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Shore Power Market worth $2.8 Billion by 2027

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Shore Power Market worth $2.8 Billion by 2027

April 13
22:56 2022
Shore Power Market worth $2.8 Billion by 2027
The shore power market is expected to grow from an estimated USD 1.6 billion in 2022 to USD 2.8 billion by 2027, at a CAGR of 11.2% during the forecast period.

According to the new market research report Shore Power Market by Installation (Shoreside, Shipside), Connection (New Installation, Retrofit), Component (Transformers, Frequency Converters, and More), Power Output (Up to 30 MVA, 30 to 60 MVA, Above 60 MVA) and Region – Global Forecast to 2027″, published by MarketsandMarkets™, the Shore Power Market size will grow to USD 2.8 billion by 2027 (forecast year) from USD 1.6 billion in 2022 (estimated year), at a CAGR of 11.2% during the forecast period. Shore power, shore-to-ship power, or cold ironing is a technique of supplying electricity from the shore to ships to fulfill their power requirements for onboard electrical systems. This technique is also called an alternative maritime power, wherein the provided electricity can either be derived from a combination of port-owned renewable energy sources and local grids or solely from the local grids. The incoming power is fed to a substation at the port, converted into the required form, and transmitted to special power connectors, enabling the connection between the shore and ship.

The shoreside segment is expected to grow at the highest CAGR from 2022 to 2027

Based on the installation type of shore power systems, the shoreside segment is estimated to be the fastest-growing market from 2020 to 2027. The strict environmental regulations implemented by governments worldwide have led port authorities to highly focus on reducing noise and emission levels through port operations, which has increased the shoreside installation of shore power systems and fueled the market growth.

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Frequency converters segment is expected to grow at the highest CAGR from 2022 to 2027

Based on the frequency converters of shore power systems, the component is estimated to be the fastest-growing market from 2020 to 2027. The shore power frequency converters power the ships through the port’s electrical grid, even if they have different operating voltages, which can be witnessed in ships traveling internationally. The frequency converters change the local grid power to match the input frequency and voltage of the ship. Their use helps save costs as they consume less diesel fuel. They also reduce air pollution caused by the engine’s operation while at the port.

Asia Pacific is expected to lead the Shore Power Market

Asia Pacific accounted for a 33.4% share of the Shore Power Market in 2022. The countries covered in the region are China, Japan, South Korea, India, Australia, Singapore, and Rest of Asia Pacific. Asia Pacific is projected to hold the largest size of the Shore Power Market during the forecast period as multiple countries in the region have been emphasizing reducing their carbon footprint by utilizing several techniques such as shore power, which would help them achieve their goals.

Asia Pacific is the world’s most populated region and is expected to become the largest energy-consuming region globally in the near future. The growing population and rising per capita income are the key factors for the increasing demand for energy in Asia Pacific. It comprises several developing nations that eventually require more energy for different purposes. According to the Asian Development Bank (ADB), the region’s share of global energy consumption is expected to increase to 56% by 2035 from 34% in 2010.

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The leading players in the Shore Power Market include GE (US), Siemens (Germany), Schneider Electric (France), ABB (Switzerland), and Eaton (Ireland).

About MarketsandMarkets™:

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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