Shore Power Market Growth Overview and Estimates Market Size by 2028

Global Shore Power Market: Overview

The marine industry consumes a substantial amount of energy, and this factor could place a toll on the energy sector of coastal regions. Powering ships, while meeting their in-house electricity requirement, is a key consideration for port operators. Ships that have been docked also require electricity for several menial operations. Therefore, all types of vessels and ships require a bypass route for electricity procurement. This new route of procurement cannot be related to the internal engine of the ships. Hence, the global shore power market is expected to grow at a sound pace in the years to follow.

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Although shore power is essentially used for offshore activities, bus and truck fleets may also procure electricity through this route. Hence, there lies tremendous scope for growth across the global shore power market. Furthermore, the presence of a seamless industry for maritime monitoring has also aided market growth. The need for shore power can be gauged from the rate of digitization across ports and bays. The primary reason behind this spree of digitization is to meet the electricity requirements of docks.

A syndicate report on the global shore power market delves into the details of market demand and supply. The global shore power market can be segmented on the basis of the following parameters: installation, connection, and component. Based on component type, switchgears for shore power generation are extremely important from the perspective of operations.

Global Shore Power Market: Notable Developments

Expeditionary Strike Group THREE (ESG 3) conducted and hosted an event called ‘Shore Power 2019’ aimed at the Naval Base San Diego theatre on 18th of July. Over 200 engineers and sailors attended the event that focused on educating port operators about safety measures required to handle shore power. Feedback from event lectures can help companies in critically analysing the risks associated with shore power.

Oshima Shipbuilding, the Nagasaki-based company that manufactures bulk carriers, developed a ship that runs solely on battery power. This development could inspire other manufacturers of bulk carriers to invest in core research and development. Furthermore, the shore power market could gain fresh revenues as Oshima’s new carrier attracts a fresh consumer base.

Some of the leading vendors in the global shore power market are:

Cavotec (Switzerland)
Siemens (Germany)
ABB (Switzerland)
Wärtsilä (Finland)
Schneider Electric (France)

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Global Shore Power Market: Growth Drivers

Need for Electricity across Small Craft Boats

Although shore power largely corresponds to large vessels and ships, the use of electricity on small boats cannot be underestimated. A docket encapsulates a large fleet of craft boats, and the cumulative energy requirements of these boats is quite high. Hence, the global shore power market is growing alongside expansion of fleets across the marine industry.

Use of Shore Power for Aircrafts

The shore power market also includes supply operations for meeting the energy requirements of ground aircrafts. The use of ground power units (GPUs) for aircrafts at military bases and hangars has played a key role in market growth. The use of auxiliary power units for powering aircrafts also corresponds to the shore power market.

Need for Saving Natural Fuels

The Environmental Protection Agency of the US asserts that huge amount of power can be saved by using smart grids for electrification of land vehicles. Hence, the use of Truck Stop Electrification (TSE) for powering parked trucks plays a vital role in market growth.

The global shore power market can be segmented as:

Based on Component