Shore Power Market Share

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.