The Latest Shore Power Industry Statistics Explained
The shore power market is projected to reach $2.7 billion by 2025, at CAGR of 13.3%.
This statistic indicates that the shore power market, which refers to the market for providing electrical power to ships while they are docked at ports, is expected to grow significantly by 2025. The projection suggests that the market size will increase to $2.7 billion by 2025, representing a Compound Annual Growth Rate (CAGR) of 13.3%. This growth rate indicates a steady and strong expansion of the shore power market over the forecasted period. Factors such as increasing adoption of shore power technology to reduce emissions from ships while at berth, regulatory initiatives promoting the use of shore power, and the overall growth in maritime activities are likely driving this projected market growth.
The market for shore power in Europe accounted to be the most dominant, having more than one-third of the market revenue in 2018.
The statistic suggests that in 2018, the market for shore power in Europe represented a substantial portion of the total market revenue, exceeding one-third of the overall market share. This indicates that Europe played a dominant role in the shore power industry compared to other regions. The significance of this statistic is that European countries likely have a higher adoption rate of shore power technology in their ports and coastal areas, potentially due to regulations, incentives, or environmental awareness. This market dominance implies that European countries are leading efforts to reduce emissions from maritime vessels by providing onshore power options, which can significantly contribute to environmental conservation and sustainability within the maritime industry.
As of 2019, Siemens had around 20% share in the global shore power market.
The statistic indicates that as of 2019, Siemens held approximately 20% of the market share in the global shore power market. Shore power, also known as cold ironing or alternative maritime power (AMP), refers to the supply of electrical power to ships while they are docked, allowing them to turn off their auxiliary engines and reduce emissions. Siemens’ 20% market share signifies its significant presence and influence in providing shore power solutions worldwide, positioning the company as a key player in the industry. This statistic suggests that Siemens is a major contributor to the adoption of sustainable practices in the maritime sector by facilitating the use of cleaner energy sources and helping to reduce the environmental impact of ships while they are berthed.
Between 2020 and 2025, the shore power market for ship application is expected to grow at the highest CAGR.
The given statistic indicates that the shore power market for ship applications is projected to experience significant growth between 2020 and 2025, with the highest Compound Annual Growth Rate (CAGR) among all sectors. Shore power, also known as cold ironing or alternative maritime power (AMP), involves providing electrical power to ships stationed at port, allowing them to shut down their auxiliary engines and reduce emissions. The anticipated high CAGR suggests a rising adoption of shore power systems by the shipping industry as a means to comply with environmental regulations, reduce air pollution, and improve energy efficiency during port stays. This trend reflects a growing awareness and motivation within the maritime sector to embrace sustainable practices and address climate change impacts.
In 2020, new installations segment accounted for the majority of the market share.
The statistic “In 2020, the new installations segment accounted for the majority of the market share” indicates that within the specified market, the category of new installations, likely referring to newly established products or projects, held the largest proportion of market share compared to other segments. This suggests that in terms of sales, revenue, or other relevant metrics, the new installations segment outperformed the competition and captured the most significant portion of market activity in 2020. This information is crucial for understanding the dynamics and trends within the market during that specific year and can provide insights into consumer preferences, industry growth potential, and competitive positioning.
By 2026, North America’s shore power market is projected to reach over $700 million.
The statistic indicates that by the year 2026, the market for shore power in North America is expected to exceed $700 million in value. Shore power, also known as cold ironing or alternative maritime power (AMP), involves providing electrical power to ships while they are docked, thereby allowing them to turn off their auxiliary engines and reduce emissions. The projected growth in the North America shore power market suggests an increasing adoption of this technology within the shipping industry. Factors contributing to this expansion may include regulatory initiatives aimed at reducing air pollution from ships, as well as increasing awareness and emphasis on sustainable practices in the maritime sector. This statistic serves as a forecast for the potential economic impact and development of shore power infrastructure in North America over the next few years.
The frequency converter segment held the largest market share of the global shore power industry in 2020.
This statistic indicates that the frequency converter segment, within the global shore power industry, accounted for the largest proportion of market share in 2020. This means that out of all the subcategories or segments within the shore power industry, such as transformers, switchgear, or cables, the frequency converter segment was the most prominent in terms of revenue, sales, or other relevant metrics. Organizations specializing in frequency converters likely had a greater influence on the industry’s overall performance and dynamics in that year compared to other segments. This information can provide valuable insights into market trends, competitive landscape, and potential areas for growth or investment within the shore power industry.
As of 2021, the global shore power industry’s extension cords and connectivity products was valued at roughly $390 million.
The statistic indicates that the global shore power industry, which specializes in providing electricity to ships while they are docked at port to reduce emissions, saw a significant market value of around $390 million in 2021 for its extension cords and connectivity products. This value reflects the demand and size of the market for these specific products within the industry. The substantial valuation highlights the importance and growth potential of shore power technology as maritime regulations and environmental concerns drive the need for sustainable energy solutions in the shipping sector. Additionally, this statistic suggests a strong and competitive market for extension cords and connectivity products within the global shore power industry.
The Asia-Pacific region’s shore power market is expected to grow at the fastest rate between 2020 and 2027.
The statistic suggests that the Asia-Pacific region’s shore power market is projected to experience the highest rate of growth compared to other regions from the year 2020 to 2027. Shore power, also known as cold ironing or alternative maritime power (AMP), refers to the provision of electrical power to ships while they are docked in port, reducing the need for ships to run their engines and thus lowering emissions and improving air quality. The expected rapid growth in the Asia-Pacific shore power market indicates an increasing adoption of sustainable practices in the maritime industry in the region, likely driven by regulatory initiatives, environmental concerns, and the focus on reducing carbon emissions. This growth trend reflects a shift towards more environmentally friendly and energy-efficient practices within the maritime sector in the Asia-Pacific region.
