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Global Shore Power Market Set to Reach $2.7B by 2024 - Analysis on Leading Players Siemens, Wartsila, ABB, Schneider Electric, and Cavotec

/EIN News/ -- Dublin, Sept. 13, 2019 (GLOBE NEWSWIRE) -- The "Shore Power Market by Installation (Shoreside, Shipside (Vessel Type)), Connection (New Installation, Retrofit), Component (Transformer, Switchgear, Frequency Converter, Cables & Accessories), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The shore power market is estimated to be valued at USD 1.4 billion in 2019 and is projected to reach USD 2.7 billion by 2024, at a CAGR of 13.3% during the forecast period.

The report defines, describes, and forecasts the global shore power market by installation, connection, component, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the shore power market.

The global shore power market is dominated by a few major players that have an extensive regional presence. The leading players in the shore power market are Siemens (Germany), Wartsila (Finland), ABB (Switzerland), Schneider Electric (France), and Cavotec (Switzerland).

The global shore power market is projected to grow at a CAGR of 13.3% from 2019 to 2024

Reduction of low-frequency noise and emissions at ports, a growing number of cruise liners in the shipping industry, and installation of retrofit shore power systems have increased the demand for a shore power system. However, huge installation & maintenance costs and high initial investment for shore power component manufacturers are hindering the growth of the shore power market.

The frequency converter segment is expected to be the fastest-growing market from 2019 to 2024

The frequency converter segment is expected to hold the largest market share and is the fastest-growing segment during the forecast period. Shore power frequency converter allows a ship to be powered by the port's electrical grid, even though the vessel may have a different operating voltage. Shore power frequency converters save money by reducing the consumption of diesel fuel. It also reduces air pollution caused by running the engine unnecessarily while at the port. Another benefit of using shore power frequency converters is noise reduction, whereas idling and diesel generators are much noisier.

The new installation segment, by connection, is expected to be the largest market from 2019 to 2024

The report segments the shore power market, by connection, into the new installation, and retrofit. The new installation segment is expected to hold the largest market share by 2024. For shore power to be implemented, ships need to be equipped to receive power from an outside source or local grid. Existing ships usually need to be retrofitted with specific electrical equipment such as wiring, connectors, transformers, and switchgear, while many new ships are being built with this equipment as part of their ship's electrical system design. Retrofitting of shore power in existing vessels are way expensive when compared to a new installation, sometimes costing up to twice as much as incremental new-build investments. Therefore, the new installation segment is driving the market during the forecast period.

Asia Pacific: The fastest-growing shore power market

In this report, the shore power market has been analyzed with respect to five regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. Asia Pacific is estimated to dominate the global shore power market during the forecast period. Asia Pacific ports are focusing more on sustainability due to the increase in the maritime industry, stringent emission regulations, and mounting concerns over local air pollution. Thus, a major scope of growth and development in the shore power market exists in these regions.

Why Buy this Report?

  1. The report identifies and addresses the key markets for shore power, which would help various stakeholders such as utilities, analytics companies, and shore power system providers to review the growth in demand.
  2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
  3. The report will help key players understand the strategies of their competitors better and help them in making effective strategic decisions.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Shore Power Market
4.2 Shore Power, By Installation
4.3 Shore Power, By Connection
4.4 Asia Pacific Shore Power, By Component & Country
4.5 Shore Power, By Region

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Implementation of Shore Power Reduces Low-Frequency Noise and Emissions at Ports
5.2.1.2 Increasing Number of Cruise Liners in the Shipping Industry
5.2.1.3 Installation of Retrofit Shore Power Systems
5.2.2 Restraints
5.2.2.1 High Installation and Maintenance Costs
5.2.3 Opportunities
5.2.3.1 Government Initiatives to Reduce Greenhouse Gas Emissions From Ports
5.2.3.2 Increasing LNG Hybrid Power Barge Solution
5.2.4 Challenges
5.2.4.1 Complexity in the Integration of Different Systems
5.2.4.2 The High Initial Investment For Shore Power Component Manufacturers

6 Shore Power Market, By Installation
6.1 Introduction
6.2 Shoreside
6.2.1 Ship Emissions During a Port's Laytime Can Be Sustainably Reduced By Shoreside Electricity Which is Expected to Drive the Segment During the Forecast Period
6.3 Shipside
6.3.1 Heavy Environmental Impact of Maritime Shipping is Expected to Drive the Shipside Segment During the Forecast Period
6.3.1.1 Passenger Vessel
6.3.1.2 Merchant Vessel
6.3.1.3 Offshore Support Vessel
6.3.1.4 Specialized Vessel

7 Shore Power Market, By Connection
7.1 Introduction
7.2 New Installation
7.2.1 Low Cost of New Installation Compared With Retrofit is Expected to Drive the Segment During the Forecast Period
7.3 Retrofit
7.3.1 Increasing Number of Large-Scale Ships is Expected to Drive the Retrofit Segment During the Forecast Period

8 Shore Power Market, By Component
8.1 Introduction
8.2 Transformer
8.2.1 Growing Need For Transformers For the Proper Distribution of Electricity to Vessels is Expected to Drive the Transformer Segment During the Forecast Period
8.3 Switchgear
8.3.1 Switchgear Helps in Switching, Controlling, and Protecting Other Shore Power Components
8.4 Frequency Converter
8.4.1 Frequency Converters are Used to Supply Power to Different Vessels and their Increasing Demand is Expected to Drive the Market During the Forecast Period
8.5 Cables & Accessories
8.5.1 Ships Participating in A Shore Power Electrification Program Would Require Installation of Shore Power Cable Receptacles and an Associated Electrical Management System
8.6 Others
8.6.1 Any Marine Plug, Connector, Receptacle, Or Inlet Needs to Be Able to Keep Its Users Safe

