Shore Power Market Boosting The Growth Worldwide - Industry Dynamics And Trends, Efficiencies Forecast By 2030
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).
Shore power, also called cold ironing is a means to supply electrical
power to a ship from the shore at berth, allowing the auxiliary motors to be
switched off. The shore power will help in eliminating diesel emissions and
other pollutants that result from the onboard auxiliary motors of the vessel
via plugging in these motors and shutting them off.
Various factors are fuelling the global shore power market growth. As
per the recent MRFR market estimates, such factors include the rising cruise
liners in the shipping industry, reduced low-frequency noise and emissions at
ports with the implementation of shore power, initiatives by the government in
cutting down greenhouse gas emissions from ports, increasing focus by the
government to reduce noise and air pollution due to port activities, increasing
cruise-based and sea trade tourism, surging number of cruise liners in the
shipping industry, and the installation of retrofit shore power systems.
On the contrary, high costs of installation, impact of the COVID-19
pandemic, and the increasing need for maintenance may limit the global shore
power market growth over the forecast period.
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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)
Industry Updates
May 2021- Southampton will soon become the foremost commercial port in
the United Kingdom to offer shore power. The port by 2022 plans to have cold
ironing technology accessible at two of the city’s five cruise ship terminal.
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“Shore Power” Market?
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