Research Nester published a report titled “Shore Power Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of theglobalshore power market in terms of market segmentation by installation, component, power output, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global shore power market is expected to garner a large revenue by growing at a notable CAGR throughout the forecast period, i.e., 2021 – 2030, owing to the rising requirement to reduce carbon emissions from ports, increasing number of luxury ships and growing establishment of retrofit shore power systems. Furthermore, surging sea trade activities and cruise-based tourism is also estimated to fuel the expansion of market in the coming years.
The market is segmented by installation, component and power output. On the basis of component, the frequency converter segment is anticipated to grow at a considerable rate during the forecast period in view of the ability of this component to reduce maintenance cost, increase lifetime and improve motor efficiency. Additionally, based on installation, the shoreside segment is expected to grow at the fastest rate ascribing to the wide deployment of shoreside power stations since the recent years.
Regionally, the global shore power market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific is expected to see the highest growth in the market during the forecast period, which can be attributed to the escalating adoption of shore power systems and presence of several large and busy ports in the region.
Growing Consciousness to Reduce Port Emissions to Drive Market Growth
Port activities are responsible for the generation of harmful air contaminants such as carbon monoxide, nitrogen oxides and sulfur oxides. These pollutants have caused detrimental effects on the heath of workers and people living nearby sea ports. As a result, governments are becoming more conscious towards reducing emissions from ships, which in turn is evaluated to boost market growth in the near future.
However, high cost of installing and maintaining shore power is expected to operate as key restraint to the growth of the shore power market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global shore power market which includes company profiling of Schneider Electric, Siemens AG, ABB Ltd, Switzerland, Cavotec SA, Wärtsilä Corporation, ESL Power Systems, Inc., VINCI Energies S.A., NorSea Group, igus GmbH, Cochran Marine LLC., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the shore power market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.