PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1092203
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1092203
The global Shore Power market is estimated to be worth $1,300.6 million in 2021. Shore Power market is expected to expand at an 5.5% CAGR during the forecast period.
Shore power or cold-ironing is a technique that provides electrical power to a boat, minimizes the diesel fuel usage, and allows the ship's assistant motors to be turned off. Shore power is an efficient technique for enhancing air quality and for the reduction of harmful emissions. Shore power minimizes the quantity of gasoline used to power ships in port or pollution created by that fuel use. Power from the ground could come from a utility's grid and is expected to come from a remote generator. Renewable energy sources such as wind energy or solar energy can be used to provide power to these generators. Shore power recurrence converters save money by reducing the amount of diesel fuel used. It also reduces air pollution caused by the motor operating unnecessarily at the port. The use of shore power repetition converters also reduces clamor, while sitting and diesel generators are noisier.
The shore power market is gaining traction across the globe. During the forecast period, rising demand for decreasing carbon emissions and pollution is expected to boost demand for shore power. Although anchored ships do not require propulsion, an uninterrupted electrical power source, provided by auxiliary diesel engines and electrical generators, is required for numerous functions. The use of these diesel-powered generators pollutes the air and creates noise, which can be dangerous for port workers and residents. Inhaling this dirty air can damage the lung and cause other issues for humans. The usage of shore power systems on ports aids authorities in reducing air and noise pollution, as well as environmental discomfort. According to the International Chamber of Shipping, maritime vessels carry out 90% of global trade and rely on fossil fuels for power generation. CO2 emissions result from the burning of fossil fuels, leading to climate change and acidification. In addition to CO2, port operations release other pollutants such as SOx and NOx, which have a negative influence on the environment. Shore power systems aid in effectively controlling air and noise pollution, and, as a result, their negative effects are reduced.
Shore Power Market is segmented by component, power rating, installation type, and connection. Based on installation type, the ship site segment is expected to register the fastest growth of 8.8% during the forecast period. When a ship is anchored to a port, it requires electricity for essential functions such as air conditioning, refrigeration, and the operation of onboard computers. This power is provided by shore power systems, which eliminates the need for propulsion power devices like generators. Insensitive, densely populated harborside locations, decreases air and noise pollution. In some cases, landside electricity can be utilized to "charge" a shipboard energy storage system, with resulting battery power accessible for short-distance operations, such as end-to-end ferries and emissions-free propulsion in ports or protected waterways.
The global Shore Power market is highly competitive with a presence of few international players. Some of the major players in the market are GE, Siemens, Schneider Electric, ABB, Eaton, and Conntek Integrated Solutions, among others. Industry players are relying on product approvals, product launches, mergers, and acquisitions to gain a significant share of the global Shore Power market. For instance, in March 2021, Crossover Health received series D funding of USD 168 million led by Deerfield Management Company. In addition, in March 2021, Germany's Port of Kiel announced the deployment of a cloud-based power monitoring solution for its shore power system through Siemens Smart Infrastructure.
The scope of this report covers the market by its major segments, which include as follows: