Europe Shore Power Market growth to Grow with a robust CAGR through to 2028

Increasing the number of cruise liners in the maritime sector, as well as reducing low-frequency noise and emissions are expected to drive the Europe Shore Power Market growth in the forecast period, 2024-2028.

 

According to TechSci Research report, “Europe Shore Power Market - By Country, Competition, Forecast and Opportunities, 2018-2028”, the Europe Shore Power Market is expected to register a robust during the forecast period, 2024-2028. The increasing market shares are driven by the growing demand for eco-friendly and efficient power solutions for marine vessels. Shore power systems offer an alternative to the utilization of onboard diesel generators, which emit harmful pollutants and contribute to air pollution. Additionally, supportive government initiatives and regulations aimed at reducing carbon emissions from the shipping industry are influencing the market trend.

Stricter environmental regulations, such as the International Maritime Organization's (IMO) sulfur and carbon emissions limits, present a substantial opportunity for the shore power market. Ports and ship operators can leverage shore power to adhere to these regulations and mitigate greenhouse gas emissions. As regulations progressively tighten, the demand for shore power solutions is expected to grow.

Browse over XX market data Figures spread through 135 Pages and an in-depth TOC on "Europe Shore Power Market”

 

Based on connection, New Installation segment has emerged as the predominant market leader. The Europe Shore Power Market is experiencing steady growth as a result of the aforementioned factors. Existing ports are expanding their shore power infrastructure, and new installations are being planned to meet the increasing demand. Stricter environmental regulations imposed by international bodies such as the International Maritime Organization (IMO) and the European Union (EU) are a key driver for the implementation of new shore power systems in Europe. These regulations aim to reduce greenhouse gas emissions and air pollution from ships while they are docked, making shore power an attractive solution. The growing focus on sustainability and corporate responsibility is compelling ports and ship operators to embrace shore power as part of their environmentally friendly practices. Shore power aligns with broader sustainability objectives and enhances the green image of both ports and vessels. Larger and busier ports are typically prioritizing shore power installations due to higher vessel traffic and emissions. Smaller ports and inland waterways are also exploring opportunities for new installations to support sustainable maritime operations. Smart grid technologies optimize power distribution, improving the efficiency and reliability of shore power connections.

 

Based on component, Frequency Converter segment is expected to grow during the forecast period. operations. Frequency converters are essential for ensuring compatibility between a ship's electrical system and the onshore power supply, allowing vessels from various regions to connect to European ports without extensive retrofitting or modifications. As ports across Europe undergo modernization and expansion projects, frequency converters are commonly integrated into new shore power infrastructure or added to existing facilities. This trend enables ports to accommodate a diverse range of vessels and promotes the integration of frequency converters into broader smart grid systems, enhancing grid stability and optimizing power distribution management. Ongoing efforts to harmonize international standards related to frequency converters aim to simplify adoption, reduce compatibility issues, and encourage the use of shore power in European ports. In summary, frequency converters play a vital role in enabling ships to connect to shore power in European ports with different electrical frequencies, driven by the need for compatibility, environmental regulations, and sustainability initiatives in the Europe Shore Power Market.

Major companies operating in Europe Shore Power Market are:

• ABB Ltd.
• Siemens AG
• Schneider Electric SE
• Cavotec SA
• Wärtsilä Oyj Abp
• Eaton Corporation plc
• Power Systems International
• Danfoss A/S
• IGUS
• Blueday Technology AS

 

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“Russia is expected to dominate the market during the forecast period. Russia's maritime industry holds significant importance, boasting a multitude of ports that facilitate international trade. Key hubs such as St. Petersburg, Novorossiysk, and Murmansk play a crucial role in handling various commodities. The maritime sector in Russia primarily focuses on bulk cargo, as well as the transportation of oil and gas, making it a potential contender for the adoption of shore power, especially for vessels involved in these sectors.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Europe Shore Power Market By Installation (Shoreside and Shipside), By Connection (New Installation and Retrofit), By Component (Transformer, Switchgear, Frequency Converter and Cables & Accessories), By Country, By Competition Forecast & Opportunities, 2018-2028”, has evaluated the future growth potential of Europe Shore Power Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Europe Shore Power Market.

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