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“Shore power market is projected to reach USD 1.4 billion by 2025, growing at CAGR of 6.7% from 2020 to 2025”
The shore power market size is projected to reach USD 1.4 billion by 2025 from USD 1.1 billion in 2020, at a CAGR of 6.7%. Rising adoption of new technologies for limiting carbon emissions in the developed regions is the key driver for this market during the forecast period.
“Shoreside installation is expected to be largest market during forecast period”
The market has been segmented, by installation, into shoreside and shipside installations. The shoreside segment is expected to be the most shore power market, by installation, during the forecast period. This growth can be attributed to the high cost of components that need to be installed in shoreside shore power systems. Also, some additional components are required on the shoreside to make the shoreside shore power system more flexible and meet the power requirements of different types of vessels.
“New installation segment is expected to be largest in the shore power market, by connection, during forecast period”
The shore power market, by connection, has been segmented into new installations and retrofit. The new installation segment is expected to be the largest in the shore power market, by location, during the forecast period. This growth can be attributed to the increase in the number of stringent environmental norms by various countries. All under-construction ports and upcoming vessels are being installed with shore power systems during construction or beforehand. This procedure also reduces the cost of implementation.
“Frequency converters segment is expected to hold largest share of shore power market, by component, during forecast period”
The market has been segmented, by component, into transformers, switchgear devices, frequency converters, cables and accessories, and others, including safety grounding equipment and plugs. Frequency converters enable the shoreside shore power system to supply frequency matching the vessel’s operating frequency.
“North America is expected to lead in global shore power”
Though Asia Pacific is the fastest-growing market during the forecast period, North America is the largest shore power market, followed by Europe and Asia Pacific. It is expected in North America that there will be maximum adoption and implementation of shore power systems owing to the favourable regulations in multiple states across the countries. Major countries in this region include the US and Canada. The North American region experiences significant vessel movement owing to the sea-bound trade of commodities. Additionally, the US and Canada are among the top oil producers in the world who export this oil to other parts of the world.
Breakdown of primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier I: 52%, Tier II: 27%, and Tier III: 21%
- By Designation: C-level Executives: 31%, Directors: 34%, and Others: 35%
- By Region: North America: 48%, Europe: 11%, Asia Pacific: 32%, South America: 1%, and Middle East & Africa: 8%
Note: Others include sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue, as of 2017; Tier 1: USD 1 billion, Tier 2: USD 500 million–1 billion, and Tier 3:
- The report defines, describes, and forecasts the global shore power market by installation, connection, component, power output, and region. It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the shore power market