the reduction of pollution caused from port activities, the presence of large-sized ports, and the presence of emerging economies such as South Korea, Japan, and China having major manufacturing industries are adding to the global shore power market in the region.
The global shore power market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
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Key Companies Profiled
Cochran Marine LLC (US), ABB (Switzerland), General Electric (US), Wartsila (Finland), Siemens (Germany), Cavotec SA (Switzerland), 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).
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