Shore Power Market - Global Forecast to 2024: Opportunities in Increasing LNG Hybrid Power Barge Solutions
DUBLIN, Aug. 9, 2019 /PRNewswire/ -- The "Shore Power Market by Installation (Shoreside, Shipside (Vessel Type)), Connection (New Installation, Retrofit), Component (Transformer, Switchgear, Frequency Converter, Cables & Accessories), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The shore power market is estimated to be valued at USD 1.4 billion in 2019 and is projected to reach USD2.7 billion by 2024, at a CAGR of 13.3% during the forecast period.
The factors driving the market include growing implementation of shore power for reducing low-frequency noise and emissions at ports, increasing number of cruise liners in the shipping industry, and rising installation of retrofit shore power systems.
A ship moored at the dock does not need propulsion, and the engine is not necessitated to be operational. However, power is required for various operations such as cooling/heating, HVAC systems, monitoring systems, ventilation systems, mooring winches, stabilizing systems, auxiliary cranes, starting air compressors, side thrusters, control air compressors, and the related equipment. This requires running an auxiliary engine and a generator for fulfilling the energy needs. In most of the cases, these engines run on diesel, in turn, generating CO2, which is harmful to the surrounding city and also increases the marine carbon footprint of the company.
The concept of shore power came into existence to overcome these issues. Under this process, the ship, when at a mooring, is connected to the local grid or a smaller power plant at the docks for its power reliance instead of the diesel auxiliary generator. This helps the shipping company to control its carbon footprint and simultaneously reduce the operational cost as shore power is cheaper than diesel-based generators. This concept is supported by either the conventional method of connecting the ship by means of wire or by a wireless method.
The major players in the shore power market are ABB, Schneider Electric, Siemens, Cavotec, and Wartsila.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Implementation of Shore Power Reduces Low-Frequency Noise and Emissions at Ports
5.2.1.2 Increasing Number of Cruise Liners in the Shipping Industry
5.2.1.3 Installation of Retrofit Shore Power Systems
5.2.2 Restraints
5.2.2.1 High Installation and Maintenance Costs
5.2.3 Opportunities
5.2.3.1 Government Initiatives to Reduce Greenhouse Gas Emissions From Ports
5.2.3.2 Increasing Lng Hybrid Power Barge Solution
5.2.4 Challenges
5.2.4.1 Complexity in the Integration of Different Systems
5.2.4.2 The High Initial Investment For Shore Power Component Manufacturers
6 Shore Power Market, By Installation
6.1 Introduction
6.2 Shoreside
6.2.1 Ship Emissions During A Port's Laytime Can Be Sustainably Reduced By Shoreside Electricity Which is Expected to Drive the Segment During the Forecast Period
6.3 Shipside
6.3.1 Heavy Environmental Impact of Maritime Shipping is Expected to Drive the Shipside Segment During the Forecast Period
6.3.1.1 Passenger Vessel
6.3.1.2 Merchant Vessel
6.3.1.3 Offshore Support Vessel
6.3.1.4 Specialized Vessel
7 Shore Power Market, By Connection
7.1 Introduction
7.2 New Installation
7.2.1 Low Cost of New Installation Compared With Retrofit is Expected to Drive the Segment During the Forecast Period
7.3 Retrofit
7.3.1 Increasing Number of Large-Scale Ships is Expected to Drive the Retrofit Segment During the Forecast Period
8 Shore Power Market, By Component
8.1 Introduction
8.2 Transformer
8.2.1 Growing Need For Transformers For the Proper Distribution of Electricity to Vessels is Expected to Drive the Transformer Segment During the Forecast Period
8.3 Switchgear
8.3.1 Switchgear Helps in Switching, Controlling, and Protecting Other Shore Power Components
8.4 Frequency Converter
8.4.1 Frequency Converters are Used to Supply Power to Different Vessels and their Increasing Demand is Expected to Drive the Market During the Forecast Period
8.5 Cables & Accessories
8.5.1 Ships Participating in A Shore Power Electrification Program Would Require Installation of Shore Power Cable Receptacles and an Associated Electrical Management System
8.6 Others
8.6.1 Any Marine Plug, Connector, Receptacle, Or Inlet Needs to Be Able to Keep Its Users Safe
9 Shore Power Market, By Region
10 Competitive Landscape
Companies Mentioned
- ABB
- Blueday Technology
- Cavotec
- Cochran Marine
- Danfos
- ESL Power Systems
- GE
- IGUS
- Preen
- Schneider Electric
- Siemens
- Smartplug
- Vinci Energies
- Wartsila
For more information about this report visit https://www.researchandmarkets.com/r/1ixe8m
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