DELRAY BEACH, Fla., Nov. 14, 2024 /PRNewswire/ -- The global Shore Power Market is anticipated to grow from estimated USD 2.03 billion in 2024 to USD 3.58 billion by 2029, at a CAGR of 12.0% during the forecast period. This growth is mainly driven by a higher demand for renewals in the maritime sector in order to reduce carbon emissions from docked ships, and therefore stricter regulations by the government to protect the environment. Higher investments in port infrastructure and alternative renewable energy sources entry are also adding up to the adoption of the shore power system. Among these are automation, smart grids, and energy management systems that are deployed to optimize shore power operations by improving energy efficiency and minimizing the costs associated with its operations. These benefits have propelled shore power systems from being ecologically and economically unfeasible to become the core part of transition to cleaner and more efficient port operations everywhere around the world.
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Frequency Converter, by Component
By component, the frequency converter is expected to be the fastest-growing segment with growing demands from industries for power management efficiencies. The fundamental key components of a transformer, converters, and inverters make the working possible for managing fluctuating electrical frequencies between grids. In key terms, this applies to aerospace, defense, manufacturing, and marine industries. In addition, its growth will depend on the trend towards alternate sources of energy such as wind and solar power generation, wherein frequency converters will find a central application role for synchronizing supply of power from different sources. Advancements in automation along with growing demand in energy-efficient solutions will contribute to the demand for sophisticated components for frequency converters. Growing need in terms of energy efficiency and cost-effective operation is also driving widespread adoption, specifically in industrializing regions, like Asia-Pacific, that is expected to grow the fastest in this market.
Retrofit, by Connection
By connection, retrofit is expected to be the segment to record the highest growth rate in the forecast period with greater emphasis on upgrading existing infrastructure to meet modern energy efficiency standards and regulatory requirements. Retrofitting allows companies to upgrade the efficiency of their currently in-place systems without having to install completely new installations which makes the solution much costlier. This is more attractive to those industries focusing on lowering carbon footprint and optimizing energy use. Along with the push toward sustainability and the encouragement of cleaner sources of power, government measures and policies to incentivize energy retrofits are also motivating energy retrofits to continue driving demand for retrofit solutions. Additionally, retrofitting existing ships and shoreside infrastructure with advanced shore power technology is becoming ever more critical as regulations tighten on emissions from maritime operations.
Regional Analysis
North America is most likely to be the second-largest market in the forecast period as it witnesses significant economic growth, rapid technological development, and sky-rocketing demands for innovation across multiple sectors within the region. There is a strong industrial and technological base available in the region that invests highly in the sectors of machine learning, augmented reality, and renewable energy. This is further supported by the favourable government policies and the stress imposed on sustainability that motivate the high uptake of the advanced technologies and energy efficiency solutions. North America also hosts a great demand from the consumers for the advanced healthcare, IT, and manufacturing solution, and the growth in this market is especially rapid in augmented reality and machine learning.
Key Players
The world Shore Power Market is influenced by strategic moves of key players, including ABB (Switzerland), Siemens (Germany), Schneider Electric (France), GE (US), and Cavotec SA (Switzerland), which focus on developing shore power solutions with the state-of-the-art technology to fully meet demand from ports regarding cleaner and more efficient energy supply. Some of the strategies include very innovative products such as advanced frequency converters and energy management systems to reduce emissions from docked ships. Other major approaches towards the expansion of their technological capability and increasing market reach are acquisitions and partnerships by which they can cater to more diverse geographic regions and stricter environmental regulations across the globe.
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General Electric Company
General Electric Company or GE is a leading global industrial company. It can be classified into three main operating segments: Aerospace, Renewable Energy, and Power. It designed products for offering services in commercial and military aircraft engines and systems; renewable energy solutions involving wind power generation, grid technologies, and equipment for generating gas, steam, nuclear, and other power. GE addresses the Shore Power Market in solutions regarding the Power segment. GE maintains a very wide installed base of equipment in these industries, where services and maintenance become as important as new product sales. Over 130 years of innovation, GE has built its continuing history of continually leveraging technology to enhance the quality of life by solving critical global challenges. Presently, the company is focused on creating a better future of flight and building an energy future that's increasingly renewable and sustainable. GE operates in more than 160 countries, with a significant manufacturing footprint that includes 59 facilities across 24 US states and Puerto Rico, and 102 manufacturing plants in 25 other countries worldwide.
Siemens
Siemens is a global technology group operating in nearly every country. The company focuses its activities on the following main business areas: key sectors, key markets. Siemens focuses on making the world more comfortable and secure with visionary solutions and comprehensive services from a single source. The company's operating activities are aligned to four main Sectors: Industry; Energy; Healthcare; Building Technologies, also includes the combined Solutions sector with the combination of the Solutions as well as Government Technologies businesses. The company is divided into several business areas: Digital Industries, Smart Infrastructure, Mobility, and Siemens Healthineers, which represent the "industrial business," and Siemens Financial Services. Digital Industries business includes a range of products and systems in industrial automation, from solutions for factory automation, through numerical control systems to servo motors, drives, inverters, and integrated automation systems for production machines and tools. Smart Infrastructure is a company that supplies goods, services, systems, and software to help facilitate the shift from fossil fuels to renewable energy sources. Its areas of expertise include building technologies, electrification systems, and related products to modernize the global energy infrastructure. Its shore power solutions are represented through its business segment known as Smart Infrastructure. The Mobility group encompasses everything Siemens offers in the field of rail transportation, and therefore encompasses offering vehicles and components for urban and regional transport systems such as metro trains, trams, and light rail solutions. Siemens Healthineers provides a wide variety of healthcare products, solutions, and services around the world. Finally, Siemens Financial Services (SFS) provides financial solutions to Siemens' customers and outside businesses, debt and equity investments that help support their business operations. The company satisfies customer needs through almost 500 wholly-owned and independent distributor locations as well as over 9,000 dealer locations in more than 190 countries.
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