Shore Power Market Size was valued at USD 1 Billion in 2023. The Shore Power Market industry is projected to grow from USD 1.12 Billion in 2024 to USD 2.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.01% during the forecast period (2024 - 2032). Increasing the number of cruise liners in the maritime sector, as well as reducing low-frequency noise and emissions are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for shore power is being driven by the rising pollution control laws and regulation. Marine power plants enable docked or dry-docked ships to use shore power while shutting down auxiliary engines, allowing onboard electrical systems such as lighting, ventilation, cargo pumps, communications, and other critical equipment to operate. It allows the crew to keep the vessel's diesel engine running while berthing while also reducing low-frequency noise and vibration. Companies that ship goods must reduce their costs and emissions. Furthermore, it is a short-term solution that allows transportation companies to meet emissions criteria faster and at a lower cost. The risk of ships colliding with whales and underwater noise are two additional environmental effects of shipping that are influenced by speed optimisation and reduction. Significant efforts have been made to develop underwater noise measuring standards in order to produce a standardised metric for the underwater noise emitted by commercial ships. Currently, specific sea tests are used to evaluate whether it meets the classification societies' requirements for underwater noise. As a result, shore power systems help marine firms achieve emissions targets and reduce underwater noise levels.
Onshore electricity is known to save money by lowering the amount of gasoline used to power yachts and boats while in port. Furthermore, it aids in the reduction of glasshouse gas emissions produced by auxiliary diesel engines while moored. Thus, governments from various nations are investing in this maritime energy technology with the goal of cutting GHG emissions, which is projected to fuel market expansion in the future years.
For instance, in June 2022, Enova, a Norwegian government corporation, committed USD 3.4 million to five new shore projects in the country. Since 2016, Enova has contributed more than USD 84.2 million to 119 shore power projects. Furthermore, at the One Ocean Summit in February 2022, port officials and government ministers from around the world signed a shore power declaration. The European Investment Bank has also joined, and the shareholders have committed to make every effort to provide a shoreside electrical supply by 2028, notably for container and cruise ships.
The Shore Power Market segmentation, based on installation includes shoreside and shipside. The shipside category is predicted to expand quicker during the forecast period due to the need for energy for critical activities such as air conditioning, refrigeration, and running onboard computers. The energy is supplied from the port, which eliminates the need for generators. It also contributes to the reduction of noise and air pollution in heavily inhabited and sensitive locations. Landside electricity can also be utilised as a charge in some places as an alternative to shipboard energy storage devices, and electric power is accessible for protected waterways over short distances.
The Shore Power Market segmentation, based on connection includes new installation and retrofit. In 2022, the new installation segment accounted for 33% of the market. The key drivers of this expansion are the low cost of installation and the increase in the number of countries with rigors environmental legislation. Shore power systems are being placed in under-construction ports and boats that have yet to be commissioned, according to the requirements. Simultaneously, new installations dominate the market for both shipside and shoreside installations.
Figure 1: Shore Power Market, by Connection, 2024 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Shore Power Market segmentation, based on component includes transformer, switchgear, frequency converter, cables & accessories. The frequency converter segment is expected to have the biggest market share and to be the fastest-growing segment throughout the projected period. A shore power frequency converter allows a ship to be powered by the port's electrical grid while having a different operational voltage. Energy is saved by reducing diesel fuel use with the help of shore power frequency converters. Furthermore, they reduce air pollution created by running the engine unnecessarily when at the port. All of these elements will help to the segment's growth during the next five years.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Shore Power Market area will dominate this market, Because of the increased emphasis on reducing retrofit and low-frequency noise and emissions at ports. According to the United States Environmental Protection Agency (USEPA), existing shore power plants are expanding at various ports, including three planned projects at the ports of Philadelphia for container ships and Miami and Galveston for cruise ships.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Shore Power Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s Shore Power Market accounts for the second-largest market share due to the increasing investments in the country's marine infrastructure. Further, the German Shore Power Market held the largest market share, and the UK Shore Power Market was the fastest growing market in the European region
The Asia-Pacific Shore Power Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the increasing adoption of renewable energy, and the surging focus on minimizing air pollution. Moreover, China’s Shore Power Market held the largest market share, and the Indian Shore Power Market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in R&D to expand their product lines, which will help the Shore Power Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Shore Powerindustry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Shore Power industry to benefit clients and increase the market sector. In recent years, the Shore Power industry has offered some of the most significant advantages to medicine. Major players in the Shore Power Market, including Blueday Technology (Norway), Cochran Inc. (US), AC Power Corp. (Taiwan), Piller Power System (Germany), Igus Inc. (US), Power Systems International (UK), Smartplug (US) and others, are attempting to increase market demand by investing in research and development operations.
