Global Shore Power Market – Industry Trends and Forecast to 2030

The Shore Power market is experiencing robust expansion, with market size projected to increase from (1.85 billion) 2024 to (5.50 billion) 2030, demonstrating a consistent year-over-year growth rate of 14.62% Shore Power Market Size, Share, Competitive Landscape and Trend Analysis Report, by Types (Transformer, Switchgear, Cables and Accessories, Static Frequency Converter, Others), ,by Connection (Shoreside, Shipside), by Installation (New Installation, Retrofit) And regions (North America(United States, Canada, Mexico), South America(Brazil, Argentina, Chile, Rest of South America), Europe(Germany, France, Italy, United Kingdom, Benelux, Nordics, Rest of Europe), Asia Pacific(China, Japan, India, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific), MEA(Middle East, Africa)) : Industry Forecast and Opportunity Analysis for 2024 - 2030

The shore power market encompasses providing electric power to vessels stationed at ports. This power then comes from the onshore electric grid and is channelled with special infrastructures to shut down the engines of the ships, thus reducing emissions. It can also be referred to as "cold ironing." These processes result in cleaner air as well as lesser noise pollution in the port areas. Increasing environmental regulations, the awareness of air pollution around the world, and the maritime industry's efforts toward sustainability are some of the factors driving the shore power market. It is anticipated that as ports across the globe deploy investments geared toward shore power infrastructure bolstered by government incentives, this market will experience healthy growth.

Shore Power Report Highlights

Report Metrics	Details
Forecast period	2019-2030
Base Year Of Estimation	2023
Growth Rate	CAGR of 14.62%
Forecast Value (2030)	USD 5.50 billion
By Product Type	Transformer, Switchgear, Cables and Accessories, Static Frequency Converter, Others
Key Market Players	ABB (Switzerland) Blueday Technology (Norway) Cavotec (Switzerland) Cochran Marine LLC (U.S.) Ensmart Power Ltd (U.K.) ESL Power Systems, Inc. (U.S.) Hitachi Energy Ltd. (Switzerland) Igus Inc. (Germany) Jinan Xinyuhua Energy Technology Co., Ltd. (China) Nidec Industrial Solutions (Italy) Power Systems International (U.K.) Schneider Electric SE (France) Siemens (Germany) SmartPlug System (U.S.) VINCI Energies SA (France) Wartsila (Finland)
By Region	North America(United States, Canada, Mexico) South America(Brazil, Argentina, Chile, Rest of South America) Europe(Germany, France, Italy, United Kingdom, Benelux, Nordics, Rest of Europe) Asia Pacific(China, Japan, India, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific) MEA(Middle East, Africa)

Shore Power Market Trends

The tremendous growth within the shore power sector comes as a result of increasing concerns regarding the environment and increasingly strict regulations on maritime emissions. Ports worldwide will be adopting shore power systems to reduce the amount of air pollution and greenhouse gases emitted by ships during port stays. Employing shore power would allow a ship to access a land-based electrical grid and turn off its engines, cutting reliance on fuel-powered generators. Given that emission control regulations are becoming stricter in more countries, it is projected that demand for shore power solutions will increase, especially in environmentally conscious regions such as Europe and North America. Another trend shaping the market is the injection of renewable energy into port infrastructure to realise shore power. Ports use different generation sources like wind, solar, and other renewable energy sources to power the systems of shore power because it renders shore power usage much more sustainable. Technological progress with respect to grid infrastructure and energy storage is also improving efficiency as well as cost-effectiveness in shore power systems.

Shore Power Market Leading Players

The key players profiled in the report are ABB (Switzerland), Blueday Technology (Norway), Cavotec (Switzerland), Cochran Marine LLC (U.S.), Ensmart Power Ltd (U.K.), ESL Power Systems, Inc. (U.S.), Hitachi Energy Ltd. (Switzerland), Igus Inc. (Germany), Jinan Xinyuhua Energy Technology Co., Ltd. (China), Nidec Industrial Solutions (Italy), Power Systems International (U.K.), Schneider Electric SE (France), Siemens (Germany), SmartPlug System (U.S.), VINCI Energies SA (France), Wartsila (Finland)

Growth Accelerators

Environmental regulations and increasing concern about emissions of ships in port are among the primary market drivers for shore power. Given that governments and regulatory entities are putting in place tighter restrictions for the quality of air and greenhouse gas emissions, shoreside electricity infrastructures are now being acquired in ports to give vessels access to plug and play to the local electricity grid instead of using diesel generators installed on board. The change in facility operation minimises emissions, fuel use, and air pollution in coastal and port areas that are usually populated. Another major driver is the rising demand for sustainable and energy-efficient technologies across the maritime industry. Not only shipping companies but also port authorities now see that shore power has tangible economic and environmental benefits and is a good, cost-effective way to minimise operational costs associated with the use of fuel and maintaining onboard power systems.

