Shore Power Market

According to a research report "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" published by MarketsandMarkets, The global shore power market is highly gaining growth. Estimated to be at USD 2.03 billion in the year 2024, it may reach USD 3.58 billion during 2029 with a robust CAGR of about 12.0% over the projected period. This growth is mainly driven by a higher demand for renewals in the maritime sector in order to reduce carbon emissions from docked ships, and therefore stricter regulations by the government to protect the environment. Higher investments in port infrastructure and alternative renewable energy sources entry are also adding up to the adoption of the shore power system. Among these are automation, smart grids, and energy management systems that are deployed to optimize shore power operations by improving energy efficiency and minimizing the costs associated with its operations. These benefits have propelled shore power systems from being ecologically and economically unfeasible to become the core part of transition to cleaner and more efficient port operations everywhere around the world.

Browse 366 market data Tables and 64 Figures spread through 313 Pages and in-depth TOC on "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"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/shore-power-market-34338697.html

Frequency Converter, by Component, is expected to be the fastest-growing market during the forecast period

By component, the frequency converter is expected to be the fastest-growing segment with growing demands from industries for power management efficiencies. The fundamental key components of a transformer, converters, and inverters make the working possible for managing fluctuating electrical frequencies between grids. In key terms, this applies to aerospace, defense, manufacturing, and marine industries. In addition, its growth will depend on the trend towards alternate sources of energy such as wind and solar power generation, wherein frequency converters will find a central application role for synchronizing supply of power from different sources. Advancements in automation along with growing demand in energy-efficient solutions will contribute to the demand for sophisticated components for frequency converters. Growing need in terms of energy efficiency and cost-effective operation is also driving widespread adoption, specifically in industrializing regions, like Asia-Pacific, that is expected to grow the fastest in this market.

Retrofit, by connection, is expected to be the largest-growing segment during the forecast period.

By connection, retrofit is expected to be the segment to record the highest growth rate in the forecast period with greater emphasis on upgrading existing infrastructure to meet modern energy efficiency standards and regulatory requirements. Retrofitting allows companies to upgrade the efficiency of their currently in-place systems without having to install completely new installations which makes the solution much costlier. This is more attractive to those industries focusing on lowering carbon footprint and optimizing energy use. Along with the push toward sustainability and the encouragement of cleaner sources of power, government measures and policies to incentivize energy retrofits are also motivating energy retrofits to continue driving demand for retrofit solutions. Additionally, retrofitting existing ships and shoreside infrastructure with advanced shore power technology is becoming ever more critical as regulations tighten on emissions from maritime operations.

North America is expected to be the second-largest region during the forecast period.

North America is most likely to be the second-largest market in the forecast period as it witnesses significant economic growth, rapid technological development, and sky-rocketing demands for innovation across multiple sectors within the region. There is a strong industrial and technological base available in the region that invests highly in the sectors of machine learning, augmented reality, and renewable energy. This is further supported by the favourable government policies and the stress imposed on sustainability that motivate the high uptake of the advanced technologies and energy efficiency solutions. North America also hosts a great demand from the consumers for the advanced healthcare, IT, and manufacturing solution, and the growth in this market is especially rapid in augmented reality and machine learning.

Key Players

The world shore power market is influenced by strategic moves of key players, including ABB (Switzerland), Siemens (Germany), Schneider Electric (France), GE (US), and Cavotec SA (Switzerland), which focus on developing shore power solutions with the state-of-the-art technology to fully meet demand from ports regarding cleaner and more efficient energy supply. Some of the strategies include very innovative products such as advanced frequency converters and energy management systems to reduce emissions from docked ships. Other major approaches towards the expansion of their technological capability and increasing market reach are acquisitions and partnerships by which they can cater to more diverse geographic regions and stricter environmental regulations across the globe.

Don’t miss out on business opportunities in Shore Power Industry. Speak to our analyst and gain crucial market insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets Inc.
1615 South Congress Ave.
Suite 103,
Delray Beach, FL 33445
USA : 1-888-600-6441
[email protected]