Revolutionizing Maritime Transportation: The Rise of Shore Power as a Catalyst for Cleaner Seas- By PMI

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Prophecy Market Insights latest research report on the Shore Power Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.

Covina, Nov. 13, 2023 (GLOBE NEWSWIRE) — Shore power systems vary in design and technology. Some ports have advanced, high-voltage systems that can accommodate multiple ships simultaneously, while others have simpler low-voltage systems. The International Electrotechnical Commission (IEC) has established standards for shore power systems (IEC 80005-1 and IEC 80005-2) to ensure compatibility and safety.

Existing ships are increasingly being retrofitted with shore power capabilities, and new ships are being designed with shore power connectivity in mind. This trend will expand the shore power market as more vessels become capable of connecting to shore power.

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Key Highlights

  • In August 2020, Initiative launched to roll out shore power across Japanese ports. In order to encourage the broad usage of standardized shore-to-ship charging stations, a Japanese consortium has been established. The organization, which has been given the temporary name “Promotion Council for Zero Emission Chargers for Ships,” initially try to install model zero emission chargers for ships in Hanshin Port and Keihin Port.
Report Attribute Details
Shore power market Value (2022) US$ 20.6 Billion

 

Shore power market Projected Value (2032) US$ 32.9 Billion

 

Shore power market CAGR (2022 – 2032)

 

4.9%
No. of Pages     172
Report coverage

 

Revenue forecast, company share, competitive landscape, growth factors, and trends

 

Market Overview

The global shore power market is expected to reach a value of USD 32.9 billion by 2032, growing at a CAGR of 4.9% from 2022 to 2032. This growth is being driven by several factors, including:

  • Increasing environmental concerns
  • Growing demand for sustainable maritime transportation
  • Stringent emission regulations
  • Government incentives and subsidies

Market Segmentation

  • By Component: Cables & Accessories, Switchgear, Frequency Converter, Transform, and Others
  • By Installation Type: Shipside, and Shoreside
  • By Connection: Retrofit, and New Installation
  • By Power Rating: 30-60 MVA, Up to 30MVA, and Above 60 MVA
  • By Region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

Region

Asia Pacific: The Asia Pacific region is the largest shore power market, accounting for over 40% of the global revenue in 2022. This is due to the rapid growth of the maritime industry in the region.

Europe: The European region is the second-largest shore power market, accounting for over 30% of the global revenue in 2022. This is due to stringent emission regulations in the region.

North America: The North American region is the third-largest shore power market, accounting for over 20% of the global revenue in 2022. The market is expected to grow in the coming years, driven by government incentives and subsidies.

Key Players

The key players in the shore power market include:

  • Wabtec Corporation,
  • Cavotec, Patton & Cooke Co.,
  • Siemens,
  • Piller Power Systems,
  • Watts Marine,
  • Danfoss,
  • VINCI Energies,
  • Blueday Technology,
  • ABB.

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Analyst View

For shore power systems to be compatible and interoperable, international standards must be developed and adopted. The installation of shore power at ports across the world will be made simpler as standards develop and are more commonly adopted. Some regions and nations provide financial incentives to promote the use of shore power, such as subsidies or waived port fees. These benefits may encourage market expansion even more.

Conclusion

The shore power market is expected to grow significantly in the coming years, driven by increasing environmental concerns and stringent emission regulations. This growth will create opportunities for companies that provide shore power solutions, such as equipment manufacturers, engineering firms, and installation contractors.

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