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The shore power market is projected to reach USD 2. 8 billion by 2027 from an estimated of USD 1. 6 billion in 2022, in order to meet the increasing demand from power sector. Some of the major driving factors for the market are growing noise and air pollution from port operations, increase cruise passenger traffics and rising government-led initiatives to reduce greenhouse gas emissions from port operations.
New York, April 18, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Shore Power Market by Installation, Connection, Component, Power Output and Region - Global Forecast to 2027" - https://www.reportlinker.com/p05804588/?utm_source=GNW
However, factors such as increasing renewable shore power projects, increasing investments in shore power projects and growing need t reduce emissions from vessels berthed ports is likely to propel market growth for shore power market.
The shoreside segment is expected to grow at the highest CAGR from 2022 to 2027.
Based on the installation type of shore power market, the shoreside segment is estimated to be the fastest-growing market from 2022 to 2027.A typical shipside shore power installation requires the following electrical components: connectors and cables, step-down transformers, switchgear devices,control panels, power distribution systems, charging systems and batteries.
Shoreside power systems helps LNG carriers and cargo ships to reduce carbon emissions during docking of ships for berthing.
Retrofit segment by connection is projected to emerge as the largest segment for shore power market from 2022-2027
The retrofit segment, by connection, is projected to hold the highest market share during the forecast period.With the idea of retrofitting, the shipowners get the flexibility to modify the existing vessels and develop them into sustainable ones in response to new safety and environmental regulations implemented worldwide.
The advancements in tools and technologies have increased the demand for retrofit installations, driving the market growth globally. The advantages of the new installation of shore power systems at ports during construction include integrated planning and execution and low installation costs.
Frequency converters segment is expected to grow at the highest CAGR from 2022 to 2027.
Based on the by component of shore power systems, the frequency converters is estimated to be the fastest-growing market from 2022 to 2027.The shore power market is segmented by component, into transformers, switchgear devices, frequency converters, cables & accessories and others.
The transformer isolates the electricity coming into the boat from its electrical system and helps the shore power system to work efficiently. Usually, 110/10 kV and 10/6.6 kV transformers are used in the shore power systems. Switchgear devices perform three basic functions: electrical protection, electrical isolation, and control. The shore power frequency converters power the ships through the port’s electrical grid, even if they have different operating voltages, which can be witnessed in ships traveling internationally. The shore power cord is ideal for use in cases where the highest degree of oil resistance and extended service life are essential. The others segment includes safety grounding equipment, electrical vaults, power and communication receptacles, and plugs.
Up to 30 MVA segment by power output is expected to emerge as the largest segment for shore power market during the forecast period
The Up to 30 MVA segment, by power output, is projected to hold the highest market share during the forecast period.The shore power market has been segmented, based on power output, up to 30 MVA, 30-60 MVA and above 60 MVA.
Growth in the up to 30 MVA segment is mainly by low capex and compact dimension of shore power systems.Asia Pacific to dominate market for 30 MVA segment during the forecat period.
The shore power systems with 30–60 MVA power output are used to supply power to large and extra-large ships. Thus, the rising demand for large and extra-large ships is expected to fuel the demand for shore power systems with 30–60 MVA power output. . The rising need for supplying power simultaneously to multiple ships is expected to rise the demand for shore power systems with above 60 MVA power output and drive the growth of this segment.
Asia Pacific: The largest shore power market
Asia Pacific is currently the largest shore power market, followed by North America and Europe.China accounted for the maximum share of the Asia Pacific market in 2022.
It is also projected to grow at the highest CAGR from 2022 to 2027. The market is expected to grow due low-carbon shore projects and booming investments in port activities are driving the shore power market in the country.
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- 65%, Tier 2- 24%, and Tier 3- 11%
• By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%
• By Region: Asia Pacific- 70%, North America- 12%, Europe - 12%, South America - 11% and
Middle East & Africa - 7%.
Note: Others includes sales managers, engineers, and regional managers.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2020. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The leading players in the shore power market include GE (US), Siemens (Germany), Schneider Electric (France), ABB (Switzerland), and Eaton (Ireland).
The report explains, describes, and forecasts the global shore power market, by installation type, connection, component, power output and region.
It also offers a detailed qualitative and quantitative analysis of the shore power market.The report provides a thorough review of the major market drivers, restraints, opportunities, and challenges.
It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the shore power market.
Key Benefits of Buying the Report
1. The report identifies and addresses the key markets for shore power systems, which would help shore power manufacturers review the growth in demand.
2. The report facilitates system providers understand the pulse of the market and offers 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 better strategic decisions.
Read the full report: https://www.reportlinker.com/p05804588/?utm_source=GNW
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