Pune India, May 26, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Shore Power market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Shore Power market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the installation type, connection, component, power rating, application, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
Global Shore Power Market Size by Installation Type (Shoreside and Shipside), Connection (New installation and Retrofit), Component (Transformers, Switchgear Devices, Frequency Converters, Cables and Accessories, and Others), Power Rating (Up to 30 MVA, 30-60 MVA, and Above 60 MVA), Regions, Segmentation, and forecast till 2029.
The significant players operating in the global Shore Power market are GE, Siemens, Schneider Electric, ABB, Eaton, Conntek Integrated Solutions Inc., Piller Power Systems, Power Systems International, Sydney Marine Electrical, and Ratio Electric among others. To achieve a substantial market share in the worldwide Shore Power market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, GE is one of the most significant manufacturers and distributors present in the global Shore Power market.
Shore power enable the auxiliary engines to be turned off and provides an electrical power from the shore to a vessel at berth. This way, shore power virtually eradicates diesel emissions as well as other air pollutants that would otherwise come from running the on-board auxiliary engines of vessel. By using shore power, a different auxiliary systems including air conditioning, lighting, and crew berths uses energy from the local electrical grid. Hence, it typically generates zero onsite emissions.
The operation of a diesel engine while docked, adds more pollutants to the air and water along with the production of noisy. Hence, the marinas are actively regulating and restricting use of diesel engines during specific time periods. This has boosted demand for shore power systems as the perfect choice to power the yacht using electricity. The use of shore power while docked, leads to the significant reduction in pollution. For instance, the March 2022 study released by Scotland’s Aberdeen Harbour shows that the green shore power could reduce emissions in ports by over 90%, as well as significantly minimizes air and noise pollution levels.
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Scope of Shore Power Market Report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Installation type, connection, component, power rating, application |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
| Major Players | GE, Siemens, Schneider Electric, ABB, Eaton, Conntek Integrated Solutions Inc., Piller Power Systems, Power Systems International, Sydney Marine Electrical, and Ratio Electric among others |
Segmentation Analysis
Shipside segment is expected to be the fastest growing segment in 2021.
The installation type offering segment includes shoreside and shipside. Shipside segment is expected to witness highest growth rate during the forecast period. Growth of this segment is primarily driven by the need of electrical power for operations including air conditioning, refrigeration, and running onboard computers when the ship is anchored to the port.
Retrofit segment is expected to be the fastest growing segment in 2021.
The connection segment includes conventional new installation and retrofit. The retrofit segment is expected to witness highest growth rate during the forecast period. The retrofitting involves process of modification of the existing vessels. Growth of this segment is mainly driven by low installation costs and minimized environmental impact.
Frequency converters segment is expected to be the fastest growing segment in 2021.
The component segment includes transformers, switchgear devices, frequency converters, cables and accessories, and others. Frequency converters segment is expected to witness highest CAGR during the forecast period. It is an electric device that enables conversion of a current with one frequency to a current with another frequency. These products helps in saving money by reducing usage of diesel fuel, therefore lowering the carbon emissions. In addition, they are an essential component in reducing noise pollution.
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Shore Power include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
Asia-Pacific region witnessed a major share. Growth of this region is mainly driven by huge maritime industry growth. For instance, seven out of the world's ten biggest ports, in terms of yearly freight and compartment throughput, are situated in China. However, Europe is expected to witness considerable growth rate during the forecast period. The increasing emphasis on reduction of emissions and lower air and noise pollution in this region has driven growth of the market.
Country Analysis
Germany
Germany shore power market size was valued at USD 0.15 billion in 2021 and is expected to reach USD 0.38 billion by 2029, at a CAGR of 12.7% from 2022 to 2029.
Germany is one of the leading nations in the mechanical engineering, manufacturing, automotive, and electrical industries. In addition, the German shipbuilding industry is number one in Europe. This factor has considerably contributed to the growth of the market in the country. In November 2021, AIDA Cruises, a German cruise line has extended the usage of green shore power to two more German ports. This expansion of shore power industry in this country is further boosting growth of the market.
China
China shore power market size was valued at USD 0.30 billion in 2021 and is expected to reach USD 0.73 billion by 2029, at a CAGR of 11.9% from 2022 to 2029. From January 2019, China enforced 0.5% sulphur emission control areas (ECAs) and also mandated the new domestic vessels to be equipped for shore side power. This has considerably boosted growth of the shore power market in the country. In addition, the government in this country is providing funding to subsidize building of shore power infrastructure. For instance, by 2020, 493 berths in the country were anticipated to be equipped with onshore power equipment.
India
India Shore Power market size was valued at USD 0.12 billion in 2021 and is expected to reach USD 0.32 billion by 2029, at a CAGR of 13.4% from 2022 to 2029. India is one of the strongest growing economies in Asia. In September 2021, the Union Ministry for Ports, Shipping, and Waterways in the India announced its plans to meet 60% of power demand at major ports through wind and solar power. In addition, India's Nationally Determined Contributions (NDC) under the Paris Agreement for 2021-2030 comprises of plans to reduce emissions intensity by 33%-35% by 2030. Such government plans in the country has driven growth of the India shore power market.
Covid-19 Impact
Covid-19 had a major impact on almost all of the industries such as construction, maritime, transport, manufacturing, oil and gas, automobile, etc. The demand for shore power systems has decreased during the period owing to the regulations on social distancing and supply chain disruptions. In most of the regions, the manufacturing facilities of Shore Power systems were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for shore power significantly decreased.
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