Shore power also known as cold ironing involves plugging ships into local electrical grids while in port, eliminating the need to use diesel engines for power generation. Shore power systems enable container ships, ferries, and cruise liners to shut down their auxiliary diesel engines during port stays, significantly reducing air emissions including nitrogen oxides, sulfur oxides, and particulate matter. Widespread adoption of shore power solutions can help ports and maritime fleets meet increasingly stringent environmental regulations aimed at improving local air quality and reducing greenhouse gas emissions from ships docked at berths.
The shore power market is estimated to be valued at USD 2.25 Bn in 2024 and is expected to reach USD 4.51 Bn by 2031. It is projected to grow at a compound annual growth rate (CAGR) of 10.44% from 2024 to 2031.
Key Takeaways
Key players: Key players operating in the shore power market are Siemens, Schneider Electric, Danfoss, ABB, Cavotec, Eaton, Cochran Marine, Wärtsilä, VINCI Energies, and Blueday Technology. These players are focusing on developing innovative shore power systems and components for various vessels types to capitalize on the rising demand.
Key opportunities: Significant Shore Power Market Opportunities lie in retrofitting shore power systems in older ships and ports. Developing economies in Asia Pacific and Middle East represent high growth potential for shore power suppliers due to large number of upcoming port infrastructure projects and rising maritime trade.
Global Expansion: Major players are expanding their global footprint through acquisitions and partnerships. For instance, in 2022, Cavotec acquired PEMP Tech GmbH to strengthen its position in the European shore power market. Similarly, Wärtsilä partnered with APR Energy to promote use of shore power at cruise ports across Americas.
Market drivers:
Stringent emission norms by IMO and national regulatory bodies is a key factor driving adoptions of shore power. Other factors include incentives and subsidies by governments for eco-friendly port infrastructure, and rising awareness among ship owners about economic and environmental benefits of shore power.
Market restraints:
High initial installation and equipment costs pose significant challenges, especially for retrofitting older vessels and ports. Limited shore-based power infrastructure and non-uniform standards also hamper the widespread adoption of this technology. Lack of developed cold ironing facilities at ports also act as a restrain for the market.
Segment Analysis
The shore power market can be segmented based on the connection type, installation, component, power supply, and application. Based on the connection type, the shore power market is divided into shoreside and ships side. Shore side connections hold the major share as they are more feasible and reliable for shore power supply. Based on installation, it is divided into shoreside and shipside. Shore side installation dominates as it does not require any changes or additions to the ship infrastructure. Based on components, the market is segmented into transformers, switchgear devices, frequency converters, cables & accessories, and others. Among these, cables and accessories have the highest market share as they play a vital role in supplying shore power. By power supply, it is segmented as AC shore power and DC shore power connection. The AC shore power connection has a higher market share due to its compatibility with traditional shore-based systems. By application, the market can be segmented into commercial, military, and others. Commercial vessels hold the highest share due to rising seaborne trade and higher demand for shore power among commercial vessels to reduce emissions.
Global Analysis
Regionally, the Asia Pacific region holds the highest share in the global shore power market and is projected to have the fastest growth during the forecast period. This is attributed to the strong presence of shipbuilding countries like China, South Korea, and Japan. The growing maritime trade activities and initiatives taken by governments to reduce GHG emissions are also fueling market growth. Europe and North America are other major regions for the shore power market. The strict environmental regulations to curb emissions from berthed vessels and growing deployment of shore-side infrastructure are driving market growth in these regions. The availability of well-established and efficient shore-side infrastructure also makes Europe and North America attractive regions. Developing regions like South America and Middle East & Africa are expected to offer lucrative opportunities in the coming years with growing investments towards port electrification and strengthening shipping trade.
Get This Report in Japanese Language: 陸上電源市場
Get This Report in Korean Language: 해안 전력 시장
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
At iCare Repair, we have experience in Samsung tablet repair services ranging from screen replacements to dock connectors, and everything in between.
Our repairs are always fast, affordable, and even come with a limited lifetime warranty to ensure your tablet is always in good hands.
Most of our repairs can be made within one business day, so you can get back to using your tablet as soon as possible.
Choose iCare Repair for your Samsung Tablet Repair in Michigan , or any other tech repair.
One drop can crack a screen or cause significant internal damage.
You want one who has a deep understanding of how to troubleshoot and repair your Samsung Galaxy tablet.
