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

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.