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Shore Power Market size was valued at USD 1.65 billion in 2023 and is expected to exceed USD 6.11 billion by 2036, expanding at over 10.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of shore power is assessed at USD 1.79 billion.
The growth of the market can be attributed to the increasing number of luxury ships in shipping business, growing need to reduce carbon emissions from ports and rising establishment of retrofit shore power systems. Since the last decade, the total revenue generated by cruise ships reached an all-time high in 2020. The calculated value amounted to be more than USD 35 billion. In addition, escalating government emphasis for the reduction of air and noise pollution caused by port activities is also evaluated to drive market growth in the near future. Along with these, surge in sea trade activities and cruise based tourism is also expected to offer lucrative opportunities to the market in the coming years.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
10.6% |
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Base Year Market Size (2023) |
USD 1.65 billion |
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Forecast Year Market Size (2036) |
USD 6.11 billion |
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Regional Scope |
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The market is segmented by component into transformer, frequency converter, switchgear, cable & accessories, and others, out of which, the frequency converter segment is anticipated to hold the largest share in the market on account of the ability of this component to increase machine lifetime, reduce maintenance cost and improve motor efficiency. Furthermore, on the basis of installation, the shoreside segment is projected to grab an enormous market share. As shoreside installation requires additional electrical components that provide enhanced flexibility for meeting power requirements of different vessels, it is widely being deployed since the recent years.
Our in-depth analysis of the global market includes the following segments:
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Installation |
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Component |
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Power Output |
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On the basis of geographical analysis, the shore power market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the Asia Pacific is set to account for largest revenue share by 2036, on the back of growing adoption of shore power systems and presence of some of the world’s busiest and largest ports in the region. According to the World Bank, China alone accounted for 30.40% of the total container port traffic in the world in 2019. The value was calculated to be 242.030 million TEU. Additionally, countries such as Japan, South Korea, Australia and Singapore are immensely involved in establishing guidelines to reduce the pollution caused from port activities, which is also expected to drive market growth in APAC in the coming years. Moreover, North America is expected to occupy the largest market share over the forecast period owing to favorable policies and high consciousness of government regarding the implementation of shore power plants to curb the detrimental effects of port based events on the environment.
· October 22, 2020: Wärtsilä was selected to power new ‘super ferries’ series by British ferry operator P&O ferries to maintain high level of fuel efficiency in their ships’ engines.
· October 21, 2020: ABB Marine & Ports delivered its sustainable shore connection technology for Viking’s high speed ferry named XPRS that ensures emissions are quiet and don’t impact local air quality.
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
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