9 Shore Power Market, By Region
9.1 Introduction
9.2 Asia Pacific
9.2.1 By Installation
9.2.2 By Connection
9.2.3 By Component
9.2.4 By Country
9.2.4.1 China
9.2.4.1.1 Strong Economic Growth and Supportive Government Policies For the Shipbuilding Industry is Expected to Drive the Chinese Shore Power
9.2.4.2 Japan
9.2.4.2.1 Japan Has A History of Shipbuilding and is the Largest Shipbuilding Country in the World
9.2.4.3 South Korea
9.2.4.3.1 South Korea Aims to Build 200 New Containers and Dry Cargo Ships By 2020 Which Would Contribute to the Overall Marine Trade
9.2.4.4 India
9.2.4.4.1 Economic Growth, Favorable Government Policies and Incentive Framework, A Long Coastline, and an Increase in Marine Freight Traffic Offer Lucrative Opportunities For the Growth of the Maritime Industry in India
9.2.4.5 Singapore
9.2.4.5.1 Singapore Maritime Industry Plays A Vital Role in the Country's Economy and Acts as A Boost For International Trade
9.2.4.6 Oceania
9.2.4.6.1 Australia is One of the Major Economically Developed Countries in Oceania For the Market
9.2.4.7 Rest of Asia Pacific
9.2.4.7.1 The Philippines is One Among the Major Countries Contributing to the Maritime Industry in the Rest of Asia Pacific Region
9.3 Europe
9.3.1 By Installation
9.3.2 By Connection
9.3.3 By Component
9.3.4 By Country
9.3.4.1 Sweden
9.3.4.1.1 Sweden is A Leading Country to Implement Decarbonization Into the Maritime Industry
9.3.4.2 Germany
9.3.4.2.1 Germany's Maritime Industry is Characterized By Its High-Tech Shipbuilding and Modern Technology, thereby Leading to an Increase in the Shore Power Market
9.3.4.3 UK
9.3.4.3.1 The UK Stands as the Fourth Largest Shipbuilder and the Third Largest Boatbuilder Across Europe
9.3.4.4 Russia
9.3.4.4.1 Russia's Large and Strategic Sea Transportation Presence Would Help the Country to Enhance Its Maritime Business and Marine Transportation at A Global Level
9.3.4.5 The Netherlands Shipping, Inland Shipping, Shipbuilding, Dredging, Navy, Ports, Fishing, Maritime Services, Marine Equipment Supply, And Yacht Building/Watersport Industry
9.3.4.5.1 The Maritime Cluster of the Netherlands Consists of Shipping, Inland Shipping, Shipbuilding, Dredging, Navy, Ports, Fishing, Maritime Services, Marine Equipment Supply, and Yacht Building/Watersport Industry
9.3.4.6 Rest of Europe
9.3.4.6.1 Norway is the 19th Largest Shipbuilding Economy in the World
9.4 North America
9.4.1 By Installation
9.4.2 By Connection
9.4.3 By Component
9.4.4 By Country
9.4.4.1 US
9.4.4.1.1 Growth in the US Shipbuilding Industry Would Prove to Be Among the Most Important Factors Which Would Drive the Demand For Shore Power in the Country
9.4.4.2 Canada
9.4.4.2.1 The Ship Building Industry in Canada Plays A Vital Role in the Economic Development of the Country
9.5 Middle East & Africa
9.5.1 By Installation
9.5.2 By Connection
9.5.3 By Component
9.5.4 By Country
9.5.4.1 UAE
9.5.4.1.1 The Increase in Maritime Activities in the UAE is One of the Most Significant Factors Contributing to the Growth of the Market in This Country
9.5.4.2 Saudi Arabia
9.5.4.2.1 Growing Investments in Shore Power Would Experience A Boom in the Coming Years in the Country
9.5.4.3 Egypt
9.5.4.3.1 Egypt's Damietta Port Plays A Crucial Role in Increasing the Shore Power Market in the Country
9.5.4.4 South Africa
9.5.4.4.1 South Africa is the Most Advanced Economy in the Middle East & Africa
9.5.4.5 Rest of the Middle East & Africa
9.5.4.5.1 China is Expected to Invest in African Ports and Help in the Development of African Ports
9.6 South America
9.6.1 By Installation
9.6.2 By Connection
9.6.3 By Component
9.6.4 By Country
9.6.4.1 Brazil
9.6.4.1.1 Brazil is the Leading Economy in South America and One of the Largest Contributors to the World Trade
9.6.4.2 Argentina
9.6.4.2.1 Argentina Government is Investing in the Merchant and Shipbuilding Industry and is Adopting Shore Power Systems at A Rapid Rate
9.6.4.3 Rest of South America
9.6.4.3.1 Investments in Panama and Chile Would Increase the Demand For Shore Power During the Forecast Period

10 Competitive Landscape
10.1 Overview
10.2 Competitive Leadership Mapping (Overall Market)
10.2.1 Visionary Leaders
10.2.2 Innovators
10.2.3 Dynamic
10.2.4 Emerging
10.3 Market Share, 2018
10.4 Competitive Scenario
10.4.1 Contracts & Agreements
10.4.2 New Product Launches
10.4.3 Mergers & Acquisitions
10.4.4 Expansions & Investments
10.4.5 Partnerships & Collaborations

11 Company Profiles
11.1 ABB
11.2 Siemens
11.3 Schneider Electric
11.4 Wartsila
11.5 Cavotec
11.6 ESL Power Systems
11.7 IGUS
11.8 Smartplug
11.9 Blueday Technology
11.10 Cochran Marine
11.11 Vinci Energies
11.12 Preen
11.13 GE
11.14 Danfos

For more information about this report visit https://www.researchandmarkets.com/r/lklmh5

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