Global Shore Power Market - 2023-2030

Market Overview

The Global Shore Power Market size reached US$ 1340.1 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 2351.2 million by 2030. The market is growing at a CAGR of 6.6% during the forecast period 2023-2030.

The global shore power market is a rapidly expanding industry that provides a sustainable solution to mitigate greenhouse gas emissions from marine vessels while they are moored at ports. The respective market shares are fueled by an escalating demand for eco-friendly and highly efficient power solutions for marine vessels. Shore power systems offer vessels an alternative to using their onboard diesel generators, which are known to emit harmful pollutants and contribute to air pollution.

The market trend is also being influenced by supportive government initiatives and regulations aimed at curtailing carbon emissions from the shipping industry. Leading players in this market include ABB, Schneider Electric, Siemens and Wartsila, who are constantly innovating and launching new products to address the evolving needs of the industry.

In the coming years, the global shore power market is poised to witness substantial growth opportunities, driven by factors such as heightened environmental awareness, escalating demand for energy-efficient solutions, and favorable government policies. The shipside segment accounts for a significant market share of almost 56-58% in the type segment of the global shore power market. Similarly, the Asia-Pacific region dominates this market, holding an approximate market share of 33% in the regional segment.

Market Dynamics

Increasing Focus on Reducing Greenhouse Gas Emissions From the Maritime Sector

One of the main drivers of the shore power market is the increasing focus on reducing greenhouse gas emissions from the maritime sector. According to the European Environment Agency, the maritime sector was responsible for around 13% of the EU's greenhouse gas emissions. To address this issue, governments around the world are implementing regulations and incentives to encourage the adoption of shore power systems.

For instance, in the U.S., the Environmental Protection Agency's Clean Air Act requires certain ports to provide shore power for vessels. In 2021, the Port of Los Angeles launched a new shore power system, called the "Shore Power Technology for Ports" program, which offers financial incentives to shipping lines that use shore power. The program aims to reduce greenhouse gas emissions by 20% by 2025.

In addition to government regulations and incentives, companies are also launching new products to meet the growing demand for shore power systems. For example, in March 2021, GE Renewable Energy launched its new "GreenPowerPuck" shore power system, which allows vessels to connect to the grid and reduce emissions while at berth.

The system is expected to reduce carbon dioxide emissions by up to 20 tons per ship per day. Overall, the combination of government regulations and incentives, as well as new product launches, is expected to drive the market shares of the shore power market in the coming years.

Lack of Infrastructure and Regulations in Certain Regions

One of the main restraints of the global shore power market is the lack of infrastructure and regulations in certain regions. For instance, in India, the installation of shore power systems at ports has been slow due to the absence of a regulatory framework and funding challenges. According to the Indian Ministry of Shipping, only five ports in the country have installed shore power systems as of December 2021. However, there have been recent efforts to promote the adoption of shore power in the region.

n December 2021, the government of India announced plans to install shore power facilities at 13 major ports in the country by 2025. In addition, in November 2021, Schneider Electric India launched its "EcoStruxure Power" solution, which includes a range of shore power systems that enable vessels to connect to the grid and optimize their energy consumption while at berth. The aforementioned factors hamper the market opportunities of the global shore power market.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global shore power market is segmented based on technology, type, communication protocol, end-user and region.

Growing Awareness of the Negative Environmental Impact of Shipping Emissions on Air Quality and Public Health, Particularly in Densely Populated Port Areas

The growth of the shoreside segment in the shore power market can be attributed to several factors. First, there is a growing awareness of the negative environmental impact of shipping emissions on air quality and public health, particularly in densely populated port areas. Governments around the world have implemented stricter regulations on emissions from ships, and shore power is seen as a key solution to help ports and shipping companies meet these targets.

Second, the cost of shore power has decreased significantly in recent years, making it more economically viable for ports and shipping companies to adopt the technology. The cost of shore power infrastructure has declined as more companies enter the market and competition increases, while advances in technology have also made the systems more efficient and cost-effective.

Finally, there have been several product launches in the shoreside segment of the shore power market in recent years. For example, in 2021, the Port of Oakland in California announced the launch of its new shore power system, which has a total capacity of 1.8 MW and can power two vessels simultaneously. The system is expected to reduce emissions by around 90%, equivalent to taking over 32,000 cars off the road each year.

In conclusion, the growth of the shoreside segment in the shore power market is driven by a combination of factors, including increasing awareness of the negative environmental impact of shipping emissions, decreasing costs, and product innovations.

Geographical Analysis

Presence of Some of the Busiest Ports in the World and the Increasing Demand for Shore Power Systems

Asia-Pacific is home to some of the busiest ports in the world, and the increasing demand for shore power systems has led to the launch of several new products and initiatives. In addition to China, other countries in the region are also investing in shore power infrastructure. For instance, Japan's Ministry of Land, Infrastructure, Transport and Tourism has been promoting the use of shore power in its ports since 2015. The ministry has set a goal to increase the use of shore power to 50% of all berths in the country's major ports by 2030.

Similarly, South Korea has been investing in shore power infrastructure in its major ports, such as Busan and Incheon, to reduce emissions and improve air quality. These government initiatives have led to the launch of several new products in the Asia-Pacific shore power market. For example, in 2020, Mitsubishi Electric launched its "e-F@ctory Alliance" program, which includes a range of shore power solutions for ships and ports.

The company's solutions include power supply systems, monitoring and control systems, and charging systems for electric vehicles. Similarly, in 2021, the South Korean company Daejin launched its new "DN Series" shore power system, which can provide up to 6,600 volts of power to ships. In conclusion, the Asia-Pacific shore power market has been growing rapidly, driven by government initiatives to reduce emissions and improve air quality in major ports.

China is the largest market for shore power in the region, but other countries such as Japan and South Korea are also investing in shore power infrastructure. The launch of new products and the integration of renewable energy sources are also contributing to the growth of the market.

Competitive Landscape

The major global players include: ESL Power Systems, Schneider Electric, Smartplug, Blueday Technology, ABB Ltd., Cochran Marine, Vinci Energies, Cavotec, IGUS and

Siemens AG.

Why Purchase the Report?

• To visualize the global shore power market segmentation based on component, installation, power output, connection and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of shore power market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping is available in Excel consisting of key products of all the major players.

The Global Shore Power Market Report Would Provide Approximately 69 Tables, 65 Figures and 167 Pages.

Target Audience 2023

• Manufacturers / Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies