Shore Power Market

• Growing pollution control laws and regulations drive market growth.

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 expansion of port infrastructure is a critical factor influencing the Global Shore Power Market Industry. As global trade continues to grow, ports are investing in modernizing their facilities to accommodate larger vessels and enhance operational efficiency. This modernization often includes the installation of shore power systems, which provide vessels with the necessary electrical supply while at berth. Such investments not only improve the environmental footprint of port operations but also attract more shipping lines seeking to comply with environmental regulations. Consequently, this trend is likely to bolster the market's growth trajectory in the coming years.

The growing adoption of electric vessels is a significant driver for the Global Shore Power Market Industry. As shipping companies transition towards electrification to reduce operational costs and emissions, the demand for shore power infrastructure is expected to rise. Electric vessels require reliable shore power connections to recharge their batteries while docked, thereby creating a symbiotic relationship between the two sectors. This trend is anticipated to contribute to the market's growth, with projections indicating a market size of 3.2 USD Billion by 2035, reflecting the increasing reliance on electric propulsion in maritime operations.

The Global Shore Power Market Industry is experiencing a notable surge due to the increasing environmental regulations imposed by governments worldwide. These regulations aim to reduce greenhouse gas emissions from ships while docked, thereby promoting cleaner air quality in port cities. For instance, the International Maritime Organization has set ambitious targets for reducing emissions, which has led to a growing demand for shore power solutions. As a result, the market is projected to reach 1.12 USD Billion in 2024, with a significant portion of this growth attributed to compliance with these stringent regulations.

Increased awareness of sustainability among stakeholders in the maritime industry is driving the Global Shore Power Market Industry forward. Shipping companies, port authorities, and regulatory bodies are increasingly recognizing the importance of reducing carbon footprints and promoting sustainable practices. This heightened awareness has led to a greater emphasis on implementing shore power solutions, which enable vessels to operate without using onboard generators while docked. As a result, the market is poised for robust growth, with a projected compound annual growth rate of 10.0% from 2025 to 2035, as stakeholders prioritize sustainability in their operational strategies.

Technological advancements play a pivotal role in the expansion of the Global Shore Power Market Industry. Innovations in power supply systems, including the development of high-efficiency transformers and smart grid technologies, enhance the reliability and efficiency of shore power solutions. These advancements not only facilitate the seamless transfer of electrical power from the shore to vessels but also contribute to cost reductions for port operators. The integration of renewable energy sources into shore power systems further supports sustainability goals, making these technologies increasingly attractive to stakeholders in the maritime sector.

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, Market Research Future 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.