Shore Power Market Size

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.

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of shore power is assessed at USD 1.79 billion.

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. The market growth is impelled by increasing government awareness to reduce carbon emissions from ports and growing number of luxury ships for shipping business.

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 worldâ€™s busiest and largest ports in the region.

The major players in the market are Schneider Electric, Siemens AG, ABB Ltd, Switzerland, Cavotec SA, WÃƒÂ¤rtsilÃƒÂ¤ Corporation, and others.

Shore Power Market Size