MARKET INTRODUCTION
Shore power is the process in which electrical power to a ship is provided from the shore while it is docked. Shore power allows auxiliary engines to be turned off, thereby significantly reducing fuel costs. The process is also known as cold-ironing or alternative marine power. The Asia Pacific region is expected to experience a surge in demand for shore power with increasing efforts to minimize emission and noise pollution in heavy traffic ports. Also, countries such as China and Hong Kong, which are a hub for top ports, offer major growth prospects in this region.
MARKET DYNAMICS
The shore power market is anticipated to grow in the forecast period owing to driving factors such as the increasing number of cruise liners in the shipping industry and installation of retrofit shore power systems. The high cost of installation and maintenance may hamper the growth of the shore power market during the forecast period. On the other hand, favorable government initiatives aimed at reducing greenhouse gas emissions from ports would provide significant opportunities for the shore power market and the key players in the future.
MARKET SCOPE
The "Global Shore Power Market Analysis to 2028" is a specialized and in-depth study of the energy and power industry with a special focus on the global market trend analysis. The report aims to provide an overview of shore power market with detailed market segmentation by component, connection, installation, and geography. The global shore power market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading shore power market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global shore power market is segmented on the basis of component, connection, and installation. Based on component, the market is segmented as switchgear, transformer, frequency converter, cables & accessories, and others. On the basis of the connection, the market is segmented as retrofit and new installation. The market on the basis of the installation is classified as shipside and shoreside.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global shore power market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The shore power market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting shore power market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South & Central America after evaluating political, economic, social and technological factors affecting the shore power market in these regions.
MARKET PLAYERS
The reports cover key developments in the shore power market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved the way for the expansion of business and customer base of market players. The market players from shore power market are anticipated to lucrative growth opportunities in the future with the rising demand for shore power in the global market. Below mentioned is the list of few companies engaged in the shore power market.
The report also includes the profiles of key shore power companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last three years, key developments in the past five years.
- Blueday Technology
- Cavotec SA
- Cochran Marine LLC
- Danfoss A/S
- ESL Power Systems, Inc.
- General Electric Company
- Igus Inc.
- Schneider Electric SE
- Siemens AG
- VINCI Energies S.A.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.