The global Shore Power Market is projected to reach USD 1.4 billion by 2025 from USD 1.1 billion in 2020, at a CAGR of 6.7%. The factors driving the growth of the Shore Power Market are the growing focus on reducing air and noise pollution from porting activities and increasing sea trade and cruise tourism.
Shoreside installation is expected to be largest market during forecast period
The market has been segmented, by installation, into shoreside and shipside installations. The shoreside segment is expected to be the most Shore Power Market, by installation, during the forecast period. This growth can be attributed to the high cost of installation owing to extra electrical components on the shoresied. Additional components enable the shoreside shore power system to operate with more flexiblity and meet the power requirements of different type of vessels.
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New installation segment is expected to be largest in the Shore Power Market
The Shore Power Market, by connection, has been segmented into new installations and retrofit. The new installation segment is expected to be the largest in the Shore Power Market, by location, during the forecast period. This growth can be attributed to the increase in the number of stringent environmental norms by various governments. All the upcoming ports as well as upcoming vessels are being installed with shore power systems during construction, this procedure is also reduces the cost of implementation.
Frequency converters are expected to hold largest share of Shore Power Market
The market has been segmented, by component, into transformers, switchgear devices, frequency converters, cables and accessories, and others, including safety grounding equipment and plugs. Frequency converters enable the shoreside shore power system to supply frequency matching the vessel’s operating frequency.
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North America is expected to dominate global Shore Power Market
In this report, the Shore Power Market has been analyzed for 5 regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is the largest Shore Power Market, followed by Europe and Asia Pacific. North America is likely to witness a high adoption of shore power systems owing favorable regulations in multiple states throughout the countries. some of the top players in the Shore Power Market. These include Siemens (Germany), Schneider Electric (France), Cavotec (Switzerland), Wartsila (Finland), Vinci Energies (France), and ESL Power (US), and among others.