CHICAGO, Aug. 1, 2019 /PRNewswire/ -- According to the new market research report "Shore Power Market by Installation (Shoreside, Shipside (Vessel Type)), Connection (New Installation, Retrofit), Component (Transformer, Switchgear, Frequency Converter, Cables & Accessories), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Shore Power Market is projected to reach USD 2.7 billion by 2024 from an estimated USD 1.4 billion in 2019, at a CAGR of 13.3%. This growth can be attributed to the reduction of low-frequency noise and emissions at ports, an increasing number of cruise liners in the shipping industry, and installation of retrofit shore power systems.
Shoreside installations to outpace shipside installations during the forecast period.
The shoreside segment is projected to be the largest market during the forecast period primarily as shoreside shore power systems allow ships to turn off their main engines and plug into an electrical grid while at berth. Shoreside electricity connection can effectively reduce air pollutant emissions and noise from vessels in ports, thus providing environmental and health benefits. As a result, the on-board staff is exposed to less noise & emissions on deck, the engine room environment is quiet at port calls, and the stevedores are exposed to less emission from the ships.
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The retrofit segment is expected to be the fastest-growing Shore Power Market, by connection, during the forecast period.
The retrofit segment accounted for the highest CAGR during the forecast period. Traditionally, only small ships, such as the pleasure craft ferries and other small boats, were subjected to install shore power system. However, in early 2000, the shipping industry witnessed a drastic increase in the number of large scale ships. This rise in the number of large scale ships increased CO2, and NOx emissions, and, in turn, affecting the surrounding environment at the ports. Such effect on the ecology resulted in the adoption of retrofitting shore power systems in every vessel.
Asia Pacific: The leading Shore Power Market.
In this report, the Shore Power Market has been analyzed with respect to five regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. Asia Pacific is estimated to dominate the global Shore Power Market during the forecast period. Asia Pacific ports are focusing more on sustainability due to the increase in the maritime industry, stringent emissions regulations, and mounting concerns over local air pollution. Thus, a major scope of growth and development in the Shore Power Market exists in these regions.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Shore Power Market. Some of the key players are Siemens (Germany), Wärtsilä (Finland), ABB (Switzerland), Schneider Electric (France), and Cavotec (Switzerland). The leading players are adopting various strategies to increase their share in the Shore Power Market.
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