USD 1.6 billion
Shore Power Market Size, Share, Growth Analysis, By Installation Type (Shoreside, Shipside), By Component (Transformers, Switchgear Devices), By Connection (New Installation, Retrofit), By Power Output, By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20E2076 |
Region:
Global |
Published Date: March, 2024
Pages:
198
|Tables:
90
|Figures:
70
Shore Power Market Insights
Global Shore Power Market size was valued at USD 1.6 billion in 2022 and is poised to grow from USD 1.77 billion in 2023 to USD 3.98 billion by 2031, growing at a CAGR of 11.8% in the forecast period (2024-2031).
The rising emphasis on sustainability and maritime emission and pollution reduction are projected to be key factors that are estimated to bolster the demand for shore power over the coming years. Growing maritime traffic and the imposition of strict maritime emission control mandates around the world are also estimated to bolster the shore power market growth over the coming years. Retrofitting of old ships with new power and energy systems is also slated to create new opportunities for shore power companies across the forecast period and beyond. Advancements in maritime power technologies and a growing focus on the adoption of new renewable energy sources are also slated to bolster the sales of shore power equipment in the future.
Increasing use of electric and hybrid vessels around the world is a key factor that is estimated to boost the demand for shore power over the coming years. On the contrary, high initial investments and technical challenges associated with new shore power infrastructure are forecasted to be key constraints limiting market growth potential in the long run. Rising focus on marine carbon emission reduction and growing marine trade activity allow Europe to emerge as a highly opportune space for shore power providers going forward.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
New Installation
Fastest Growth
Retrofitting
Growth Rate
11.8% CAGR
Global Shore Power Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Shore Power Market Segmental Analysis
Global Shore Power Market is segmented by Installation Type, Component, Connection, Power Output and region. Based on Installation Type, the market is segmented into Shoreside, Shipside. Based on Component, the market is segmented into Transformers, Switchgear Devices, Frequency Converter, Cables and Accessories. Based on Connection, the market is segmented into New Installation, Retrofit. Based on Power Output, the market is segmented into Below 30 Mva, 30–60 Mva, above 60 Mva. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Installation Type
The new installation segment is projected to account for a dominant share of the global shore power marketplace. New installations of shore power cost significantly less than retrofit ones and this is a key factor that allows this segment to hold a massive market share as well. Increasing emphasis on sustainability has led to high demand for new shore power installations worldwide. The rapidly expanding shipbuilding industry also contributes to the high market share of this segment.
However, the demand for retrofit installations of shore power is also slated to increase at a notable pace over the coming years. The imposition of stringent environmental safety mandates to curb maritime emissions and pollution have pushed old marine vessel owners to retrofit their vessels with new shore power systems.
Analysis by Component
The frequency converter is forecasted to account for a prominent share of the global shore power demand outlook over the coming years. Rapidly increasing marine transportation activities and the growing establishment of new ports are allowing this segment to account for a prominent share of the global shore power market. Frequency converters save energy by allowing ships to be powered by the port’s energy.
Meanwhile, the demand for switchgear devices is slated to increase at a noteworthy pace across the forecast period. Increasing emphasis on safety in the maritime industry is slated to bolster the demand for switchgear components over the coming years.
Global Shore Power Market By Installation Type
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Shore Power Market Regional Insights
The Asia Pacific regional market accounts for a dominant share of the global shore power market. This can be attributed to the increasing number of ports and high investments in marine infrastructure development. China, Japan, and South Korea are key shipbuilding countries in this region, which is also slated to bolster the shore power market growth across the forecast period. Growing emphasis on the reduction of maritime pollution in this region will also favor shore power adoption in the future. Rapidly increasing population and urbanization in this region is also fueling the demand for marine trade, which in turn, is estimated to bolster shore power market development over the coming years.
Meanwhile, the demand for shore power in Europe is slated to increase at a robust pace across the forecast period. High sea trade activity in this region and the presence of a robust marine infrastructure also contribute to the rising demand for shore power in this region. Germany, France, Sweden, and Italy are some key markets to watch out for in this region. Implementation of stringent environmental conservation mandates in this region also contributes to the shore power market growth potential. Advancements in sustainable technologies and availability of incentives and subsidies for shore power initiatives could also favor market growth in this region.
