The global shore power market is anticipated to grow at a significant CAGR of 6.9% during the forecast period. Shore power is also called cold-ironing. It is the process of providing electrical power to a vessel at berth from the shore allowing the auxiliary engines to be turned off. Additionally, it aids to save the consumption of fuel that is used as a power source to run the vessels while in port. Further, it assists in reducing air pollution that is related to the consumption of that fuel. The major factor driving the growth of the global shore power market during the forecast is the increasing demand for shore power to reduce the growing noise and air pollution from port operations across the globe. According to the International Chamber of Shipping, marine vessels carry out 90% of the global trade, which use fossil fuels for power generation. These fossil fuels lead to CO2 emissions and affect the environment. Hence, the implementation of shore power systems effectively limits air and sound pollution which further offers lucrative opportunities for the growth of the global shore power market during the forecast period.
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The COVID-19 pandemic had a negative impact on the global shore power market. During COVID-19, as of May 2020, 212 countries had been impacted by the pandemic, and the governments of these countries had ordered nationwide lockdowns which impacted the operations of several industries. Additionally, the disruptions in the supply chain adversely affected the shore power market owing to the suspension of activities of end-users. However, as the COVID-19 situation normalizes, the global shore power market started recovery as industrial operations were normalized after the COVID-19 pandemic.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Market Segmentation
Global Shore Power Market by Installation Type
- Shoreside
- Shipside
Global Shore Power Market by Connection
- New Installation
- Retrofit
Global Shore Power Market by Component
- Transformers
- Switchgear Devices
- Frequency Converters
- Cables and Accessories
- Others
Global Shore Power Market by Power Rating
- Up to 30 MVA
- 30-60 MVA
- Above 60 MVA
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Blueday Technology AS
- Cavotec SA
- Danfoss
- Eaton Corp.
- ESL Power Systems, Inc.
- Ratio Electric B.V.
- Sydney Marine Electrical
- Wärtsilä Corp.
- Watts Marine LLC
- Wabtec Corp.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- 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 product launches, 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.
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