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Initiatives by Governments to Minimize Greenhouse Gas Emission to Boost Shore Power Companies in 2022

April 04, 2022 | Energy & Power

Shore power reduces the amount of fuel used to power ships while they are in port, and thus decreases the pollution produced by that fuel. Anti-idling rules may exist in a port city, requiring ships to use this type of power. Its usage could help maintain the ship's engines and generators while also reducing noise. As per a report by Fortune Business Insights™, the market for shore power is set to reach USD 3.16 billion by 2028 at a CAGR of 14.0% during the 2021-2028 period. The provision of shore power or shore allows the supply of shore side electrical power to a ship at berth when its main and auxiliary engines are shut down. While the word refers to shore rather than off-shore, it is also used to describe aircraft or land-based vehicles (such as campers, big trucks with sleeping compartments, and tour buses) that may be plugged into grid electricity when parked for a period of time.

COVID-19 Pandemic Results in Reducing Greenhouse Emission from Ports 

COVID-19 is an unprecedented global public health crisis that has impacted practically every business, and its long-term repercussions are expected to have an influence on the industry growth during the forecast period. The purpose of the lockdown was to prevent the coronavirus from spreading through trade and travel to other countries. Therefore, due to the global COVID-19 pandemic, the market growth will be slightly hampered. Furthermore, the market is benefiting from the presence of supporting governments in terms of reducing greenhouse gas emissions from ports, which is offering a lucrative opportunity for market expansion. The expensive installation and maintenance costs of shore power are impeding industry expansion.