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Market Overview
- The Global Shore Power Market is expected to grow at a CAGR of 13.1% during the forecasting period (2020-2027).
- Shore power saves consumption of fuel that would otherwise be used to power vessels while in port and eliminates the air pollution associated with the consumption of that fuel. A port city may have anti-idling laws that require ships to use shore power. The use of shore power may facilitate maintenance of the ship's engines and generators, and reduces noise. Shore power or shore supply is the provision of shore-side electrical power to a ship at berth while its main and auxiliary engines are shut down. While the term denotes shore as opposed to off-shore, it is sometimes applied to aircraft or land-based vehicles (such as campers, heavy trucks with sleeping compartments, and tour buses), which may plug into grid power when parked for idle reduction.
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Market Dynamics
- An increasing number of cruise liners in the shipping industry is the major driving factor for the growth of the market. Since 2009, significant expenditures have taken place to install shore power infrastructure at the marine terminals. The Port of Oakland’s estimated project cost is approximately USD 60 million; the Port and private sector combined estimated cost for just the shore-side infrastructure is approximately USD70 million. Adding to this, Royal Caribbean invested USD250 million in the newly launched Terminal A at Port Miami to increase the capacity at ports, cruise lines have started to build out terminals.
- Furthermore, 23.63 million passengers and 4.5 million crew disembarked cruise ships and visited during the 2014-2015 cruise year, spending USD2.45 billion and USD302.2 million, respectively to the Caribbean and Latin American destinations. In 2015, Cruise line expenditures including port fees and taxes, payments to local tour operators, and payments to local businesses for supplies and services were contributed worth USD400.8 million.
- However, high costs for installation and maintenance is the key restraint hampering the market growth globally.
Market Segmentation Analysis
- By Connection, the shore power market is divided into retrofit and new installation. The global Shore Power market size by YYY was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. Retrofit is something that an act of adding a component or accessory to something that did not have it when manufactured. Companies are offering a single interface for complete port electrification and grid integration that can be installed for new building projects or retrofit. ABB shore power connectors retrofitted on Three Holland America ships. ABB is playing a key role in Holland American Line’s goals of embracing new technologies to further minimize the environmental impact of its fleet. The premium cruise line will retrofit three of its vessels with ABB’s innovative shore power connectors that allow the ships to draw on land-based electrical grids when docked in port.
- By Component, the shore power market is segmented into cable & accessories, frequency converter, transformer, switchgear, and other components. Other components include an auxiliary power system and voltage stabilizers. The global Shore Power market size by YYY was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
- By Installation, the shore power market is classified into the shipside and shore side. The global Shore Power market size by YYY was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
Market Geographical Analysis
- The Asia Pacific shore power market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. The Asia Pacific is expected to garb a major market share in the forecast period due to the presence of large largest seaports particularly in countries like India and China. Due to the heavy traffic in seaports, the installation and retrofit of shore power are expected to increase in the forecast period. For instance, India has 12 major ports Kandla, Mumbai, JNPT, Marmugao, New Mangalore, Cochin, Chennai, Ennore, V O Chidambarnar, Visakhapatnam, Paradip, and Kolkata which handle approximately 61 % of the country's total cargo traffic.
- Adding to this, the Government of India is also encouraging and supporting Green Port projects to reduce air and noise pollution in the country. For instance, The Indian Ministry of Shipping issued the Draft of its proposed Standard Operating Procedure (SOP) exploring shore power supply to ships in Indian ports, under the national "Green Port" project seeking to reduce air and noise pollution on major ports across India.
Market Competitive Trends
- The Shore Power market is competitive with existing players in the market.
- Some of the major players include ESL Power Systems, Schneider Electric, Smartplug, Blueday Technology, ABB, Cochran Marine, Smartplug, Vinci Energies, Cavotec, and IGUS.
- In November 2019, Värtahamnen Port, in Stockholm, has launched the world’s most modern, and the largest shore power plant in wattage-terms, in the Baltic Sea area and they have come into operation very soon.
- In February 2019, Juneau, a city in Alaska announced that they are considering a proposal to offer more shore power to cruise ships.
- In August 2018, Port of Oakland announced that its shore power use hit an all-time high in July 2018. 105 of 135 vessels visiting Oakland in July connected to shore-side electricity at berth.
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Shore Power Market:WiseGuyReports.com adds “Global Shore Power Market Research Report 2020 Analysis and Forecast 2027” reports to its database.Executive SummaryGlobal Shore Power Market is valued approximately at USD 1.40 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 13.3% over the forecast period 2020-2027.
The increasing number of cruise liners in the shipping industries coupled with growing number of ocean cruise passengers is the factor driving the growth of market over the forecast years.
For instance: as per Cruise Lines International Association, Inc., the number of ocean cruise passengers accounts for 26.7million in 2017 which is increased to 28.2 million till 2018 globally.
Whereas, the global spread of COVID-19 unfavorably affected the growth of market due to announcement of lockdown in various economies.
Moreover, the market is presence of supportive government regarding reduction of greenhouse gas emission from ports is creating a lucrative opportunity for the market growth.
However, high installation and maintenance cost of shore power is hampering the market growth.Request Free Sample Report @ https://www.wiseguyreports.com/sample-request/5511828-global-shore-power-market-size-study-with-covidThe regional analysis of global Shore Power market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World.
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In-depth Temporary Power Market SynopsisThe MMR offers a concise depiction of the “Temporary Power Market” industry, delivering an in-depth analysis of the Temporary Power Market. 6% through 2023 to 2029, Temporary Power Market is reaching nearly US$ 14. Employing PESTLE analysis facilitated comprehension of the potential impact of micro and macro-economic factors on the Temporary Power Market. by Fuel typeDieselGasOthersby End userUtilitiesCommercial and Industrialby Power RatingLess than 80 Kw Power Rating81 Kw–280 Kw Rating281 Kw–600 Kw RatingAbove 600 Kw RatingGet More Info : https://www. Trinity Power Jacobsen (Textron Company)Section Heading: Temporary Power IndustryPart 01: Executive SummaryPart 02: Scope of the Temporary Power Market ReportPart 03: Temporary Power Market LandscapePart 04: Temporary Power Market SizingPart 05: Temporary Power Market Segmentation by TypePart 06: Five Forces AnalysisPart 07: Customer LandscapePart 08: Geographic LandscapePart 09: Decision FrameworkPart 10: Drivers and ChallengesPart 11: Market TrendsPart 12: Vendor LandscapePart 13: Vendor AnalysisRequest Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @: https://www.
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