Global Shore Power Market By Region
- Largest
- Fastest
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Shore Power Market Dynamics
Drivers
High Focus on Sustainability
- The immediate threat of climate change and global warming has pushed countries across the world to implement stringent mandates to conserve the environment. Shore power solutions help reduce marine pollution and emissions, which helps in the overall sustainability improvement therefore sustainability is crucially driving shore power demand.
Rising Number of Electric and Hybrid Marine Vessels
- Growing availability and use of electric and hybrid marine vessels is projected to bolster the demand for power on different ports around the world and this is slated to benefit the shore power market growth over the coming years.
Restraints
Retrofitting Challenges
- Retrofitting old marine infrastructure with modern shore power components is a complex and capital-intensive task, which is projected to limit the adoption of shore power solutions in companies with budgetary constraints.
High Initial Investments
- Installation of new shore power facilities or retrofitting in old infrastructure are both capital intensive tasks and require high upfront investments. Budgetary constraints and unwillingness to shell out huge amount of capital for shore power could slow down shore power demand outlook in the long run.
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Shore Power Market Competitive Landscape
Shore power companies can take advantage of the efforts of shipping companies and ports to reduce their costs and improve profitability by providing highly efficient shore power systems. Market players can also invest in the research and development of novel power technologies to curb maritime pollution and emissions. shore power providers can collaborate with shipbuilding companies and shipping providers to bolster their sales potential in the long run. Companies also take advantage of new sustainability initiatives and awareness programs launched by organizations such as the International Maritime Organization (IMO) and the International Association of Ports and Harbors (IAPH) to maximize their business reach on a global level.
Top Player’s Company Profiles
- ABB (Switzerland)
- Schneider Electric (France)
- Eaton (Ireland)
- Siemens (Germany)
- General Electric Company (US)
- VINCI Energies (France)
- Wärtsilä (Finland)
- Danfoss (Denmark)
- Wabtec Corporation (US)
- Cavotec SA (Switzerland)
- igus (Germany)
- Powercon A/S (Denmark)
- Piller Power Systems (US)
- ESL POWER SYSTEMS, INC. (US)
- Conntek Integrated Solutions Inc (US)
- Patton & Cooke Co. (Canada)
- Manta Marine Technologies (Norway)
- Blue Day Technology (Norway)
- WATTS MARINE (US)
- Preen - AC Power Corp. (Taiwan)
Recent Developments
- In July 2023, Samskip, a logistics company based in the Netherlands, collaborated with Rotterdam Shortsea Terminals (RST) to launch a new green shore power initiative. This is the first of its kind power solution to be used on ports of the Netherlands.
- In April 2023, ABB, a renowned multinational organization, announced that it had signed an agreement with Meyer Turku, a Finnish shipbuilding organization to power its new multi-purpose coast guard vessels.
- In December 2023, the Port of San Diego, announced its plans to enhance its shore power capabilities for Cruise ships. The contract for this was awarded to Watts Marine LLC (formerly known as Cochran Marine).
Shore Power Key Market Trends
- Integration of Advanced Technologies: Shore power providers can emphasize the integration of advanced technologies such as artificial intelligence and machine learning to improve the efficacy of shore power systems. Companies can also opt for smart manufacturing technologies to keep their production costs low and profit margins high.
Shore Power Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, increasing emphasis on marine pollution reduction and growing sea trade activity are key factors that are estimated to bolster the demand for shore power over the coming years. A high emphasis on environmental sustainability will also boost the sales of shore power systems going forward. However, the high costs of retrofitting old marine infrastructure with modern shore power technologies are slated to be a key restraint for market growth in the future. The Asia Pacific region is estimated to account for a massive chunk of global shore power demand owing to the presence of robust shipbuilding activity and high investments in marine infrastructure development. Integration of advanced technologies with shore power systems will be the key focus of market players in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.6 billion |
| Market size value in 2031 | USD 3.98 billion |
| Growth Rate | 11.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Shore Power Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Shore Power Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Shore Power Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Shore Power Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Shore Power Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Shore Power Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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