About Shore Power
Shore power, also known as cold ironing or alternative marine power, refers to the process of providing electricity to ships while they are docked in ports or harbors. It allows vessels to turn off their diesel generators and connect to onshore power sources, significantly reducing emissions and noise pollution. Shore power enables the use of cleaner and more sustainable energy sources, such as electricity generated from renewable sources or low-emission power plants. The source for land-based power may be grid power from an electric utility company, but also possibly an external remote generator. These generators may be powered by diesel or renewable energy sources such as wind or solar. The Cost of set up and maintenance impedes the growth of shore power demand. Initiated by the government to decrease gas emission from port present substantial prospect for the sore power market. Shore power not only improves air quality in port areas but also helps ship operators comply with stringent emission regulations and sustainability goals.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 12.6% |
The competitive landscape of the shore power market is likely to remain dynamic in the future, with new companies entering the market and existing companies developing new products and services. Companies that are able to innovate, adapt to changing regulations, and develop strong partnerships are likely to be successful in this competitive market. Analyst at AMA Research estimates that Asian Players will contribute the maximum growth to Global Shore Power market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ABB (Switzerland), Siemens (Germany), Schneider (France), Aker Solutions (Europe), Hyundai Heavy Industries (South Korea), Samsung Heavy Industries (South Korea), Amphenol (United States), Hubbell (United States), Eaton (Ireland) and Emerson (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Rockwell Automation (United States), GE Renewable Energy (France), Vestas Wind Systems (Scandinavian), Kongsberg Maritime (Norway) and Mitsubishi Heavy Industries (Japan).
Segmentation Overview
AMA Research has segmented the market of Global Shore Power market by and Region.
On the basis of geography, the market of Shore Power has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Category, the sub-segment i.e. New Installation will boost the Shore Power market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Voltage level, the sub-segment i.e. Low will boost the Shore Power market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Power Capacity, the sub-segment i.e. <100kW will boost the Shore Power market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Vessels Type, the sub-segment i.e. Oil Tankers will boost the Shore Power market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing number of cruise ships
Market Growth Drivers:
Increased availability of Shore power connection
Challenges:
Low fuel cost and High Investments cost
Restraints:
High Installation and maintenance cost
Opportunities:
Rising demand of other energy Sources and Retrofitting older ships and port with shore technology
Market Leaders and their expansionary development strategies
In November 2023, Siemens Energy and the Port of Los Angeles announced a collaboration to develop and deploy a shore power infrastructure for container ships, cruise ships, and other large vessels. This project will be the first of its kind in North America and will help to reduce emissions from shipping in the Port of Los Angeles.
In October 2023, Wärtsilä announced the launch of its new shore power solution, the Wartsila Shorelink. This modular and scalable solution is designed to provide clean and reliable power to vessels of all sizes.
Key Target Audience
Ship owner and operator, Port and terminals operator, Government and Regulatory Bodies, Utilities and Power providers, Environmental Organization and NGOs and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.