Global Shore Power Market is Expected to Reach $4.45 Billion by 2027

GAITHERSBURG, Maryland, Jan. 27, 2020 /PRNewswire/ -- According to Stratistics MRC, the Global Shore Power Market is accounted for $1.24 billion in 2018 and is expected to reach $4.45 billion by 2027 growing at a CAGR of 15.3% during the forecast period.

Some of the key players in Shore Power market include ABB, Blueday Technology, Cavotec, Cochran Marine, Danfoss, ESL Power Systems, GE, IGUS, Preen, Schneider Electric, Siemens, Smartplug, Vinci Energies, and Wärtsilä. 

The rising number of cruise liners in the shipping industry, setting up of retrofit shore power systems, and execution of shore power reduces low-frequency noise and emissions at ports are the major factors driving the market growth. However, high costs for installation and maintenance may hinder the growth of the market.

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Shore power is the provision of shoreside electrical power to a ship at berth while its main and auxiliary engines are shut down. Shore power saves consumption of fuel that would otherwise be used to power vessels while in port and eliminates the air pollution associated with consumption of that fuel.

Based on connection, new installation segment is going to have a lucrative growth during the forecast period owing to the retrofitted with specific electrical equipment such as wiring, connectors, transformers, and switchgear, while many new ships are being built with this equipment as part of their ship's electrical system design.

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By geography, Asia Pacific provides potential growth opportunities as the ports in this region are focusing more on sustainability due to the increase in the maritime industry, stringent emission regulations, and mounting concerns over local air pollution.

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Connections Covered:

• New Installation
• Retrofit

Installations Covered:

• Shoreside
• Shipside

Components Covered:

• Cables & Accessories
• Frequency Converter
• Switchgear
• Transformer
• Other Components

Regions Covered:

• North America
• US
• Canada
• Mexico
• Europe
• Germany
• France
• Italy
• UK
• Spain
• Rest of Europe
• Asia Pacific
• Japan
• China
• India
• Australia
• New Zealand
• South Korea
• Rest of Asia Pacific
• South America
• Argentina
• Brazil
• Chile
• Rest of South America
• Middle East & Africa
• Saudi Arabia
• UAE
• Qatar
• South Africa
• Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 9 years of all the mentioned segments, sub-segments, and the regional markets
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

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