Global Shore Power Market Size study, by Installation Type, Connection, Component, Power Rating, and Regional Forecasts 2022-2032

The global shore power market is valued at approximately USD 2.08 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 10.4% over the forecast period 2024-2032. Shore power, also referred to as "cold ironing," represents a pivotal solution for the maritime industry by providing docked vessels with a direct electrical connection to land-based grids. This innovation allows vessels to shut down their onboard engines, thereby reducing emissions of sulfur oxides (SOx), nitrogen oxides (NOx), and greenhouse gases, as well as mitigating noise pollution. The market's growth is driven by stringent environmental regulations, particularly those set forth by global agencies like the International Maritime Organization (IMO) and regional authorities, which are encouraging ports and shipowners to adopt shore power infrastructure.

The market dynamics are heavily influenced by rising public awareness regarding environmental conservation and the economic advantages offered by shore power. For instance, the technology allows ship operators to reduce reliance on fuel for auxiliary engines, leading to significant cost savings. Moreover, advancements in power conversion components such as frequency converters and transformers are making shore power solutions more efficient and accessible. However, the adoption of shore power faces barriers such as high installation costs for shoreside infrastructure and the expensive retrofitting of ships to accommodate these systems. Despite these challenges, supportive regulatory frameworks and technological innovations are expected to fuel market growth over the coming years.

Regionally, Asia Pacific emerged as the largest market in 2023, accounting for a significant share of the global revenue due to the presence of some of the world's busiest ports in China, India, and South Korea. The North American market, particularly the U.S., is witnessing robust growth driven by environmental policies mandating the adoption of cleaner port operations. Europe is also showing considerable traction, with countries like Germany and Norway leading the way in investing in shore power infrastructure as part of broader sustainability initiatives.

The competitive landscape of the shore power market is moderately fragmented, featuring both global giants like ABB and Siemens Energy and specialized firms such as Cavotec and Wartsila. These players are actively investing in research and development to enhance system efficiencies and reduce costs, which is expected to further accelerate the adoption of shore power solutions globally.

Major market players included in this report are:

• ABB
• Siemens Energy
• Schneider Electric
• Eaton
• General Electric
• Cavotec
• Wartsila
• Conntek Integrated Solutions Inc.
• Piller Power Systems
• Power Systems International
• Sydney Marine Electrical
• Blueday Technology
• ESL Power Systems
• Watts Marine
• Ratio Electric

The detailed segments and sub-segments of the market are explained below:

By Installation Type:

• Shoreside
• Shipside

By Connection:

• New Installation
• Retrofit

By Component:

• Transformers
• Switchgear Devices
• Frequency Converters
• Cables and Accessories
• Others

By Power Rating:

• Up to 30 MVA
• 30 to 60 MVA
• Above 60 MVA

By Region:

North America:

• U.S.
• Canada
• Mexico

Europe:

• Germany
• UK
• Norway
• Netherlands

Asia Pacific:

• China
• India
• South Korea
• Australia

Central & South America:

• Brazil
• Argentina

Middle East & Africa:

• Saudi Arabia
• UAE

Years considered for the study are as follows:

• Historical year: 2022
• Base year: 2023
• Forecast period: 2024-2032

Key Takeaways:

• Comprehensive market estimates and forecasts for a 10-year period.
• In-depth country-level analysis across major regions.
• Detailed competitive landscape with company profiling and strategic insights.
• Identification of emerging market opportunities and recommendations for stakeholders.
• Analysis of technological advancements shaping the market.