Shore Power Market Share, Size, Trends, Industry Analysis Report, By Installation Type (Shoreside, and Shipside); By Connection; By Component; By Power Rating; By Region; Segment Forecast, 2023- 2032
- Published Date:Mar-2023
- Pages: 118
- Format: PDF
- Report ID: PM3096
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global shore power market was valued at USD 1,669.15 million in 2022 and is expected to grow at a CAGR of 11.32% during the forecast period. Onshore power and alternative marine power are also used to describe shore power. While a ship's main and auxiliary engines are out, it is the process of supplying shoreside electrical power to the ship. Diesel emissions and other air pollutants produced by the vessel's onboard supplemental engines are almost eliminated by plugging in and turning off the machines when using shore power. It is an efficient approach to lower emissions of greenhouse gases that cause climate change and pollutants that harm air quality. In addition, it lessens engine noise and operating expenses. This technology also helps lower fuel costs by giving ship operators another option for running auxiliary diesel engines when moored, which raises demand for it in the marine sector.
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The rising development of high-power products for various verticals by the major players is driving the demand for shore power. For instance, in March 2022, The TDK Corporation announced the addition of the 30kW–60kW Highly Programmable Rack DC Energy Systems to the Genpluslogo.png Programmable Power Amplifier Series. This power system extends beyond the current rack-mount product portfolio into markets such as Automotive, Industrial, Aviation, Renewables, and Applied R&D in application areas like Battery/Component Verification, Fuel Cell, Water Purification, Hydrogen Generation, Rechargeable batteries R&D, and Rooftop solar Inverter.
Marine power allows ships at a dock to utilize shoreside energy to operate internal electrical systems. The crew can preserve the ship's diesel engines when berthed owing to the reduction of low-frequency noise and vibration. It is an essential strategy for cutting emissions and lowering costs for transportation businesses. Furthermore, it is a quicker and less expensive short-term solution that enables shipping companies to meet emissions requirements. Therefore, the power's above-mentioned positive attributes are anticipated to drive the market.
Moreover, the possibility of ships striking whales & underwater noise is the two additional environmental effects of shipping, in addition to greenhouse gas emissions. Significant work has gone into creating underwater noise measuring standards to create a uniform metric for the underwater noise that commerce ships make. Special marine tests determine whether it complies with underwater noise classification societies. Analytical techniques and tools for forecasting underwater radiated noise are helpful when considering noise reduction options during the design process. Therefore, shore power systems assist marine businesses in reducing underwater noise and achieving emissions targets.
Every industry has suffered due to the global pandemic brought on by the new coronavirus. Due to the implementation of tight regulations, including lockdowns to stop the COVID-19 virus's spread, industries have suffered significant losses in operational time. Additionally, closing down companies without critical services and a small staff impacted local and foreign trade. Due to the market's dependence on maritime activities, the long-term downturn in the marine and trade business has influenced investment in this technology, which has had a direct impact on the maritime industry.
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Industry Dynamics
Growth Drivers
The rising number of installations of retrofit shore power systems is accelerating the market growth. Due to the rise of terminals using this power and changes in regulations, shipping companies are incorporating marine power into new boats and upgrading their old ones. In August 2021, the 2,800-passenger, 646-car Megastar ferry, operated by Estonian company Tallink, will receive an ABB shore connection system to enable it to tap into the power network peacefully, emission-free layovers in the Port of Tallinn. The ferry is powered by LNG. In January 2022, the ABB shore power solution was scheduled to be put into service. The technology will be pre-fitted when a second Tallink vessel, the MyStar, was delivered in 2022. The ports' demand in the market would increase due to the rising investments in their modernization. Therefore, adding more terminals and installing upgrade technologies at the port will promote growth.
Report Segmentation
The shore power market is primarily segmented based on installation type, power rating, component, connection, and region.
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By Installation Type |
By Power Rating |
By Component |
By Connection |
By Region |
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The Shoreside Segment is Expected to Witness the Fastest Growth in 2022
The shore power market is anticipated to have shoreside installation as its most significant segment throughout the projected period. As additional electrical components are needed on the shore, the increased installation cost is likely linked to this benefit. In November 2021, Blueday Technology entered into a contract with Fjord Base to deliver another full BluEco Shore Power System as part of its ongoing commitment to a society with low emissions. This demonstrates Blueday's faith in their ability to produce shore power systems integrating marine-related technologies and expertise.
