The global shore power market is projected to grow at a CAGR of 13.3%
NEW YORK, Nov. 11, 2019 /PRNewswire/ --
The global shore power market is projected to grow at a CAGR of 13.3% from 2019 to 2024
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The global shore power market is projected to reach USD 2.7 billion by 2024 from an estimated USD 1.4 billion in 2019, at a CAGR of 13.3% during the forecast period. Reduction of low-frequency noise and emissions at ports, a growing number of cruise liners in the shipping industry, and installation of retrofit shore power systems have increased the demand for a shore power system. However, huge installation & maintenance costs and high initial investment for shore power component manufacturers are hindering the growth of the shore power market.
The frequency converter segment is expected to be the fastest-growing market from 2019 to 2024.
The frequency converter segment is expected to hold the largest market share and is the fastest-growing segment during the forecast period.Shore power frequency converter allows a ship to be powered by the port's electrical grid, even though the vessel may have a different operating voltage.
Shore power frequency converters save money by reducing the consumption of diesel fuel.It also reduces air pollution caused by running the engine unnecessarily while at the port.
Another benefit of using shore power frequency converters is noise reduction, whereas idling and diesel generators are much noisier.
The new installation segment, by connection, is expected to be the largest market from 2019 to 2024
The report segments the shore power market, by connection, into the new installation, and retrofit.The new installation segment is expected to hold the largest market share by 2024.
For shore power to be implemented, ships need to be equipped to receive power from an outside source or local grid.Existing ships usually need to be retrofitted with specific electrical equipment such as wiring, connectors, transformers, and switchgear, while many new ships are being built with this equipment as part of their ship's electrical system design.
Retrofitting of shore power in existing vessels are way expensive when compared to a new installation, sometimes costing up to twice as much as incremental new-build investments. Therefore, the new installation segment is driving the market during the forecast period.
Asia Pacific: The fastest-growing shore power market
In this report, the shore power market has been analyzed with respect to five regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa.Asia Pacific is estimated to dominate the global shore power market during the forecast period.
Asia Pacific ports are focusing more on sustainability due to the increase in the maritime industry, stringent emission regulations, and mounting concerns over local air pollution. Thus, a major scope of growth and development in the shore power market exists in these regions.
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 1 - 60%, Tier 2 - 27%, and Tier 3 - 13%
• By Designation: C-Level - 35%, Director Level - 25%, and Others - 40%
By Region: North America - 20%, Europe - 18%, Asia Pacific - 40%, South America- 6% and the Middle East & Africa - 16%,
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined based on their total revenue as of 2018. Tier 1: USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3:
The global shore power market is dominated by a few major players that have an extensive regional presence. The leading players in the shore power market are Siemens (Germany), Wärtsilä (Finland), ABB (Switzerland), Schneider Electric (France), and Cavotec (Switzerland).
Research Coverage:
The report defines, describes, and forecasts the global shore power market by installation, connection, component, 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.
Why Buy this Report?
1. The report identifies and addresses the key markets for shore power, which would help various stakeholders such as utilities, analytics companies, and shore power system providers to review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making effective strategic decisions.
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