The global Shore Power Market size is expected to grow from an estimated USD 1.6 billion in 2022 to USD 2.8 billion by 2027, at a CAGR of 11.2% according to a new report by MarketsandMarkets™. Shore power, shore-to-ship power, or cold ironing is a technique of supplying electricity from the shore to ships to fulfill their power requirements for onboard electrical systems. This technique is also called an alternative maritime power, wherein the provided electricity can either be derived from a combination of port-owned renewable energy sources and local grids or solely from the local grids. The incoming power is fed to a substation at the port, converted into the required form, and transmitted to special power connectors, enabling the connection between the shore and ship.
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The shoreside segment is expected to grow at the highest CAGR from 2022 to 2027
Based on the installation type of shore power systems, the shoreside segment is estimated to be the fastest-growing market from 2020 to 2027. The strict environmental regulations implemented by governments worldwide have led port authorities to highly focus on reducing noise and emission levels through port operations, which has increased the shoreside installation of shore power systems and fueled the market growth.
Asia Pacific is expected to lead the shore power market
Asia Pacific accounted for a 33.4% share of the Shore Power Market in 2022. The countries covered in the region are China, Japan, South Korea, India, Australia, Singapore, and Rest of Asia Pacific. Asia Pacific is projected to hold the largest size of the Shore Power Market during the forecast period as multiple countries in the region have been emphasizing reducing their carbon footprint by utilizing several techniques such as shore power, which would help them achieve their goals.
Asia Pacific is the world’s most populated region and is expected to become the largest energy-consuming region globally in the near future. The growing population and rising per capita income are the key factors for the increasing demand for energy in Asia Pacific. It comprises several developing nations that eventually require more energy for different purposes. According to the Asian Development Bank (ADB), the region’s share of global energy consumption is expected to increase to 56% by 2035 from 34% in 2010.
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The leading players in the Shore Power Market include GE (US), Siemens (Germany), Schneider Electric (France), ABB (Switzerland), and Eaton (Ireland).