Global Shore Power Market Report 2023: Rising Number of Installations of Retrofit Shore Power Systems Drives Growth

DUBLIN, June 8, 2023 /PRNewswire/ -- The "Shore Power Market Share, Size, Trends, Industry Analysis Report, By Installation Type , By Connection, By Component, By Power Rating, By Region, Segment Forecast, 2023- 2032" report has been added to  ResearchAndMarkets.com's offering.

The global shore power market size is expected to reach USD 4,869.05 million by 2032, according to a new study. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.

Companies Mentioned

• AC Power Corp.
• ABB Group
• Blueday Technology Limited
• Cavotec SA
• Cochran Marine LLC
• Danfoss A/S
• ESL Power Systems Inc.
• General Electric Corporation
• Igus GmbH
• Siemens AG
• Schneider Electric Group S.A.t Plug Systems Corp.
• VINCI Energies Corp.
• Wartsila Inc

Cruise ship traveler numbers are rapidly rising, and investments for cruise travelers by government institutions are fostering market expansion. According to the Cruise Lines International Association (CLIA), In 2022, 16 new cruise ships, comprising 5 LNG-powered ships & 9 expedition ships, are expected to make their debuts with CLIA ocean-going member cruise lines.

The economic data from 2020, when compared to 2019, show the pandemic's extensive effects on the cruise industry and emphasize the significance of cruise travel to economies worldwide. There are 5.8 million passengers departed and 576K jobs supported by cruises. And the total economic contribution of cruise passengers was USD 63.4 Bn in 2022. As a result, the shipping industry is receiving a boost from growing cruise lines.

Furthermore, the increasing government regulations and support for reducing greenhouse gas emissions are boosting the market growth. Governments are focusing on investing in this innovation on the global market. In January 2022, the Government of Canada announced that the USD 200 million second round of applications is now open and will fund various regional programs to reduce local pollution across Canada.

To create and implement transformative leadership projects that substantially reduce their greenhouse gas emissions, generate good jobs, and support Canada's 2030 emission reduction, municipal governments, businesses, not-for-profit organizations, and Indigenous communities receive support from investment opportunities. So, during the anticipated period, the market expansion is predicted to be fueled by favorable government regulation for lowering greenhouse gas emissions.

Additionally, in February 2022, Solstad Offshore approached Wartsila for assistance in its attempts to lessen the carbon footprint of its 90-vessel fleet. By 2030, CO2 emissions are expected to have decreased by 50%. Reduced greenhouse gas emissions from auxiliary diesel engines while docked are made possible by shore electricity. These collaborations for producing shore electricity and reducing carbon emissions drive the market's growth.

Shore Power Market Report Highlights

• The retrofit segment is anticipated to grow at a significant CAGR over the forecast period. The expanding number of terminals with marine power infrastructure is likely to result in a major increase in the retrofit segment as well.
• The shipside segment accounted for considerable global revenue share due to rising interest in passenger ships as well as increasing interest in cargo ships.
• Asia-Pacific is expected to grow at a significant CAGR over the projected period. This is rising owing to the rising government investment in the installation of electricity plants at the shoreside as well as increasing cruise travelers.

Key Topics Covered:

1. Introduction

2. Executive Summary

3. Research Methodology

4. Global Shore Power Market Insights
4.1. Shore Power - Industry Snapshot
4.2. Shore Power Market Dynamics
4.2.1. Drivers and Opportunities
4.2.1.1. Rising number of installations of retrofit shore power systems
4.2.1.2. Increasing development of high-power products
4.2.2. Restraints and Challenges
4.2.2.1. Operational and technical challenges
4.3. Porter's Five Forces Analysis
4.4. PESTLE Analysis
4.5. Shore Power Industry Trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis

5. Global Shore Power Market, by Power Rating
5.1. Key Findings
5.2. Introduction
5.2.1. Global Shore Power Market, by Power Rating, 2019-2032 (USD Million)
5.3. Up to 30 MVA
5.3.1. Global Shore Power Market, by Up to 30 MVA, by Region, 2019-2032 (USD Million)
5.4. 30-60 MVA
5.4.1. Global Shore Power Market, by 30-60 MVA, by Region, 2019-2032 (USD Million)
5.5. Above 60 MVA
5.5.1. Global Shore Power Market, by Above 60 MVA, by Region, 2019-2032 (USD Million)

6. Global Shore Power Market, by Component
6.1. Key Findings
6.2. Introduction
6.2.1. Global Shore Power Market, by Component, 2019-2032 (USD Million)
6.3. Transformers
6.3.1. Global Shore Power Market, by Transformers, by Region, 2019-2032 (USD Million)
6.4. Switchgear Devices
6.4.1. Global Shore Power Market, by Switchgear Devices, by Region, 2019-2032 (USD Million)
6.5. Frequency Converter
6.5.1. Global Shore Power Market, by Frequency Converter, by Region, 2019-2032 (USD Million)
6.6. Cables and Accessories
6.6.1. Global Shore Power Market, by Cables and Accessories, by Region, 2019-2032 (USD Million)
6.7. Others
6.7.1. Global Shore Power Market, by Others, by Region, 2019-2032 (USD Million)

7. Global Shore Power Market, by Connection
7.1. Key Findings
7.2. Introduction
7.2.1. Global Shore Power Market, by Connection, 2019-2032 (USD Million)
7.3. New Installation
7.3.1. Global Shore Power Market, by New Installation, by Region, 2019-2032 (USD Million)
7.4. Retrofit
7.4.1. Global Shore Power Market, by Retrofit, by Region, 2019-2032 (USD Million)

8. Global Shore Power Market, by Installation Type
8.1. Key Findings
8.2. Introduction
8.2.1. Global Shore Power Market, by Installation Type, 2019-2032 (USD Million)
8.3. Shoreside
8.3.1. Global Shore Power Market, by Shoreside, by Region, 2019-2032 (USD Million)
8.4. Shipside
8.4.1. Global Shore Power Market, by Shipside, by Region, 2019-2032 (USD Million)
8.4.2. Passenger Vessel
8.4.2.1. Global Shore Power Market, by Passenger Vessel, by Region, 2019-2032 (USD Million)
8.4.3. Merchant Vessel
8.4.3.1. Global Shore Power Market, by Merchant Vessel, by Region, 2019-2032 (USD Million)
8.4.4. Offshore Support Vessel
8.4.4.1. Global Shore Power Market, by Offshore Support Vessel, by Region, 2019-2032 (USD Million)
8.4.5. Specialized Vessel
8.4.5.1. Global Shore Power Market, by Specialized Vessel, by Region, 2019-2032 (USD Million)

9. Global Shore Power Market, by Geography

10. Competitive Landscape
10.1. Expansion and Acquisition Analysis
10.1.1. Expansion
10.1.2. Acquisitions
10.2. Partnerships/Collaborations/Agreements/Exhibitions

11. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/9o5wk4

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
 
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets