Shore Power Market
Shore Power Market Size, Share & Trends Analysis Report by Installation Type (Shoreside, and Shipside), by Connection (New Installation, and Retrofit), and by Component (Transformers, Switchgear Devices, Frequency Converters, Cables and Accessories, and Others), and by Power (Up to 30 MVA, 30-60 MVA, and Above 60 MVA) Forecast Period (2024-2031)
Shore power market is anticipated to grow at a significant CAGR of 14.6% during the forecast period (2024-2031). Shore power is being implemented by ships to comply with environmental regulations, adhere to IMO standards, and enhance port infrastructure. Financial support from government grants and subsidies helps mitigate the initial expenses of installing shore power systems. Advances in technology have made these systems more efficient and cost-effective. Shipping companies are incorporating shore power into their sustainability initiatives. Public awareness and pressure from communities and environmental organizations motivate ports to adopt cleaner technologies. The expansion of the shipping industry and increased shipping activities are also driving the demand for shore power solutions. Shore power systems contribute to energy efficiency goals by providing a cleaner power source and reducing dependence on fossil fuels.
Market Dynamics
Growth in Cruise Capacity
The expansion of the cruise industry is expected to encourage ports to grow more sustainable, which is favorable to the shore power sector. According to the Cruise Lines International Association (CLIA), in April 2024 State of the Cruise Industry report revealed a 7% increase in passenger volume to 31.7 million in 2023. The report also highlights a strong demand for cruise holidays, with 82% of cruisers intending to cruise. The report also predicts a 10% increase in cruise capacity from 2024 to 2028, driven by cruise lines' efforts towards net-zero emissions by 2050.
Technological Advancements
Technological advancements in power conversion, transformers, and grid integration have significantly enhanced the efficiency and ease of implementation of shore power systems, driving market growth. For instance, Montrose Port Authority (MPA) launched a £1 million joint venture, Plug Montrose, with Norwegian shore power and maritime charging company, Plug AS. The initiative aims to reduce emissions, noise pollution, and fuel consumption by providing shore power services for offshore energy supply vessels. The partnership aims to become Scotland's first carbon-neutral port.
Market Segmentation
- Based on the installation type, the market is segmented into shoreside and shipside.
- Based on the Connection, the market is segmented into new installation and retrofit.
- Based on the Component, the market is segmented into transformers, switchgear devices, frequency converters, cables and accessories, and others (cooling systems, and protection devices).
- Based on the power rating, the market is segmented into Up to 30 MVA, 30-60 MVA, and Above 60 MVA.
The Shoreside Segment is projected to Hold the Largest Market Share
The German government's cost coverage highlights the importance of public funding and subsidies in expanding global shore power infrastructure. For instance, in May 2024, Hamburg Port offered shore-side power supply to container ships, establishing it as the first port in Europe to do so. Three mega-ship berths can receive 7.5 MVA of power from the CTH plant, which is powered by renewable energy from the public grid. 50% of the costs were covered by the German government.
Transformers Segment to Hold a Considerable Market Share
Governments are promoting the adoption of shore power solutions, including direct investment in upgrading port infrastructure for sustainable technologies, through financial support and regulatory incentives. For instance, in February 2024, Ampersand received $12.5 million in funding to develop solid-state transformers (SSTs), which could improve efficiency and flexibility in electricity grids. These transformers could replace traditional AC transformers and offer direct current, useful for charging electric vehicles.
Regional Outlook
The global shore power market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Port Infrastructure Investments In the North America Region
Ports are investing in shore power infrastructure to meet regulatory requirements and attract environmentally conscious shipping companies, aiming to improve efficiency and reduce environmental influence. For instance, in June 2024, PortMiami grew the first US East Coast seaport with shore power at five terminals, reducing emissions and noise by allowing cruise ships to plug into landside electrical power.
Global Shore Power Market Growth by Region 2024-2031
Asia-Pacific Holds Major Market Share
India is aiming for net-zero emissions by mid-century, focusing on shore power to reduce maritime emissions and driving market growth. For instance, in June 2024, India plans to expand shore power infrastructure at major ports, as 70% of air pollution at these ports comes from ships at berths or anchors. The maritime sector is crucial for India, carrying 95% of its trade volume and 65% of its trade value. Shore power technology can minimize climate impact and reduce public health benefits by reducing bunker fuel use. An ICCT study estimated that using shore power in two US port cities could reduce emissions by 68%, 85%, and 75%, resulting in $27 million in annual public health benefits.
Market Players Outlook
*Note: Major Players Sorted in No Particular Order.
The major companies serving the shore power market include ABB Ltd., Danfoss A/s, Schneider Electric, Cavotec SA, Siemens AG, and others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions to stay competitive in the market.
Recent Developments
- In March 2023, United States Basketball League (USBL) Shorepower merged, with Shorepower reversing the merger in a stock and cash transaction. USBL planned to change its name and stock symbol to reflect its new entity, which operates 1,800 electrified parking spaces in over 60 locations and has invested over $16 million in infrastructure.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global shore power market. Based on the availability of data, information related to new products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Industry Trends
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. ABB, Ltd.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Danfoss A/s
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Schneider Electric SE
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global Shore Power Market by Installation Type
4.1.1. Shoreside
4.1.2. Shipside
4.2. Global Shore Power Market by Connection
4.2.1. New Installation
4.2.2. Retrofit
4.3. Global Shore Power Market by Component
4.3.1. Transformers
4.3.2. Switchgear Devices
4.3.3. Frequency Converters
4.3.4. Cables and Accessories
4.3.5. Others (Cooling Systems, and Protection Devices)
4.4. Global Shore Power Market by Power Rating
4.4.1. Up to 30 MVA
4.4.2. 30-60 MVA
4.4.3. Above 60 MVA
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
5.4.1. Latin America
5.4.2. Middle East and Africa
6. Company Profiles
6.1. Blueday Technology
6.2. Cavotec S.A.
6.3. Eaton
6.4. ESL Power Systems, Inc.
6.5. General Electric Company
6.6. Hempel A/S
6.7. MAN Energy Solutions
6.8. PowerCon A/S
6.9. Ratio Electric B.V.
6.10. Siemens AG
6.11. Sungrow Power Supply Co., Ltd.
6.12. Sydney Marine Electrical
6.13. Victron Energy
6.14. Wabtec Corp.
6.15. Wärtsilä Corp.
6.16. Watts Marine
1. Global Shore Power Market Research And Analysis By Installation Type, 2023-2031 ($ Million)
2. Global Shoreside Power Market Research And Analysis By Region, 2023-2031 ($ Million)
3. Global Shipside Power Market Research And Analysis By Region, 2023-2031 ($ Million)
4. Global Shore Power Market Research And Analysis By Connection, 2023-2031 ($ Million)
5. Global Shore Power New Installation Market Research And Analysis By Region, 2023-2031 ($ Million)
6. Global Shore Power Retrofit Market Research And Analysis By Region, 2023-2031 ($ Million)
7. Global Shore Power Market Research And Analysis By Component, 2023-2031 ($ Million)
8. Global Transformers For Shore Power Market Research And Analysis By Region, 2023-2031 ($ Million)
9. Global Switchgear Devices For Shore Power Market Research And Analysis By Region, 2023-2031 ($ Million)
10. Global Frequency Converters For Shore Power Market Research And Analysis By Region, 2023-2031 ($ Million)
11. Global Cables and Accessories For Shore Power Market Research And Analysis By Region, 2023-2031 ($ Million)
12. Global Other Component For Shore Power Market Research And Analysis By Region, 2023-2031 ($ Million)
13. Global Shore Power Market Research And Analysis By Power Rating, 2023-2031 ($ Million)
14. Global Shore Power by Up to 30 MVA Market Research And Analysis By Region, 2023-2031 ($ Million)
15. Global Shore Power by 30-60 MVA Market Research And Analysis By Region, 2023-2031 ($ Million)
16. Global Shore Power by Above 60 MVA Market Research And Analysis By Region, 2023-2031 ($ Million)
17. North American Shore Power Market Research And Analysis By Country, 2023-2031 ($ Million)
18. North American Shore Power Market Research And Analysis By Installation Type, 2023-2031 ($ Million)
19. North American Shore Power Market Research And Analysis By Connection, 2023-2031 ($ Million)
20. North American Shore Power Market Research And Analysis By Component, 2023-2031 ($ Million)
21. North American Shore Power Market Research And Analysis By Power Rating, 2023-2031 ($ Million)
22. European Shore Power Market Research And Analysis By Country, 2023-2031 ($ Million)
23. European Shore Power Market Research And Analysis By Installation Type, 2023-2031 ($ Million)
24. European Shore Power Market Research And Analysis By Connection, 2023-2031 ($ Million)
25. European Shore Power Market Research And Analysis By Component, 2023-2031 ($ Million)
26. European Shore Power Market Research And Analysis By Power Rating, 2023-2031 ($ Million)
27. Asia-Pacific Shore Power Market Research And Analysis By Country, 2023-2031 ($ Million)
28. Asia-Pacific Shore Power Market Research And Analysis By Installation Type, 2023-2031 ($ Million)
29. Asia-Pacific Shore Power Market Research And Analysis By Connection, 2023-2031 ($ Million)
30. Asia-Pacific Shore Power Market Research And Analysis By Component, 2023-2031 ($ Million)
31. Asia-Pacific Shore Power Market Research And Analysis By Power Rating, 2023-2031 ($ Million)
32. Rest Of The World Shore Power Market Research And Analysis By Region, 2023-2031 ($ Million)
33. Rest Of The World Shore Power Market Research And Analysis By Installation Type, 2023-2031 ($ Million)
34. Rest Of The World Shore Power Market Research And Analysis By Connection, 2023-2031 ($ Million)
35. Rest Of The World Shore Power Market Research And Analysis By Component, 2023-2031 ($ Million)
36. Rest Of The World Shore Power Market Research And Analysis By Power Rating, 2023-2031 ($ Million)
1. Global Shore Power Market Share By Installation Type, 2023 Vs 2031 (%)
2. Global Shoreside Power Market Share By Region, 2023 Vs 2031 (%)
3. Global Shipside Power Market Share By Region, 2023 Vs 2031 (%)
4. Global Shore Power Market Share By Connection, 2023 Vs 2031 (%)
5. Global Shore Power by New Installation Market Share By Region, 2023 Vs 2031 (%)
6. Global Shore Power by Retrofit Market Share By Region, 2023 Vs 2031 (%)
7. Global Shore Power Market Share By Component, 2023 Vs 2031 (%)
8. Global Transformers For Shore Power Market Share By Region, 2023 Vs 2031 (%)
9. Global Switchgear Devices For Shore Power Market Share By Region, 2023 Vs 2031 (%)
10. Global Frequency Converters For Shore Power Market Share By Region, 2023 Vs 2031 (%)
11. Global Cables and Accessories For Shore Power Market Share By Region, 2023 Vs 2031 (%)
12. Global Other Component For Shore Power Market Share By Region, 2023 Vs 2031 (%)
13. Global Shore Power Market Share By Power Rating, 2023 Vs 2031 (%)
14. Global Shore Power by Up to 30 MVA Market Share By Region, 2023 Vs 2031 (%)
15. Global Shore Power by 30-60 MVA Market Share By Region, 2023 Vs 2031 (%)
16. Global Shore Power by Above 60 MVA Market Share By Region, 2023 Vs 2031 (%)
17. Global Shore Power Market Share By Region, 2023 Vs 2031 (%)
18. US Shore Power Market Size, 2023-2031 ($ Million)
19. Canada Shore Power Market Size, 2023-2031 ($ Million)
20. UK Shore Power Market Size, 2023-2031 ($ Million)
21. France Shore Power Market Size, 2023-2031 ($ Million)
22. Germany Shore Power Market Size, 2023-2031 ($ Million)
23. Italy Shore Power Market Size, 2023-2031 ($ Million)
24. Spain Shore Power Market Size, 2023-2031 ($ Million)
25. Rest Of Europe Shore Power Market Size, 2023-2031 ($ Million)
26. India Shore Power Market Size, 2023-2031 ($ Million)
27. China Shore Power Market Size, 2023-2031 ($ Million)
28. Japan Shore Power Market Size, 2023-2031 ($ Million)
29. South Korea Shore Power Market Size, 2023-2031 ($ Million)
30. Rest Of Asia-Pacific Shore Power Market Size, 2023-2031 ($ Million)
31. Latin America Shore Power Market Size, 2023-2031 ($ Million)
32. Middle East And Africa Shore Power Market Size, 2023-2031 ($ Million)
