BANGALORE, India, Dec. 12, 2023 /PRNewswire/ — Shore Power Market is Segmented by Type (Shoreside, Shipside), by Application (Switchgear, Transformer, Frequency Converter, Cable and accessories): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is Published in Valuates Reports Under the Category of Energy & Utilities.
The Global Shore Power Market is projected to grow from USD 1357.9 Million in 2023 to USD 2095.6 Million by 2029, at a Compound Annual Growth Rate (CAGR) of 7.5% during the forecast period.
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Major Factors Driving The Growth of the Shore Power Market
The market for shore power is expanding rapidly due to the combination of technology improvements, regulatory requirements, and environmental imperatives. Shore power solutions are being adopted by ports and shipping businesses as a result of strict environmental rules and sustainability programs, which are driving worldwide concerns about maritime emissions and air quality.
The growth of the shore power market is facilitated by port modernization projects, which are motivated by the desire for cleaner and more efficient operations. Shore power adoption is further encouraged by the financial advantages of lower fuel use and maintenance costs for ships, as well as the improved air quality in port communities.
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TRENDS INFLUENCING THE GROWTH OF THE SHORE POWER MARKET
Global sustainability initiatives and strict environmental restrictions are driving significant development in the shore power sector. Reducing air pollution and greenhouse gas emissions from maritime operations is becoming more and more important to governments and regulatory agencies. In keeping with the global trend towards environmentally friendly and sustainable marine practices, shore power, also known as cold ironing, enables ships to connect to onshore electrical networks while they are moored. This lowers emissions and lessens the need for onboard generators.
The expansion of infrastructure and port modernization are directly related to the growth of the shore power industry. Ports all around the world are realizing how important it is to give visiting vessels access to shore power facilities. Installing shore power infrastructure as part of larger port enhancements makes ports more appealing to environmentally concerned shipping corporations. This is expected to drive the growth of the Shore Power market.
Shore power helps the industry expand by providing shipping businesses with an affordable option. Even if there would be a need for an initial infrastructure expenditure, there will be substantial operating savings over time. When combined with possible legislative incentives, shore power becomes an affordable choice for maritime businesses trying to maximize their operating costs. Offshore generators also use less fuel and require less maintenance.
The market for shore power is expanding as a result of its improvement of port towns’ air quality. Particulate matter and nitrogen oxides (NOx) are two air contaminants that shore power helps decrease by minimizing the usage of diesel generators during port stays. This air quality increase is in line with the objectives of local governments and communities working to create cleaner urban settings, and it has favorable effects on public health.
The International Maritime Organisation (IMO) regulations are a major factor propelling the shore power industry. The maritime sector has been subject to increasingly strict emissions requirements imposed by the IMO, which has prompted the development of greener technology. Shore power is a recommended option for shipping businesses looking to fulfill international environmental requirements since it offers a workable alternative for boats to comply with these rules.
The deployment of shore power infrastructure is mostly being driven by government financing and incentive programs. Financial incentives, grants, and subsidies are being provided by several governments throughout the globe to promote the building of shore power facilities at ports. These initiatives seek to expedite the shift to more environmentally friendly marine operations and foster an atmosphere that will support the expansion of the shore power industry.
The rise in international commerce and the expansion of marine operations have an impact on the shore power market. Shore power is one of the more eco-friendly and efficient options available as long as sea transportation is the main means of conducting international trade. By making calculated investments in shore power infrastructure, ports may expand their markets by positioning themselves as important nodes in the global transportation network.
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SHORE POWER MARKET SHARE ANALYSIS
Tight environmental restrictions, especially in the US and Canada, are driving a large portion of the shore power market’s expansion in North America. In order to meet emissions regulations and promote environmentally friendly marine operations, ports around the coast of North America are making investments in shore power infrastructure.
The market gains from a proactive attitude to environmental stewardship, since shore power options are supported by a number of government initiatives and incentives.
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Key Players:
- Wärtsilä
- Cavotec
- ABB
- ABB Ltd
- Siemens AG
- Schneider
- ESL Power
- IGUS
- SmartPlug
- Blueday Technology
- Cochran Marine
- VINCI
- Preen
- GE
- Danfoss
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