Pune, India, Feb. 01, 2022 (GLOBE NEWSWIRE) -- The global Shore Power Market size is expected to gain momentum by reaching USD 3.16 billion by 2028 while exhibiting a CAGR of 14.0% between 2021 to 2028. In its report titled “Shore Power Market, 2021-2028,” Fortune Business Insight mentions that the market stood at USD 1.12 billion in 2020 and USD 1.26 billion in 2021.
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The growing trend of traveling on cruise ships is promoting the market growth. For instance, a report by the Cruise Lines International Association (CLIA) 2021 and State of the Cruise Industry Outlook report, stated that the cruise industry hosted 29.7 million passengers worldwide in 2019. The cruise travel grew by nearly 6 percent during 2019 from 2018, with a growth of nearly 1.7 million. Hence, increasing cruise lines such as carnival cruise lines, celebrity cruises, costa cruises, Norwegian cruise lines, Royal Caribbean international, saga cruises, and other cruises in the shipping industry are adding impetus to the market.
List of Key Players Profiled in Report
- ABB (Switzerland)
- ESL Power Systems, Inc. (U.S.)
- Schneider Electric (France)
- SmartPlug Systems (U.S.)
- Cochran Marine LLC (U.S.)
- Siemens (Germany)
- Wärtsilä (Finland)
- Cavotec (Switzerland)
- Blueday Technology (Norway)
- VINCI Energies (France)
- igus Inc. (Germany)
COVID-19 Impact
The global pandemic caused by the spread of the novel coronavirus has had a damaging impact on every industry. To curb the spread of the virus, lockdowns and travel bans were imposed by the governments worldwide. Due to such stringent rules, supply chain got disrupted. Additionally, shutting down businesses except for essential services with minimal workforce affected international and domestic trade. This has directly impacted the maritime industry.
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Market Segmentation:
By connection the market is segmented into shore side and shipside. By installation it is divided into new installation and retrofit. By component it is divided into transformer, switchgear, cables & accessories, frequency Converter and others.
- Based on components, the frequency converter segment held a market share of 30.5% in 2020. This is attributable to growing transportation and the increasing number of ports and terminals.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, and Rest of the World.
Report Scope and Segmentation-
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 14.0% |
| 2028 Value Projection | USD 3.16 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 1.26 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 210 |
| Segments covered | By Connection, By Installation, By Component, By Region |
| Growth Drivers | Government Regulation for Lowering Greenhouse Gases Emissions to Fuel Market Growth |
| Reduction in Low-Frequency Noise and Emissions at Ports to Spur Demand in Market | |
| Pitfalls & Challenges | High Installation and Maintenance Costs May Restrict Market |
What does the Report Provide?
The market for industrial waste management report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the market growth.
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Driving Factor
Supportive Government Regulation in Lowering Greenhouse Gas Emissions to Fuel Market
As we know using onshore power alleviates the unnecessary use of fuel, which would otherwise be used to power yachts and boats while in port. Moreover, it helps in reducing greenhouse gases emission produced by auxiliary diesel engines while docked. Therefore, governments are investing in this marine power technology. For instance, In August 2017, Canadian government invested USD 5 million in this technology for Ports Program. Hence, supportive government regulation and investment for reducing greenhouse gas emissions is likely to fuel the shore power market growth during the forecasted period.
Regional Insights
Asia Pacific to Lead Stoked by Increasing Population in Region
Asia Pacific is anticipated to maintain its position as a front-running region and hold the highest position market during the forecast period. This is attributable to the increasing number of terminals at the port and investments in improving marine infrastructure. For instance, according to the Ministry of Transport, in 2018, the container throughput capacity of China's major ports increased to 5.3% from the previous year, which is about 250 million standard containers. The region’s market stood at USD 0.41 billion in 2020.
Europe is estimated to display a substantial shore power market share in forthcoming years. This is because in the European region marine transportation is one of the major ways of transportation. For instance, a report by the European Commission stated that more than 400 million passengers embark and disembark at European ports. Moreover, the maritime industries are the primary source of employment and income for the European economy.
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Competitive Landscape
Key Players to Focus on Collaborations & Partnerships to Strengthen their Market Prospectus
The global market has a large number of prominent companies that are constantly trying to develop unique solutions to cater to the demand from across the globe. To do so, they are joining hands with local or reputed firms, launching new solutions to strengthen their portfolio in the market. Below is industry development:
- June 2021 - The ports of Antwerp, Bremerhaven, Hamburg, Haropa Port and Rotterdam have partnered to deploy onshore power supply (OPS) for ultra large container vessels (ULCV) by 2028.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Shore Power Industry
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Shore Power Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Connection
- Shoreside
- Shipside
- Passenger Vessel
- Merchant Vessel
- Offshore Support Vessel
- Specialized Vessel
- Market Analysis, Insights and Forecast – By Installation
- New Installation
- Retrofit
- Market Analysis, Insights and Forecast – By Component
- Transformer
- Switchgear
- Cables & Accessories
- Frequency Converter
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Rest of the World
- North America Shore Power Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Connection
- Shoreside
- Shipside
- Passenger Vessel
- Merchant Vessel
- Offshore Support Vessel
- Specialized Vessel
- Market Analysis, Insights and Forecast – By Installation
- New Installation
- Retrofit
- Market Analysis, Insights and Forecast – By Component
- Transformer
- Switchgear
- Cables & Accessories
- Frequency Converter
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis, Insights and Forecast – By Installation
- New Installation
- Retrofit
- Canada Market Analysis, Insights and Forecast – By Installation
- New Installation
- Retrofit
- U.S. Market Analysis, Insights and Forecast – By Installation
- Europe Shore Power Market Analysis (USD Billion), Insights and Forecast, 2017-2028
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