In addition, with the aid of shore-to-ship power systems, docked ships may access the entire amount of power required to run their internal systems, such as ventilation and cooling, from the regional power grid. Due to shoreside power, ships can turn off their diesel engines while berthed in ports. This improves the quality of the environment for those who live in and around the harbor by reducing emissions of greenhouse gases, noise, and vibrations. The shore-to-shore power system is strengthened by additional components, increasing its adaptability to diverse ship types' power requirements. The segment is also rising due to its feature of a 90% reduction in pollutants and a 50% reduction in greenhouse gas emissions. It also lessens engines wear and tear, vibration, and sound.
The New Installation Segment Industry Accounted for the Largest Share During the Forecast Period
The new installation segment is anticipated to dominate the shore power market during the projected period. The tightening of government environmental regulations is to blame for this growth. Shore power systems were built into every entering port and ship, which lowered the cost of implementation. The segment is also driven by new installs being less expensive than retrofit installations.
The Demand in North America is Expected to Witness Significant Growth in 2022
The government laws in many states of North America are favorable. The adoption of shore power systems is anticipated to grow throughout the region. In August 2020, the California Air Resources Board (CARB) of the United States broadened a rule governing the use of shore power by ships when refloated to cover more varieties of vessels. The amended law now includes these vessels with the addition of auto carriers and tankers, which account for 56% of all fine particle pollution from ocean-going ships in California ports. The new law is predicted to result in a 90% decrease in pollution from an extra 2,300 vessel visits expected every year and a 55% reduction in possible cancer risk for areas around the Port of Los Angeles, Long Beach, and Virginia.
In addition, shipping lines are adding marine electricity into new vessels and retrofitting older ones due to a rise in the number of terminals with this power and regulatory adjustments. Rising port retrofitting investment will increase market demand. The ports stressed the huge container ships' readiness to use cold ironing and the strong business case for upgrading or equipping them with shore power. As a result, constructing additional terminals and installing retrofit equipment will support the port's expansion.
Furthermore, APAC is projected to register the highest growth rate over the study period. The expansion of port terminals & investments in the marine infrastructure is driving the region's growth. Regarding total annual cargo and container volume, China has seven of the top ten largest ports worldwide. The shore power system is being installed at China's ports, expanding market demand for this energy and lowering air and noise pollution.
Competitive Insight
Key players in the market include AC Power, VINCI Energies, ABB Group, Blueday Technology, Cavotec, ESL Power Systems, General Electric Corporation, Igus GmbH, Cochran Marine, Danfoss, Siemens, Schneider Electric, Smart Plug Systems, TEC Container S.A., and Wartsila.
Recent Developments
- In March 2022, Ohmia Retail Sweden, a joint venture between Danfoss & Ohmia Retail International, was founded in Sweden to enhance the company's present retail food product offerings.
- In October 2022, PowerCon won the EUR 4.9 million contract as a component of the larger "Phase Zero of the Wharf Electrification Plan" created by the Port of Barcelona, which also includes the project's preparation and execution as well as the customer support for connecting and disconnecting ships from the installation and its maintenance.
Shore Power Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 1,854.76 million |
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Revenue forecast in 2032 |
USD 4,869.05 million |
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CAGR |
11.32% from 2023-2032 |
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Base year |
2022 |
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Historical data |
2019- 2021 |
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Forecast period |
2023- 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
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Segments Covered |
By Installation Type, By Connection, By Component, By Power Rating, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key Companies |
AC Power Corp., ABB Group, Blueday Technology Limited, Cavotec SA, Cochran Marine LLC, Danfoss A/S, ESL Power Systems Inc., General Electric Corporation, Igus GmbH, Siemens AG, Schneider Electric Group, Smart Plug Systems Corp., VINCI Energies Corp., Tec Container S.A. and Wartsila Inc |
FAQ's
Key companies in the shore power market are AC Power, VINCI Energies, ABB Group, Blueday Technology, Cavotec, ESL Power Systems, General Electric Corporation, Igus GmbH, Cochran Marine, Danfoss, Siemens, Schneider Electric.
The global shore power market expected to grow at a CAGR of 11.3% during the forecast period.
The shore power market report covering key segments are type, power rating, component, connection, and region.
Key driving factors in shore power market rising number of installations of retrofit shore power systems.
The global shore power market size is expected to reach USD 4,869.05 million by 2032.
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