Shore Power Market Highlights 2020 – 2030
The shore power market is estimated to garner a sizeable revenue by growing at a notable CAGR over the forecast period, i.e., 2021 – 2030. 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. Approximately 30 million passengers globally traveled on a cruise in 2019. The average passenger capacity reached its highest value of more than 545k the same year.
The market is segmented by component into transformer, frequency converter, switchgear, cable & accessories, and others, out of which, the frequency converter segment is anticipated to hold the largest share in the shore power market on account of the ability of this component to increase machine lifetime, reduce maintenance cost and improve motor efficiency. Furthermore, on the basis of installation, the shoreside segment is projected to grab an enormous market share. As shoreside installation requires additional electrical components that provide enhanced flexibility for meeting power requirements of different vessels, it is widely being deployed since the recent years.
Major Macro-Economic Indicators Impacting the Market Growth
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years. CLICK TO DOWNLOAD SAMPLE REPORT
Global Shore Power Market Regional Synopsis
On the basis of geographical analysis, the shore power market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of growing adoption of shore power systems and presence of some of the world’s busiest and largest ports in the region. According to the World Bank, China alone accounted for 30.40% of the total container port traffic in the world in 2019. The value was calculated to be 242.030 million TEU. Additionally, countries such as Japan, South Korea, Australia and Singapore are immensely involved in establishing guidelines to reduce the pollution caused from port activities, which is also expected to drive market growth in APAC in the coming years. Moreover, North America is expected to occupy the largest market share over the forecast period owing to favorable policies and high consciousness of government regarding the implementation of shore power plants to curb the detrimental effects of port based events on the environment.
The shore power market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the shore power market includes the following segments:
By Installation
- Shipside
- Shoreside
By Component
- Transformer
- Frequency Converter
- Switchgear
- Cable & Accessories
- Others
By Power Output
- <30 MVA
- 30-60 MVA
- >60 MVA
Growth Drivers
- Rising Government Awareness to Reduce Carbon Emissions from Ports
- Growing Number of Luxury Ships for Shipping Business
Challenges
- High Installation and Maintenance Costs of Shore Power
Top Featured Companies Dominating the Market
- Schneider Electric
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Siemens AG
- ABB Ltd, Switzerland
- Cavotec SA
- Wärtsilä Corporation
- ESL Power Systems, Inc.
- VINCI Energies S.A.
- NorSea Group
- igus GmbH
- Cochran Marine LLC.