Schneider Electric SE is a multinational French corporation specialising in digital automation and energy management. By merging energy technology, real-time automation, software, and services, it addresses homes, buildings, data centres, infrastructure, and industries. Schneider Electric is a Fortune 500 corporation, a Euronext Exchange public company, and a component of the Euro Stoxx 50 stock market index. The corporation made €34.2 billion in revenue in fiscal year 2022. Schneider Electric owns Square D, APC, and other companies. It is also a research firm. In June 2021, Schneider Electric has established an edge software and digital services programme to help its partners generate new revenue streams by remotely monitoring and managing their customers' physical infrastructure.
AGCO Corporation is an American agricultural machinery manufacturer based in Duluth, Georgia. It was established in 1990. AGCO is a manufacturer and distributor of tractors, combines, foragers, hay tools, self-propelled sprayers, smart farming technology, seeding equipment, and tillage equipment. Gleaner-Allis Corporation was the company's original name, but it was later changed to Allis-Gleaner Corporation, or AGCO. The Deutz-Allis tractor line was renamed AGCO-Allis, and Gleaner became its own brand of combines. In February 2022, AG Power Corp. introduced the new ADG+ Series. The ADG+ series is a high-power programmable DC power supply that has recently been updated from the ADG series.
In January 2022: Blueday Technology has agreed to supply a complete BluEco Shore Power System to Fjord Base. Shore-to-ship power solutions allow vessels parked in a port to draw all of the electricity required to run their on-board systems.
In March 2022: Danfoss has formed a joint venture with Ohmia Retail International AS and founded Ohmia Retail Sweden AB in Sweden to supplement its present service to Swedish food retail customers.
In March 2021: The Maltese port of Valletta has announced the availability of marine electricity for cruise ships. Nided ASI, the Nidec Group's leader of the Nidec Industrial Solutions platform, has obtained a USD 14 million contract with Excel Sis, a Maltese firm, to develop a "shore-to-ship" power project at the port.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 1 Billion |
| Market Size 2024 | USD 1.12 Billion |
| Market Size 2032 | USD 2.4 Billion |
| Compound Annual Growth Rate (CAGR) | 10.01% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Installation, Connection, Component, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | ABB Ltd. (Switzerland), Siemens (Germany), Schneider Electric (France), Cavotec SA (Switzerland), WARTSILA (Finland), Vinci Energies S A (France), Danfoss (Denmark), ESL Power Systems, Inc. (CA), Blueday Technology (Norway), Cochran Inc. (US), AC Power Corp. (Taiwan), Piller Power System (Germany), Igus Inc. (US), Power Systems International (UK), Smartplug (US) |
| Key Market Opportunities | · Increasing the number of cruise ships in the maritime industry. |
| Key Market Dynamics | · Low-frequency noise and emission reductions at the port. |
Frequently Asked Questions (FAQ) :
The Shore Power Market size was valued at USD 1 Billion in 2023.
The market is projected to grow at a CAGR of 10.01% during the forecast period, 2024-2032.
North America had the largest share in the market.
The key players in the market are Blueday Technology (Norway), Cochran Inc. (US), AC Power Corp. (Taiwan), Piller Power System (Germany), Igus Inc. (US), Power Systems International (UK), Smartplug (US).
The shipside category dominated the market in 2022.
The Frequency Converter had the largest share in the market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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