Shore Power Market Size to Grow USD 2095.6 Million by 2029 at a CAGR of 7.5% | Valuates Reports
BANGALORE, India, Dec. 12, 2023 /PRNewswire/ — Shore Power Market is Segmented by Type (Shoreside, Shipside), by Application (Switchgear, Transformer, Frequency Converter, Cable and accessories): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is Published in Valuates Reports Under the Category of Energy & Utilities.
The Global Shore Power Market is projected to grow from USD 1357.9 Million in 2023 to USD 2095.6 Million by 2029, at a Compound Annual Growth Rate (CAGR) of 7.5% during the forecast period.
Claim Your Free Sample Now: https://reports.valuates.com/request/sample/QYRE-Auto-4K547/Global_Shore_Power
Major Factors Driving The Growth of the Shore Power Market
The market for shore power is expanding rapidly due to the combination of technology improvements, regulatory requirements, and environmental imperatives. Shore power solutions are being adopted by ports and shipping businesses as a result of strict environmental rules and sustainability programs, which are driving worldwide concerns about maritime emissions and air quality.
The growth of the shore power market is facilitated by port modernization projects, which are motivated by the desire for cleaner and more efficient operations. Shore power adoption is further encouraged by the financial advantages of lower fuel use and maintenance costs for ships, as well as the improved air quality in port communities.
Own It Today – Buy Now! https://reports.valuates.com/api/directpaytoken?rcode=QYRE-Auto-4K547&lic=single-user
TRENDS INFLUENCING THE GROWTH OF THE SHORE POWER MARKET
Global sustainability initiatives and strict environmental restrictions are driving significant development in the shore power sector. Reducing air pollution and greenhouse gas emissions from maritime operations is becoming more and more important to governments and regulatory agencies. In keeping with the global trend towards environmentally friendly and sustainable marine practices, shore power, also known as cold ironing, enables ships to connect to onshore electrical networks while they are moored. This lowers emissions and lessens the need for onboard generators.
The expansion of infrastructure and port modernization are directly related to the growth of the shore power industry. Ports all around the world are realizing how important it is to give visiting vessels access to shore power facilities. Installing shore power infrastructure as part of larger port enhancements makes ports more appealing to environmentally concerned shipping corporations. This is expected to drive the growth of the Shore Power market.
Shore power helps the industry expand by providing shipping businesses with an affordable option. Even if there would be a need for an initial infrastructure expenditure, there will be substantial operating savings over time. When combined with possible legislative incentives, shore power becomes an affordable choice for maritime businesses trying to maximize their operating costs. Offshore generators also use less fuel and require less maintenance.
The market for shore power is expanding as a result of its improvement of port towns’ air quality. Particulate matter and nitrogen oxides (NOx) are two air contaminants that shore power helps decrease by minimizing the usage of diesel generators during port stays. This air quality increase is in line with the objectives of local governments and communities working to create cleaner urban settings, and it has favorable effects on public health.
The International Maritime Organisation (IMO) regulations are a major factor propelling the shore power industry. The maritime sector has been subject to increasingly strict emissions requirements imposed by the IMO, which has prompted the development of greener technology. Shore power is a recommended option for shipping businesses looking to fulfill international environmental requirements since it offers a workable alternative for boats to comply with these rules.
The deployment of shore power infrastructure is mostly being driven by government financing and incentive programs. Financial incentives, grants, and subsidies are being provided by several governments throughout the globe to promote the building of shore power facilities at ports. These initiatives seek to expedite the shift to more environmentally friendly marine operations and foster an atmosphere that will support the expansion of the shore power industry.
The rise in international commerce and the expansion of marine operations have an impact on the shore power market. Shore power is one of the more eco-friendly and efficient options available as long as sea transportation is the main means of conducting international trade. By making calculated investments in shore power infrastructure, ports may expand their markets by positioning themselves as important nodes in the global transportation network.
Unlock Insights: View Full Report Now! https://reports.valuates.com/market-reports/QYRE-Auto-4K547/global-shore-power
SHORE POWER MARKET SHARE ANALYSIS
Tight environmental restrictions, especially in the US and Canada, are driving a large portion of the shore power market’s expansion in North America. In order to meet emissions regulations and promote environmentally friendly marine operations, ports around the coast of North America are making investments in shore power infrastructure.
The market gains from a proactive attitude to environmental stewardship, since shore power options are supported by a number of government initiatives and incentives.
Purchase Chapters: https://reports.valuates.com/request/chaptercost/QYRE-Auto-4K547/Global_Shore_Power
- ABB Ltd
- Siemens AG
- ESL Power
- Blueday Technology
- Cochran Marine
Purchase Regional Data: https://reports.valuates.com/request/regional/QYRE-Auto-4K547/Global_Shore_Power
We have introduced a tailor-made subscription for our customers. Please leave a note in the Comment Section to know about our subscription plans.
DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
– Ship Shore Power System Market
– Onshore Power Supply System market is projected to reach USD 1147.2 million in 2029, increasing from USD 826.3 million in 2022, with the CAGR of 5.2% during the period of 2023 to 2029.
– Shore Power Cords and Cables Market
– Shore Power Solution market is projected to reach USD 61 million in 2029, increasing from USD 43 million in 2022, with a CAGR of 5.3% during the period of 2023 to 2029.
– Shore Power Sensor Market
– Shore Power Pedestal market is projected to reach USD 421.4 million in 2029, increasing from USD 304.2 million in 2022, with the CAGR of 4.8% during the period of 2023 to 2029.
– Turnkey Shore Power System Market
– Shore Variable Frequency Power Supply Market
– Wind Power Turbine Bearings Market
– Electromagnet Power Supplies market is projected to reach USD 1066.6 million in 2029, increasing from USD 682 million in 2022, with a CAGR of 6.5% during the period of 2023 to 2029.
– The global dry bulk shipping market size is projected to grow from USD 35 billion in 2020 to USD 101 billion by 2027; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 16% from 2021 to 2027.
– The global renewable energy market was valued at USD 881.7 billion in 2020, and is projected to reach USD 1,977.6 billion by 2030, growing at a CAGR of 8.4% from 2021 to 2030.
– Oil And Gas Separation market size is expected to reach USD 4787.3 million by 2029, growing at a CAGR of 2.2% from 2023 to 2029.
– Offshore Oil and Gas Communications Market
– Offshore Equipment Leasing market is projected to reach USD 34080 million in 2029, increasing from USD 21790 million in 2022, with the CAGR of 6.6% during the period of 2023 to 2029.
– Offshore Energy Storage System Market
– Offshore Corrosion Protection Market
– Mobile Offshore Drilling Unit (MODU) market size is expected to reach USD 37920 million by 2029, growing at a CAGR of 1.6% from 2023 to 2029.
– Ship-to-Shore (STS) Container Cranes market was valued at USD 2179.9 million in 2022 and is anticipated to reach USD 2937.3 million by 2029, witnessing a CAGR of 4.3% during the forecast period 2023-2029.
– Shallow Water Trencher Market
– Small-Scale LNG market size is projected to reach USD 67 Million by 2027, from USD 48 Million in 2020, at a CAGR of 5.6% during 2021-2027.
– LNG bunkering market size was valued at USD 0.38 Billion in 2019, and is projected to reach USD 5.14 Billion by 2027, growing at a CAGR of 45.2%.
– The global shipping containers market was valued at USD 8.70 Billion in 2019 and is projected to reach USD 12.08 Billion by 2027, registering a CAGR of 4.3%.
– The global shipbuilding market size was valued at USD 142.52 billion in 2020 and is projected to reach USD 195.48 billion by 2030 growing at a CAGR of 3.2%.
– Electric Ships market size is projected to reach USD 9361.4 million by 2027, from USD 5114.6 million in 2020, at a Compound Annual Growth Rate (CAGR) of 10.6%
DISCOVER OUR VISION: VISIT ABOUT US!
Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.
Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that’s why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.
To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.
YOUR FEEDBACK MATTERS: REACH OUT TO US!
For U.S. Toll-Free Call 1-(315)-215-3225
View original content:https://www.prnewswire.com/news-releases/shore-power-market-size-to-grow-usd-2095-6-million-by-2029-at-a-cagr-of-7-5–valuates-reports-302012919.html
SOURCE Valuates Reports
Disclaimer: The above press release comes to you under an arrangement with PR Newswire. Bubblear.com takes no editorial responsibility for the same.