"Actionable Insights to Fuel Your Growth"

U.S. Shore Power Market Size, Share & COVID-19 Impact Analysis, By Connection (Shoreside and Shipside {Passenger Vessel, Merchant Vessel, Offshore Support Vessel, and Specialized Vessel}), By Installation (New Installation and Retrofit), By Component (Transformer, Switchgear, Cables and Accessories, Static Frequency Converter, and Others), and Country Forecast, 2023-2030

Region : United States | Format: PDF | Report ID: FBI108975

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The U.S. shore power market size was valued at USD 233.09 million in 2022 and is projected to grow at a CAGR of 11.37% during the forecast period.


Ports in the U.S. are depicting continued investments in shore power infrastructure. Major ports, such as Los Angeles, Long Beach, and Seattle, have implemented shore power facilities to reduce emissions from docked vessels. This trend is likely to continue and expand to other ports. Regulatory pressure to reduce greenhouse gas emissions and improve air quality has pushed ports and ship operators to adopt shore power technology. Retrofitting existing ships with shore power capabilities and its incorporation into the design of new vessels has become more common. Cruise ships, container vessels, and other large ships have the necessary systems to connect to shore power at berth. Many shipping companies are adopting sustainability initiatives as part of their corporate social responsibility (CSR) efforts. Shore power aligns with these initiatives, allowing companies to showcase their commitment to environmental stewardship. This factor is driving the share of the U.S. market.


One of the immediate impacts of the COVID-19 pandemic was a decrease in port activity. Many ports experienced lower cargo volumes as international trade slowed down. Reduced port ship traffic resulted in fewer vessels' opportunities to use shore power. The pandemic raised awareness about the environmental impact on public health, which could lead to increased interest and support for shore power projects to reduce harmful emissions in port areas.


U.S. Shore Power Market Trends


Increasing Adoption of Smart Shore Power Solutions in the U.S. to Drive Market Growth


Smart shore power solutions optimize electrical power distribution, reducing energy waste and increasing overall efficiency. This efficiency can lead to cost savings for both port operators and vessel owners. These systems provide real-time energy consumption monitoring, allowing port authorities and operators to make data-informed decisions. This feature helps track usage patterns, identify areas for improvement, and reduce energy costs. Smart solutions can balance power loads among multiple vessels and equipment. This load management ensures a stable and efficient power supply, reducing the risk of power disruptions and improving system reliability.


Furthermore, remote control and automation features enhance the safety and convenience of shore power operations.


Port operators can connect and disconnect vessels remotely, reducing manual interventions and streamlining the process. Smart systems collect and analyze data from various sensors, allowing for predictive maintenance and reducing downtime. This contributes to the longevity and reliability of shore power infrastructure. Smart shore power systems can seamlessly integrate with renewable energy sources such as solar and wind power. This integration supports sustainability goals and reduces energy costs during high renewable energy generation periods. The U.S. and international regulations often require ports and shipping companies to reduce emissions and environmental impact. Smart shore power solutions can help in achieving and documenting compliance with these regulations by providing accurate data on emissions reductions and energy efficiency.


U.S. Shore Power Market Growth Factors


Rise in Offshore Mining to Drive Market Growth


The rise in offshore mining can potentially drive the U.S. shore power market growth. While shore power systems are primarily associated with the maritime industry, they can be adapted to support offshore mining operations in several ways. Offshore mining operations often rely on a range of equipment and machinery located on vessels and offshore platforms.


Shore power infrastructure can provide a reliable and clean source of electrical power to operate and charge these machines, reducing the need for onboard generators powered by fossil fuels. The power helps reduce emissions by enabling mining vessels and platforms to use electricity from the grid while at berth instead of running their engines or generators. This lowers the carbon footprint of mining operations and aligns with environmental regulations. Shore power solutions can optimize energy use, making offshore mining operations more energy-efficient. They can balance power loads, track energy consumption, and enable energy-saving practices, contributing to cost savings.


RESTRAINING FACTORS


High Implementation Cost of Infrastructure May Restrain Market Growth


Building or upgrading shore power infrastructure, including electrical connections, distribution systems, and supporting facilities, requires a substantial upfront capital investment. Ports and terminal operators may hesitate to make these investments, especially if they face budget constraints. Vessels must also have the necessary technology to connect to shore power. Retrofitting ships can be costly and may involve modifications to electrical systems, which can be a significant expense for shipowners.


Implementing shore power infrastructure involves engineering, electrical work, and coordination among various stakeholders. This complexity can add to the overall cost of the project. Some ports and terminals, especially older or more congested ones, may have limited space available to install shore power infrastructure. Acquiring land or space to accommodate the infrastructure can be expensive and may sometimes not be feasible.


U.S. Shore Power Market Segmentation Analysis


By Connection Analysis


Based on connection, the market is segmented into shoreside and shipside.


The shoreside segment held the largest U.S. shore power market share in 2022. One of the primary drivers for the adoption of shoreside power is environmental regulations. Many ports and coastal areas in the U.S. have implemented stringent environmental regulations to reduce air pollution and greenhouse gas emissions. Shoreside power allows vessels to turn off their engines while at port, reducing the emission of harmful pollutants.