Shore Power Market Segmentation analysis

The Global Shore Power is segmented by Type, and Region.
By Type, the market is divided into Distributed Transformer, Switchgear, Cables and Accessories, Static Frequency Converter, Others . Geographically, the market is assessed across key Regions like North America(United States, Canada, Mexico), South America(Brazil, Argentina, Chile, Rest of South America), Europe(Germany, France, Italy, United Kingdom, Benelux, Nordics, Rest of Europe), Asia Pacific(China, Japan, India, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific), MEA(Middle East, Africa) and others, each presenting distinct growth opportunities and challenges influenced by the regions.

Competitive Landscape

The shore power market is characterised by incumbents and emerging technology players. Major global energy corporations and manufacturers of electrical equipment are the key players who offer shore power systems enabling ships to connect to land-based power sources while docked. Competition is therefore based on aspects such as system efficiency, reliability, and environmental regulation compliance. Furthermore, advancements in grid interconnections, advances in energy storage, and integration of renewable energy will also create differentiators since the companies in this line of business continue to change direction toward sustainable and eco-friendly shore power solutions.

Challenges In Shore Power Market

There are numerous challenges that are witnessed in the shore power market. The major aspect is mainly related to the huge cost of infrastructure for implementing the shore power system in ports and harbours. Ports spend a lot of money on the installation of costly mechanical equipment and electrical systems, which facilitate the connection of ships to the power grid on land. Such costs may overwhelm a smaller or developing port because many high-profile ambitious investments tend to prove burdensome. There are numerous challenges that are witnessed in the shore power market. The major aspect is mainly related to the huge cost of infrastructure for implementing the shore power system in ports and harbours. Ports spend a lot of money on the installation of costly mechanical equipment and electrical systems, which facilitate the connection of ships to the power grid on land. Such costs may overwhelm a smaller or developing port because many high-profile ambitious investments tend to prove burdensome.

Risks & Prospects in Shore Power Market

The shore power market has enormous business opportunities emerging from increasing environmental regulations along with rising requirements for cleaner sustainable energy solutions in the maritime industry. Ports and shipping companies are now looking for ways to reduce carbon emissions from ships while meeting stricter environmental standards, and shore power helps achieve this objective: a docked ship can plug into a local source of power rather than running generators onboard. Regions with more stringent policies and regulations prove even further attractive to port operators, giving them the chance to invest in shore power infrastructure and broaden their offerings to eco-minded shipping lines. Investments in shore power infrastructure and technology are expected to increase as the global shipping industry continues to implement decarbonisation strategies. This creates a market for development and installation companies working in this space, as well as other services around grid integration and energy management.

Key Target Audience

Port authorities, shipping companies, and marine operators are the primary end users of the shore power industry—they want to reduce emissions and comply with environmental regulations. Shore power systems enable vessels to be supplied with electrical power while at berth, thus allowing ships to shut down their engines and consequently produce less air pollution; engine noise is drastically reduced, and overall consumption of fuel is lowered. Several shipping companies operating in sensitive areas or regions with rigorous emission standards are now opting for such approaches in order to comply with regulations and to say they have improved their sustainability efforts.,, Governments and environmental agencies can also be included in this list. They will be propelling the green initiatives efforts and that of transitioning towards cleaner energy modes in the maritime sector. These two stakeholders basically provide the supply of shore power infrastructure through funds and regulatory implementation that advocate for ports to be bettered by adopting shore power systems.

Merger and acquisition

Major merger and acquisition activities have overtaken the shore power market in recent years. As companies look to enhance the capabilities of their products and expand market share, a noticeable merger last September was when Caverion, a technical solutions provider based in Finland, acquired CS Electric A/S, a Danish company into electrification and shore power services. With this acquisition, it is expected that Caverion's design and engineering capabilities will be enhanced to give cumulative sustainable energy solutions to the marine industry. Such strategic moves are indicative of a market that is keen to integrate advanced technologies with expanded service offerings to meet a growing demand for shore power systems. Again, major players like ABB, Siemens, and Wärtsilä actively engage in partnerships and joint ventures to solidify their presence in the market. An example of this would be that ABB recently clinched shoreside connection installation with project authorities within the Portsmouth ports' Sea Change project, which aims to improve shore power infrastructures. This growth trend shows that there will be many mergers and acquisition activities in the future as companies aim to take advantage of newly emerging opportunities in this growing market. >

Analyst Comment

"The shore power market is an emerging segment established for the provision of electrical power to ships at ports. The technology known as cold ironing makes it possible to stop using engines aboard ships during the docking process, thereby reducing air and noise pollution. The key driving factors are closer environmental regulations, the growing concerns of air quality, and the maritime industry's practices toward sustainability. The shore power market is projected to grow significantly as investments by ports in shore power infrastructure increase, and governments will then give incentives to encourage the shift. Advances in power electronics technology and energy storage solutions further fuel the use of shore power systems, making it most strategic for sustainable port operations."