This growth can be attributed to factors such as the reduction of low-frequency noise and emissions at ports, increasing number of cruise liners in the shipping industry, and installation of retrofit shore power systems.
The new installation segment is expected to be the largest contributor to the shore power market. 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.
The frequency converter segment is expected to be the largest contributor to the shore power market. 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.
Asia Pacific is expected to account for the largest market size during the forecast period. China dominated the Asian Pacific shore power market in 2018. As per the Ministry of Transport, in 2018, the container throughput capacity of China's major ports reached about 250 million standard containers, or Twenty-Foot Equivalent Units (TEUs), an increase of 5.3% from the previous year. Besides this, seven out of the world's ten largest ports, in terms of annual cargo and container throughput, were located in China. With the top ports, such as the ports of Shanghai and Qingdao, getting more traffic, the installation of the shore power system in China's ports is gaining rapid momentum to reduce emission and noise pollution in such heavy traffic ports.
Key Market Players include Siemens (Germany), Wärtsilä (Finland), ABB (Switzerland), Schneider Electric (France), and Cavotec (Switzerland).
Key Questions Addressed by the Report
· What are the key markets for various stakeholders such as analytics companies, and shore power system providers, in the shore power market?
· How does the report help the system providers in understanding the market dynamics of the market?
· How does the report help in understanding the strategies adopted by the key players in the market?
· What is the key information that the report addresses the key players and their market share in the market?
What insights does the report provide about emerging geographies and what are the various competitive advantages the major key players can gain in the market?
1.1. Market Definition
1.2. Study Scope
1.3. Study Period
1.4. Market Stakeholders
2. Research Methodology
2.1. Secondary Research
2.2. Primary Research
2.3. Research Design
2.4. Data Validation
2.5. Limitations and Assumptions
3. Market Dynamics
3.1.1.Implementation of Shore Power Reduces Low-Frequency Noise and Emissions at Ports
3.1.2.Increasing Number of Cruise Liners in the Shipping Industry
3.1.3.Installation of Retrofit Shore Power Systems
3.2.1.Complexity in the Integration of Different Systems
3.2.2.The High Initial Investment For Shore Power Component Manufacturers
3.2.3.High installation and maintenance cost
3.3.1.Government Initiatives to Reduce Greenhouse Gas Emissions From Ports
3.3.2.Increasing LNG Hybrid Power Barge Solution
4. Executive Summary
5. Shore Power Market, By Installation
5.2.3.Offshore Support Vessel
6. Shore Power Market, By Connection
6.1. New Installation
7. Shore Power Market, By Component
7.3. Frequency Converter
7.4. Cables & Accessories
8. Shore Power Market, By Region
8.1. Asia Pacific
8.1.5. South Korea
8.1.7.Rest of Asia Pacific
8.2.6.Rest of Europe
8.3. North America
8.4. Middle East & Africa
8.4.2. Saudi Arabia
8.4.5.Rest of the Middle East & Africa
8.5. South America
8.5.3.Rest of South America
9. Company Profiles
9.3. Schneider Electric
9.6. ESL Power Systems
9.9. Blueday Technology
9.10. Cochran Marine
9.11. Vinci Energies
*Company introduction, financial information, recent developments, SWOT analysis
10. Conclusion and Recommendations
11.2. Related Reports