By Installation Analysis


Based on installation, the market is segmented into new installation and retrofit.


The new installation segment dominated the market in 2022. The U.S. has implemented and continues to strengthen environmental regulations that encourage the use of shore power. Ports and coastal areas are often subject to emissions reduction requirements to improve air quality and reduce greenhouse gas emissions. The new installation segment development is driven by the need to comply with these regulations. An increase in new shore power installations may be linked to the growth and development of port infrastructure in the U.S. As ports expand or undergo renovations, there's an opportunity to incorporate modern shore power systems into the new designs, meeting both current environmental standards and future regulations.


By Component Analysis


Based on component, the market is segmented into transformer, switchgear, cables and accessories, static frequency converter, and others.


The static frequency converter (SFC) segment accounted for the largest share in 2022. Many ships that visit U.S. ports are designed to operate on electrical systems with frequencies different from the standard 60 Hz used in the country. To accommodate these vessels, ports and shore power providers install SFCs to convert the grid power to the frequency required by the ships, ensuring compatibility.


List of Key Companies in U.S. Shore Power Market


Considering the competitive landscape, the market depicts the presence of established and emerging global shore power companies in the U.S. ABB dominated the U.S. market.


In April 2022, ABB Ltd and Port of Toulon collaborated to start a project with ABB Shore Connection technology as a key driver for its sustainability initiative toward reducing carbon emissions. ABB shore connection technology reduces noise and emissions while in port, which has become an important factor for the collaboration of both entities. The partnership strategy helps to partner with other organizations that specialize in regulatory compliance to ensure that solutions meet industry standards.


Some of the other companies with a considerable presence in the U.S. market include ABB, Schneider Electric, Siemens, Wartsila, VINCI Energies, and Nidec Industrial Solutions.


LIST OF KEY COMPANIES PROFILED:



  • ESL Power Systems, Inc. (U.S.)

  • Schneider Electric (U.S.)

  • Cochran Marine LLC (U.S.)

  • Siemens (U.S.)

  • Wartsila (U.S.)

  • Cavotec (U.S.)

  • Igus, Inc. (U.S.)

  • Hitachi Energy Ltd. (U.S.)

  • Nidec Industrial Solutions (U.S.)

  • ABB (U.S.)


KEY INDUSTRY DEVELOPMENTS:



  • July 2021:   ABB introduced a new digital solution for improving the energy efficiency of its Azipod electric propulsion, which would help to generate shore power at shore-side. The new ‘ABB Ability OptimE – Toe Angle Optimization for Propulsion’ would help the crew secure maximum propulsion efficiency by automatically adjusting the optimal steering angle for the Azipod system of a ship.

  • February 2021: Wartsila launched a hybrid multi-purpose SOV, which is compliant with the U.S.-flagged Jones Act. The design integrated an array of Wartsila’s green solutions and systems, including a hybrid powertrain utilizing a battery storage system and a shore-charging cold iron system. It also included space for the integration of fuel technologies such as hydrogen fuel cells and potential future power plants.

  • December 2020: Blueday Technology signed an agreement with the Port of Oslo to supply the BluEco Shore Power system. Blueday Technology was selected as a total solution provider and given the role of an ecological technology provider supporting its vision of "Technology for a Cleaner Society.” The port plans to reduce greenhouse gas emissions by 85% by 2030, and the long-term goal is to be emission-free. The Port of Oslo has an ambitious action plan to reduce greenhouse gas emissions by developing new technology and investing in zero-emission solutions. The port wants to be a driving force working with the market to help shippers choose ecological and sustainable sea transport for their customers.


REPORT COVERAGE


The market report provides a detailed analysis of the market. It focuses on key aspects such as an overview of technological advancements, information about new product launches, key industry developments such as mergers, partnerships, acquisitions, and the impact of COVID-19 on the market. Besides this, the report also offers insights into the market trends and highlights key industry dynamics. In addition to the factors above, it encompasses several factors that are set to drive the market demand during the forecast period.


An Infographic Representation of U.S. Shore Power Market

To get information on various segments, share your queries with us



Report Scope & Segmentation
















































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 11.37% from 2023 to 2030



Unit



Value (USD Million)



Segmentation



By Connection



  • Shoreside

  • Shipside

    • Passenger Vessel

    • Merchant Vessel

    • Offshore Support Vessel

    • Specialized Vessel





By Installation



  • New Installation

  • Retrofit



By Component



  • Transformer

  • Switchgear

  • Cables and Accessories

  • Static Frequency Converter

    • Power Range upto 5 MVA

    • Power Range Above 5 MVA



  • Others



Frequently Asked Questions

Fortune Business Insights says that the market was worth USD 233.09 million in 2022.

The market is expected to exhibit a CAGR of 11.37% during the forecast period (2023-2030).

By connection, the shoreside segment is the dominating segment in the market.

ABB, Wartsila, Siemens, VINCI Energies SA, and Igus Inc. are the top players in the market.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • Feb, 2024
  • 2022
  • 2019-2021
  • 60

    CHOOSE LICENSE TYPE

  • $2850
    $3850
    $4850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X