Shore power market worth $2.7 billion by 2024

1. Shore Power Market worth $2.7 Billion by 2024 According to the new market research report "Shore Power Market by Installation (Shoreside, Shipside (Vessel Type)), Connection (New Installation, Retrofit), Component (Transformer, Switchgear, Frequency Converter, Cables & Accessories), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Shore Power Market is projected to reach USD 2.7 billion by 2024 from an estimated USD 1.4 billion in 2019, at a CAGR of 13.3%. This growth can be attributed to the reduction of low- frequency noise and emissions at ports, an increasing number of cruise liners in the shipping industry, and installation of retrofit shore power systems. Shore side installations to outpace shipside installations during the forecast period. The shoreside segment is projected to be the largest market during the forecast period primarily as shoreside shore power systems allow ships to turn off their main engines and plug into an electrical grid while at berth. Shoreside electricity connection can effectively reduce air pollutant emissions and noise from vessels in ports, thus providing environmental and health benefits. As a result, the on-board staff is exposed to less noise & emissions on deck, the engine room environment is quiet at port calls, and the stevedores are exposed to less emission from the ships. Browse and in-depth TOC on “Shore Power Market” 63 - Tables 31 - Figures 128 - Pages Ask for PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=34338697 The retrofit segment is expected to be the fastest-growing Shore Power Market, by connection, during the forecast period. The retrofit segment accounted for the highest CAGR during the forecast period. Traditionally, only small ships, such as the pleasure craft ferries and other small boats, were subjected to install shore power system. However, in early 2000, the shipping industry witnessed a drastic increase in the number of large scale ships. This rise in the number of large scale ships increased CO2, and NOx emissions, and, in turn, affecting the surrounding environment at the ports. Such effect on the ecology resulted in the adoption of retrofitting shore power systems in every vessel. Asia Pacific: The leading Shore Power Market. In this report, the Shore Power Market has been analyzed with respect to five regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. Asia Pacific is estimated to dominate the global Shore Power Market during the forecast period. Asia Pacific ports are focusing more on sustainability due to the increase in the maritime industry, stringent emissions regulations, and mounting concerns over local air pollution. Thus, a major scope of growth and development in the Shore Power Market exists in these regions.

2. Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=34338697 To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Shore Power Market. Some of the key players are Siemens (Germany), Wärtsilä (Finland), ABB (Switzerland), Schneider Electric (France), and Cavotec (Switzerland). The leading players are adopting various strategies to increase their share in the Shore Power Market. About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Shelly Singh MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: 1-888-600-6441 Email: newsletter@marketsandmarkets.com Research Insight: https://www.marketsandmarkets.com/ResearchInsight/shore-power-market.asp Press Release: https://www.marketsandmarkets.com/PressReleases/shore-power.asp