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 for shore power include growing focus governments across the world on reducing air and noise pollution caused due to port activities and increasing sea trade and cruise-based tourism. Frequency converters enable the shore side shore power system to supply frequency matching the vessel’s operating frequency.
New installation is expected to be the largest segment in the shore power market during the forecast period. This prime reason behind this growth is the low cost of installation and the increase in the number of stringent environmental norms by countries worldwide. Under-construction ports and yet to be commissioned vessels are being implemented with shore power systems beforehand according to the requirement. New installations capture the market for both shipside and shoreside installations at the same time.
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The shoreside installation is expected to be the most significant segment of the shore power market during the forecast period. This dominance can be attributed to the high cost of installation owing to the requirement for additional electrical components on the shoreside. The additional components enable to make the shoreside. shore power systems more flexible to meet the power requirements of different types of vessels.
North America is expected to be the largest market for Shore Power
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.
Asia Pacific is the fastest-growing shore power market, followed by North America and Europe. I Asia Pacific is likely to witness the maximum adoption and implementation of shore power systems owing to the growing focus of multiple countries on the reduction of pollution caused from port activities. Also, these countries have the presence of several large-sized ports that are among the busiest ports across the world. Major countries in this region include China, Japan, Australia, South Korea, India, Singapore, and Rest of Asia Pacific. Rest of Asia Pacific consists of the Philippines, Malaysia, Taiwan, and Thailand. With the presence of countries including China,Japan, and South Korea, having major manufacturing industries, the Asia Pacific region experiences a lot of vessel movement throughout the year.
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Major players in the global Shore Power Market include Siemens (Germany), Schneider Electric (France), Cavotec (Switzerland), Wartsila (Finland), Vinci Energies (France), and ESL Power (US).
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