PUBLISHER: Orion Market Research | PRODUCT CODE: 1159329
PUBLISHER: Orion Market Research | PRODUCT CODE: 1159329
Global Shore Power Market Size, Share & Trends Analysis Report by Installation Type (Shoreside and Shipside), by Connection (New Installation and Retrofit), by Component (Transformers, Switchgear Devices, Frequency Converters, Cables & Accessories, and Others), and by Power Rating (Up To 30 MVA, 30-60 MVA and Above 60 MVA) Forecast Period (2022-2028)
The global shore power market is anticipated to grow at a substantial CAGR of 6.9% during the forecast period. The growth of the global shore power market during the forecast period can be attributed to the increasing demand for reducing carbon emissions and noise pollution across the globe. Additionally, the market is also growing due to initiatives taken by governments and port authorities globally to reduce the carbon footprint. For instance, in February 2022, Government ministers and port authorities from across the globe signed a declaration to deploy shore-side electricity supply by 2028 at the One Ocean Summit. They further agreed to reward the most environmentally friendly ship and promote actions that improve the environment around ports by reducing stopover fees for greener vessels.
The global shore power market is segmented based on installation type, connection, component and power rating. Based on the installation type, the market is sub-segmented into shoreside and shipside. Based on the connection, the market is sub-segmented into new installation and retrofit. Based on the component, the market is sub-segmented into transformers, switchgear devices, frequency converters, cables and accessories and others. Based on the power rating, the market is sub-segmented into up to 30 MVA, 30-60 MVA and above 60 MVA. Among these, the retrofit sub-segment of connection segment is growing due to the flexibility it offers to modify the existing vessels as per the new safety and environmental regulations implemented globally.
Geographically, the shore power market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia-Pacific holds a prominent share in the market due to the increasing seaborne trade and initiatives by countries such as India, and China, among others to reduce carbon footprint in the region. Furthermore, North America is the second-highest region to hold the market share due to the presence of key players in the region.
The major companies serving the global shore power market include ABB Group Ltd., Piller Power Systems, Power System International, Siemens AG, and Schneider Electric SE, among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, and geographical expansion, to stay competitive in the market. For instance, in May 2020, Schneider Electric announced that it has received a contract for the UK's first large ship-to-shore commercial connection in Stromness, Orkney. The contract was to supply locally produced green electrical power to the MV Hamnavoe NorthLink ferry while at berth.
Research Methodology
The market study of the global shore power Market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include:
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
The Report Covers: