Shore Power Market Strategic Roadmap: Analysis and Forecasts 2024-2032

Key Insights

The Shore Power Market size was valued at USD 1.40 USD Billion in 2023 and is projected to reach USD 3.20 USD Billion by 2032, exhibiting a CAGR of 12.53 % during the forecast period. Shore power is often referred to as cold ironing or, more formally, as alternative maritime power (AMP), which is a method of supplying a ship with electricity from onshore utilities while the vessel is berthed. This technology enables ships to switch off their auxiliary engines, thus reducing emissions as well as fuel requirements greatly. There are primarily two types: the high voltage shore connection (HVSC) for large vessels, which includes cruise ships, and container ships and the low voltage shore connection (LVSC) for small vessels, which covers fishing boats, ferries e.t.c The features include the design of having standard and common connectors and cables, pro-active monitoring and having compatibility with many other electrical systems in the ship. Shore power is widely used in commercial ports, naval bases, and marinas of sea vessels, ships or boats. The advantages span across the environmental sector, which include fresh air quality, less noise pollution, and decreased rate of greenhouse emission.

Shore Power Trends

• The use of shore power is becoming increasingly common in ports around the world.
• Governments are implementing regulations to encourage the use of shore power.
• The technology is becoming more affordable and efficient.

Driving Forces: What's Propelling the Shore Power Market

• Environmental concerns: Shore power helps reduce air pollution by eliminating the use of diesel generators on ships.
• Regulatory mandates: Many ports are requiring ships to use shore power when at berth.
• Cost savings: Shore power can be more cost-effective than using diesel generators.
• Improved efficiency: Shore power systems are more efficient than diesel generators.

Challenges and Restraints in the Shore Power Market

• High upfront cost: The cost of installing a shore power system can be high.
• Lack of infrastructure: Shore power is not available in all ports.
• Compatibility issues: Shore power systems may not be compatible with all ships.

Emerging Trends in Shore Power

• Wireless shore power: Wireless shore power systems eliminate the need for physical cables.
• Automated shore power: Automated shore power systems reduce the need for human intervention.
• Integrated shore power: Integrated shore power systems combine shore power with other energy sources, such as solar and wind power.

Growth Catalysts in the Shore Power Industry

• Government subsidies: Governments are offering subsidies to encourage the adoption of shore power.
• Technological advancements: Technological advancements are making shore power systems more affordable and efficient.
• Increasing awareness: The public is becoming more aware of the environmental benefits of shore power.
• High consumer awareness: Consumers are becoming increasingly aware of the environmental and health benefits of using shore power.
• Increasing demand: The demand for shore power is increasing due to the rising popularity of electric vehicles and the green energy movement.
• Supportive government policies: Governments are implementing policies that support the use of shore power, such as tax incentives and grants.

Market Segmentation: Shore Power Analysis

By Connection:

• Shoreside
• Shipside (Offshore Support Vessel)

By Installation:

• New installation
• Retrofit

By Component:

• Transformer
• Switchgear
• Cables and Accessories
• Static Frequency Converter
• Others

Leading Players in the Shore Power Market

• ABB (Switzerland)
• Wartsila (Finland)
• Siemens (Germany)
• Schneider Electric SE (France)
• Cavotec (Switzerland)
• ESL Power Systems, Inc. (U.S.)
• SmartPlug System (U.S.)
• Cochran Marine LLC (U.S.)
• Blueday Technology (Norway)
• VINCI Energies SA (France)

Significant Developments in the Shore Power Sector

May 2023: ABB signed an agreement with Finnish shipbuilder Meyer Turku to supply two new Finnish multipurpose patrol vessels with an integrated power and propulsion package, including two Azipod thrusters and an Onboard DC Grid™ electrical system. The 98-meter vessels to be delivered in 2025 and 2026 will replace the departing Tursas and Uisko patrol vessels.

January 2023: Port of San Diego, in collaboration with Cochran Marine LLC, completed a project worth USD 4.4 million with equipment purchase and for construction management, coordination, testing, and commissioning. The mobile cable positioning device can be used with any shoreside electric power system, not just Cochran Marine installations.

September 2022: Wartsila Corporation signed a contract to supply an integrated hybrid propulsion system for two new hybrid ro-ro vessels. The ships would be built at China Merchants Jinling Shipyard (Weihai) Co., Ltd. for the Swedish shipping company Stena RoRo. The ships are the world's first methanol-powered hybrid ro-ro ships and would operate on Stena Line's Irish Sea system.

May 2022: Siemens announced the construction of two new SIHARBOR in Kiel, which will be Europe’s largest shore-power connections and will be operating by the end of year 2023. These two shore power systems supply sustainable power through local power grid systems. Supplying green onshore power saves 12,000 metric tons of CO2 per year. An additional benefit is an end to noise emissions and vibration caused by the ships’ diesel generators.

July 2021: Cavotec was awarded three orders for its innovative shore-power connection systems by global marine equipment manufacturer Samsung Heavy Industries, which is a supplier of clean-tech systems that are playing a key role in the modernization and de-carbonization of the world’s ports. The total financial value of these orders is USD 3.2 million. 

Comprehensive Coverage Shore Power Market Report

• Executive Summary
• Market Definition and Scope
  • Definition of Shore Power
  • Market Segments and Applications
  • Geographical Scope
• Market Size and Forecast
  • Historical Market Data
  • Growth Projections and Forecasts
  • Market Size by Segment and Region
• Key Market Trends
  • Environmental Regulations
  • Adoption of Electrification in Maritime Industry
  • Technological Advancements
• Market Segmentation
  • By Voltage Level
  • By Connectivity Type
  • By Vessel Type
• Competitive Landscape
  • Major Market Players
  • Market Share Analysis
  • Competitive Strategies
• Industry Analysis
  • Porter's Five Forces Model
  • SWOT Analysis
  • Value Chain Analysis
• Growth Opportunities
  • Emerging Markets
  • Advancements in Technology
  • Expansion into New Applications
• Emerging Trends
  • Wireless Shore Power
  • Integration with Renewable Energy Sources
  • Smart Grid Technology
• Challenges and Restraints
  • Cost of Infrastructure
  • Limited Availability at Ports
  • Technical Compatibility Issues
• Regulatory Landscape
  • Global Regulations
  • Regional and National Policies
  • Environmental Impact Assessments
• Future Outlook
  • Market Growth Projections
  • Key Factors Driving Growth
  • Opportunities and Challenges Ahead

Regional Insight

• North America
• Europe
• Asia-Pacific
• South America
• Middle East and Africa

Technology Analysis

• Shore power systems
• Wireless shore power
• Automated shore power
• Integrated shore power

Pestle Analysis

• Political factors
• Economic factors
• Social factors
• Technological factors
• Environmental factors
• Legal factors

Porter's Five Force Analysis

• Threat of new entrants
• Bargaining power of suppliers
• Bargaining power of buyers
• Threat of substitutes
• Industry rivalry

BCG Matrix

• Stars
• Cash cows
• Question marks
• Dogs

Import & Export Analysis

• Import and export data
• Trade patterns
• Tariffs and regulations

Production & Consumption

• Production capacity
• Production output
• Consumption patterns

Regulatory Landscape

• Environmental regulations
• Safety regulations
• Building codes