The global shore power market is projected to reach USD 1.4 billion by 2025 from USD 1.1 billion in 2020, at a CAGR of 6.7% during the forecast period.
Northbrook, IL -- (SBWIRE) -- 10/18/2021 -- The global Shore Power Market is projected to reach USD 1.4 billion by 2025 from USD 1.1 billion in 2020, at a CAGR of 6.7%. The factors driving the growth for shore power market include growing focus governments across the world on reducing air and noise pollution caused due to port activities and increasing sea trade and cruise-based tourism.
Shoreside installation segment is expected to be largest segment of shore power market
The shore power market has been segmented, by installation, into shoreside and shipside installations. The shoreside segment is expected to be the most shore power market, by installation, during the forecast period. This growth can be attributed to the high cost of installation owing to extra electrical components on the shoresied. Additional components enable the shoreside shore power system to operate with more flexiblity and meet the power requirements of different type of vessels.
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Frequency converters are expected to hold largest share of shore power market
The shore power market has been segmented, by component, into transformers, switchgear devices, frequency converters, cables and accessories, and others, including safety grounding equipment and plugs. Frequency converters enable the shoreside shore power system to supply frequency matching the vessel's operating frequency.
North America is expected to be the largest shore power market.
In this report, the shore power market has been analyzed for 5 regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is the largest shore power market, followed by Europe and Asia Pacific. North America is likely to witness a high adoption of shore power systems owing favorable regulations in multiple states throughout the countries.
Asia Pacific is expected to be fastest-growing shore power market
Asia Pacific is the fastest-growing shore power market, followed by North America and Europe. I Asia Pacific is likely to witness the maximum adoption and implementation of shore power systems owing to the growing focus of multiple countries on the reduction of pollution caused from port activities. Also, these countries have the presence of several large-sized ports that are among the busiest ports across the world. Major countries in this region include China, Japan, Australia, South Korea, India, Singapore, and Rest of Asia Pacific. Rest of Asia Pacific consists of the Philippines, Malaysia, Taiwan, and Thailand. With the presence of countries including China, Japan, and South Korea, having major manufacturing industries, the Asia Pacific region experiences a lot of vessel movement throughout the year.
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Major players in the global Shore Power Market include Siemens (Germany), Schneider Electric (France), Cavotec (Switzerland), Wartsila (Finland), Vinci Energies (France), and ESL Power (US).
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