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Shore Power Market to Record Significant Revenue Growth During the Forecast Period 2023-2028

Stratview Research has published a new report titled “Shore Power Market” which is segmented by Connection Type (New Installation and Retrofit), by Component Type (Transformer, Switchgear, Frequency Converter, Cables & Accessories, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).

As per the study, the market is expected to reach USD 3.23 billion by 2028 from USD 1.68 billion in 2022 at a CAGR of 11.51% during the forecast period of 2023-2028.

Shore power is the delivery of electrical power to a shore-side ship when its engines are damaged and shut down. It helps save the consumption of fuels and eliminates air pollution caused due to fuel.

This is a process in which electrical power is supplied from shore to a vessel at berth, enabling auxiliary engines to be turned off. Through this process, the shore power removes diesel emissions and other air pollutants.

Report Highlights

This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the industry’s market dynamics. It thoroughly analyzes the market segments, including products, applications, and competitor analysis.

The market is bifurcated into various segments. Below given is the segment-wise analysis -

Component Trends

The market is segmented into transformers, switchgear, frequency converter, cables & accessories, and Others.

The Frequency Converter segment is estimated to account for the largest share of the market and is also likely to be the fastest-growing segment during the forecast period. A shore power frequency converter lets a ship be powered by the port’s electrical grid, even though the vessel may have a different operating voltage.

With the reduction of diesel fuel consumption, energy is conserved with the help of shore power frequency converters. Further, they also bring down air pollution caused by operating the engine unnecessarily while at the port. All these factors contribute to the growth of the segment in the coming five years.

Connection Trends

The market is segmented into new installation and retrofit.

The New Installation segment is expected to account for a larger share of the market during the forecast period. The segment's growth can be attributed to the fact that ships are required to be properly equipped to receive power from a local grid or an outside source. This facilitates the shore power to be effectively implemented.

Prevalent ships usually need to be retrofitted with explicit electrical equipment, such as connectors, wiring, transformers, and switchgear, whereas many new ships are now being designed and built with this equipment as an integral part of their electrical system architecture.

The new installation segment is expected to bolster the market during the forecast period as the process of retrofitting shore power in prevalent vessels is far costlier against a new installation, eventually sometimes adding up to twice as much as incremental of the new-build investments.

Which Region is expected to remain the largest market?

Asia-Pacific is estimated to account for the largest share of the shore power market during the forecast period and is expected to remain dominant during the same period. The region’s growth is driven by countries such as China, whose container capacity clocked around 250 million standards in 2020. Additionally, China is seen with promising growth to be the seventh out of the ten largest ports during the forecast period.

Other regions such as North America and Europe are also expected to mark their presence in the shore power market during the forecast period driven by the increase in the installation of retrofit and low-frequency noise reduction & emission at the port.

Who are the Key Players in the Market?

This report provides market intelligence most comprehensively. It also provides critical insights into the key players active in the market, which will enable strategic decision-making for the existing market players as well as those willing to enter the market.

The following are the key players active in the Shore Power Market:

ABB

Cavotec

Cochran marine

Danfoss

GE Company

IGUS

Schneider

S&C Electric Company

Siemens

Wartsila

Key questions answered by the report.

What is the projected CAGR for revenue from the Shore Power Market during the forecast period?

What would the market be valued at by 2028?

What is a major driving factor for the growth of the market?

Which region accounted for the largest revenue share in the Shore Power Market?

Which are the major market players?

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