Shore Power Industry Report 2024-2029: Europe Emerges as Key ...

Dublin, Dec. 13, 2024 (GLOBE NEWSWIRE) -- The "Shore Power Market by Installation Type (Shoreside, Shipside), Connection (New Installation, Retrofit), Component (Transformer, Switchgear, Frequency Converter, Cables and Accessories), Power Output) - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.

The global shore power market is expected to grow significantly from an estimated USD 2.03 billion in 2024 to USD 3.58 billion by 2029, at a CAGR of 12% during the forecast period. There are multiple factors that propel the growth of the global shore power market. Since there is increasing environmental awareness and regulations that are limiting the emissions from shipping activities, there is a need for ports and shipping firms to embrace greener options such as shore power.

Another significant factor is the increased emphasis on decarbonization and clean energy technologies especially given that this system helps in sourcing shore power making it possible to easily reduce greenhouse gas emissions and attain global sustainability targets. Furthermore, factors such as upgraded shore power systems and energy efficient equipment are making it feasible and cost-effective to adopt these systems. In addition, government policies and incentives help to promote the worldwide development of the shore power network.

Above 60 MVA segment, by power output, is expected to hold the third largest market share during the forecast period

The global shore power market segment Above 60 MVA ranks the third position in terms of market share. The primary reason for this is the growing need of high capacity power solutions used in bigger vessels like the container ships and oil tankers. These types of vessels consume a great deal of electrical energy as a lot of their systems are run on board, hence high capacity deployable shore power connection is necessary for effective and clean operations.

Furthermore, ports are developing better facilities to take care of the bigger operations, which include the significant reduction of emissions while the vessels are docked. This segment is also driven by the increasing implementation of regulations that require the use of shore power for large vessels to avoid emissions. Therefore, due to these reasons, there is an increasing requirement for shore power systems with more than 60 MVA system capability which in turn entrenches its position in the market.

New installation segment, by installation type, is expected to capture the second largest market share during the forecast period

The New Installation sub-segment within the scope of By Installation market in shore power market worldwide has second largest market share due to rising trends in the construction of new port facilities with shore power systems. Ports and shipping companies are more concerned about sustainability and reduction of carbon emissions; hence calls for new projects incorporating shore power facilities on new ports and new vessels are on the rise.

High levels of investments for reconstruction of old facilities indicate the willingness to embrace cleaner and greener technologies that are in line with the government's infrastructural goals and are also efficient. Moreover, the integration of the advanced technologies in the shore power solutions accelerates the market for new installations, resulting into an important market strategy as more advanced and energy consuming ships are introduced in the ports.

Europe is expected to be the third largest regional market during the forecast period

Owing to the robust legal structure and the several sustainability plans in place, Europe comes in as the third largest market in the Global Shore Power Market. The environmental standards put forth by the European Union, among them, the European Green Deal and that of the Marine Environment Protection Committee, have accelerated the use of shore power technologies within ports and shipping lines considerably.

In addition, Europe has ports such as Rotterdam and Hamburg which are some of the largest in the world, and which have incorporated shore power facilities to help curb the emission of pollutants into the port. In addition, the continuous influx of advanced technology and system modernization helps the region maintain its competitive edge in the shore power sector Further. The interlink between the policies, issues of climate change and the emergence of new technologies are some of the reasons why this region has a significant market in this sector that is still shaping up.

Research Coverage

The report defines, describes, and forecasts the shore power market by installation type, component, connection, power output, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market.