(EMAILWIRE.COM, June 30, 2020 ) 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
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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 Oaklands 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 for retrofit. ABB shore power connectors retrofitted on Three Holland America ships. ABB is playing a key role in Holland American Lines 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 ABBs 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 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 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 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 in order 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, Vrtahamnen Port, in Stockholm, has launched the worlds 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 proposal to offer more shore power to cruise ships.
In August 2018, Port of Oakland announced that its shore power use hit 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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