What is Global Shore Power Market?
The Global Shore Power Market is a rapidly expanding sector that plays a crucial role in the maritime industry. Shore power, also known as cold ironing, is a process that provides electrical power to ships docked at a port. This allows the ship's main and auxiliary engines to be shut down, reducing emissions and noise pollution. The global shore power market is a complex network of suppliers, manufacturers, and consumers, all working together to ensure the smooth operation of ships while they are in port. The market is driven by a growing awareness of the environmental impact of shipping and the need to reduce greenhouse gas emissions. It is also influenced by technological advancements and the increasing demand for energy-efficient solutions. The global shore power market is a dynamic and evolving sector, with new opportunities and challenges emerging all the time.
Transformer, Switchgear, Frequency Converter, Cable & accessories, Others (Auxiliary Power System, and Voltage Stabilizers) in the Global Shore Power Market:
The Global Shore Power Market is segmented into various components such as transformers, switchgear, frequency converters, cables & accessories, and others which include auxiliary power systems and voltage stabilizers. Transformers are essential in the shore power system as they help in stepping down the high voltage from the power grid to a usable level for the ship. Switchgear, on the other hand, is used to protect the electrical equipment from short circuits and overloads. Frequency converters are used to convert the frequency of the electricity from the shore power grid to match the ship's electrical system. Cables and accessories are used to connect the ship to the shore power system. Other components like auxiliary power systems and voltage stabilizers are also crucial in ensuring the smooth operation of the shore power system. Each of these components plays a vital role in the functioning of the shore power system and contributes to the growth of the global shore power market.
Shoreside, Shipside in the Global Shore Power Market:
The Global Shore Power Market finds its application both shoreside and shipside. Shoreside usage of shore power involves the installation of infrastructure at the port to supply power to the docked ships. This includes transformers, switchgear, frequency converters, and cables & accessories. On the other hand, shipside usage involves the modification of the ship's electrical system to accept the shore power. This includes the installation of an onboard shore power system, which consists of a frequency converter, switchgear, and a transformer. Both shoreside and shipside applications are crucial for the successful implementation of shore power and contribute significantly to the growth of the global shore power market.
Global Shore Power Market Outlook:
Looking at the market outlook, the Global Shore Power Market was valued at a significant US$ 1222.5 million in 2023. The market is expected to witness substantial growth, reaching an impressive US$ 2095.6 million by 2030. This growth trajectory represents a Compound Annual Growth Rate (CAGR) of 7.5% during the forecast period from 2024 to 2030. This growth can be attributed to the increasing awareness about environmental sustainability and the need to reduce harmful emissions in the maritime industry. The market's growth is also driven by technological advancements and the increasing demand for energy-efficient solutions in the shipping industry.
| Report Metric | Details |
| Report Name | Shore Power Market |
| Accounted market size in 2023 | US$ 1222.5 million |
| Forecasted market size in 2030 | US$ 2095.6 million |
| CAGR | 7.5% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| By Region |
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| By Company | Siemens, Wärtsilä, ABB, Schneider Electric, Cavotec |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
