Shore Power Market is valued approximately at USD 1.40 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 13.3% over the forecast period 2020-2027.
Shore power is also known as cold-ironing or alternative marine power. It is a process where electrical power is delivered to a ship from the shore while it is docked. The source power enables auxiliary engines of ships to be turned off which thereby significantly reduces the fuel cost. The increasing number of cruise liners in the shipping industries coupled with growing number of ocean cruise passengers is the factor driving the growth of market over the forecast years. For instance: as per Cruise Lines International Association, Inc., the number of ocean cruise passengers accounts for 26.7million in 2017 which is increased to 28.2 million till 2018 globally.
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Whereas, the global spread of COVID-19 unfavorably affected the growth of market due to announcement of lockdown in various economies. Lockdown were framed with for prevention of people from corona virus to spread through trade and travel in foreign countries. Therefore, market growth will be slightly challenged due to the COVID-19 global pandemic. Moreover, the market is presence of supportive government regarding reduction of greenhouse gas emission from ports is creating a lucrative opportunity for the market growth. However, high installation and maintenance cost of shore power is hampering the market growth.
The regional analysis of global Shore Power market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the implementation of shore power reduce low-frequency noise and emission at ports. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as increasing number of cruise liners in the shipping industry would create lucrative growth prospects for the Shore Power market across Asia-Pacific region.
Major market player included in this report are:
ESL Power Systems
AC Power corp
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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The detailed segments and sub-segment of the market are explained below:
Cables & accessories
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Shore Power Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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What is the aim of the report?
Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
The various parameters accelerating the growth of Market are incorporated in the research report.
The report analyses growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East and Africa region.
The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
The report offers detailed analysis of leading companies in the market across the globe.
It provides details of the major vendors involved in the Market including Key Players
A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and
the manufactured products is incorporated in the report.
The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
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