The transformer substation segment of the industry is projected to achieve over 5.5% CAGR during 2021 to 2026.
The statement indicates that the transformer substation segment within the industry is expected to experience a Compound Annual Growth Rate (CAGR) of over 5.5% between the years 2021 and 2026. This implies that the market specific to transformer substations, which are crucial components of the electricity distribution infrastructure, is forecasted to grow steadily at a rate exceeding 5.5% annually over the specified period. Such growth indicates increasing demand and investments in the development, maintenance, and upgrading of transformer substations, likely driven by factors such as infrastructure modernization, renewable energy integration, and expanding electricity grids. This projection suggests a positive outlook for companies operating in or serving the transformer substation segment of the industry.
In 2019, the retrofit segment of the shore power market was estimated to be over $180 million.
The statistic “In 2019, the retrofit segment of the shore power market was estimated to be over $180 million” indicates that in the specified year, the market for retrofitting shore power infrastructure amounted to a value exceeding $180 million. Shore power, also known as cold ironing or alternative maritime power (AMP), is a technology that enables ships to connect to land-based electrical power sources while docked, thereby reducing harmful emissions from onboard diesel generators. The retrofit segment specifically refers to the installation or upgrading of shore power systems in existing port facilities or vessels. This statistic highlights the growing importance and investment in environmentally friendly initiatives within the maritime industry, as stakeholders seek to reduce air pollution and greenhouse gas emissions from ships while in port.
Pure Electric segment of the global Shore Power Market was valued at $204.64 Mn in 2020.
The statistic indicates that the Pure Electric segment of the global Shore Power Market had a total market value of $204.64 million in the year 2020. This value represents the economic worth of the market specifically related to pure electric shore power systems, which are designed to provide electricity to ships while they are docked at port without needing to run their own engines. The figure reflects the demand and revenue generated by the sale of such systems within the market, highlighting the significance and growth potential of the pure electric segment within the broader industry of shore power solutions.
The commercial segment of the shore power market is expected to grow at the highest CAGR during the forecast period.
This statistic suggests that the commercial segment within the shore power market is anticipated to experience the most rapid growth in terms of Compound Annual Growth Rate (CAGR) compared to other segments over the forecast period. This indicates a significant potential for expansion and investment opportunities in providing shore power solutions for commercial entities such as ports, shipping companies, and maritime industries. Factors driving this projected growth could include increasing regulatory requirements for cleaner energy sources, rising awareness of environmental sustainability, and the adoption of shore power technology to reduce emissions and operating costs within the commercial sector.
In 2019, the North American region dominated the shore power market in terms of revenue.
The statistic that “In 2019, the North American region dominated the shore power market in terms of revenue” indicates that North America had the highest total revenue generated from shore power sales compared to other regions in 2019. This suggests that North America had the largest market share and was likely a key player in the global shore power industry during that period. Factors contributing to North America’s dominance could include a higher adoption rate of shore power technology, stricter environmental regulations driving demand for cleaner power sources in ports, or strong investment in shore power infrastructure. This statistic highlights the significance of North America as a leading market for shore power systems and underscores the region’s influence in shaping the industry’s trends and developments.
Solid State Transformer technology segment in the shore power market is anticipated to experience a 6% growth rate up to 2026.
The statistic provided indicates that the Solid State Transformer technology segment within the shore power market is expected to grow at a rate of 6% annually until the year 2026. This suggests an increasing adoption of Solid State Transformer technology among consumers and businesses in the shore power market, which may be driven by factors such as efficiency improvements, cost savings, environmental considerations, and technological advancements. The projected growth rate of 6% signals a positive outlook for the Solid State Transformer technology segment within the shore power market, indicating potential opportunities for investment, innovation, and market expansion in the coming years.
In 2019, the global shore power industry size for cruise liners was over USD 350 million.
The statistic indicates that in 2019, the total value of the global shore power industry specifically catering to cruise liners exceeded USD 350 million. Shore power, also known as cold ironing or alternative maritime power (AMP), involves providing ships with electricity while they are docked at ports to reduce emissions and environmental impact. This figure exemplifies the significant investment and growth in the adoption of shore power technology within the cruise industry to promote sustainability and compliance with environmental regulations. The substantial size of the industry suggests that there is a growing demand for shore power infrastructure and services among cruise liners worldwide.
The power plant segment is expected to be the fastest-growing end-user industry in the global shore power market from 2020 to 2025.
This statistic suggests that within the global shore power market, the power plant segment is projected to experience the highest rate of growth between 2020 and 2025 compared to other end-user industries. This growth could be driven by various factors such as increasing awareness and implementation of sustainable energy practices, regulatory initiatives promoting the adoption of shore power technology in power plants, and the need for reducing environmental impact and carbon emissions in the power generation sector. Overall, this trend signifies a significant shift towards cleaner and more environmentally friendly energy solutions within the power plant industry, highlighting the potential opportunities and advancements in the adoption of shore power technology in this sector.
The shore power industry’s new installation segment is projected to grow at a phenomenal 25% growth rate during 2019 to 2025.
The statistic suggests that the new installation segment within the shore power industry is expected to experience rapid growth from 2019 to 2025, with a projected growth rate of 25% annually. This indicates a significant expansion in the installation of shore power systems during this time period. The high growth rate indicates strong demand for shore power solutions, likely driven by factors such as increasing adoption of clean energy technologies, regulatory requirements for emissions reductions, and a societal shift towards sustainability. This growth presents opportunities for industry players to capitalize on the expanding market and for the industry as a whole to contribute to a more environmentally friendly and efficient maritime sector.
References
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