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According to a new report released by Markets and Markets, an international market research firm, the global shore power market will increase from the current $1.
1 billion to $1.
4 billion by 2025, with a compound annual growth rate of 6.
7% during the period, a significant decline from the previous forecast, mainly due to
the global recession caused by the virus pandemic.
In 2020, due to the impact of the novel coronavirus, the global recession was severely affected, and both global trade and tourism were severely affected, which eventually led to a sharp decline
in demand in this market.
In the short term, as the economy recovers, albeit slowly, there is a growing focus on reducing air and noise pollution from port activities and increasing maritime trade and cruise tourism will contribute to the upward trend
of the market.
Based on installation, the market is mainly segmented into shore and shipside facilities
.
Shoreside installations are expected to be the largest market
during the forecast period.
In terms of installations, the shore market will be the largest segment
.
This growth can be attributed to the high installation costs
caused by additional electrical components on shore.
Add-ons allow shore power systems to operate more flexibly and meet the power requirements
of different types of vessels.
Based on connectivity, the shore power market is mainly segmented into new installations and retrofits
.
During the forecast period, the newly installed segment is expected to be the largest segment in the shore power market
.
This growth can be attributed to the increased
stringent requirements of governments on environmental standards.
During construction, shore power systems will be installed on all upcoming vessels, a procedure that also reduces implementation costs
.
Based on components, the market is segmented into transformers, switchgear, frequency converters, cables and accessories, among others, including safety grounding devices and plugs
.
Drives are expected to account for the largest share of the shore power market during the forecast period, enabling shore onshore power systems to provide frequencies
that match the frequency of ship operation.
By region, the report analyzes shore power markets in five regions: North America, South America, Europe, Asia Pacific, and the Middle East and Africa
.
North America is expected to dominate the global shore power market during the forecast period, followed by Europe and Asia-Pacific
.
North America is likely to witness a high level of adoption
of shore power systems due to favorable regulations in the North American region.
According to a new report released by Markets and Markets, an international market research firm, the global shore power market will increase from the current $1.
1 billion to $1.
4 billion by 2025, with a compound annual growth rate of 6.
7% during the period, a significant decline from the previous forecast, mainly due to
the global recession caused by the virus pandemic.
In 2020, due to the impact of the novel coronavirus, the global recession was severely affected, and both global trade and tourism were severely affected, which eventually led to a sharp decline
in demand in this market.
In the short term, as the economy recovers, albeit slowly, there is a growing focus on reducing air and noise pollution from port activities and increasing maritime trade and cruise tourism will contribute to the upward trend
of the market.
Based on installation, the market is mainly segmented into shore and shipside facilities
.
Shoreside installations are expected to be the largest market
during the forecast period.
In terms of installations, the shore market will be the largest segment
.
This growth can be attributed to the high installation costs
caused by additional electrical components on shore.
Add-ons allow shore power systems to operate more flexibly and meet the power requirements
of different types of vessels.
Based on connectivity, the shore power market is mainly segmented into new installations and retrofits
.
During the forecast period, the newly installed segment is expected to be the largest segment in the shore power market
.
This growth can be attributed to the increased
stringent requirements of governments on environmental standards.
During construction, shore power systems will be installed on all upcoming vessels, a procedure that also reduces implementation costs
.
Based on components, the market is segmented into transformers, switchgear, frequency converters, cables and accessories, among others, including safety grounding devices and plugs
.
Drives are expected to account for the largest share of the shore power market during the forecast period, enabling shore onshore power systems to provide frequencies
that match the frequency of ship operation.
By region, the report analyzes shore power markets in five regions: North America, South America, Europe, Asia Pacific, and the Middle East and Africa
.
North America is expected to dominate the global shore power market during the forecast period, followed by Europe and Asia-Pacific
.
North America is likely to witness a high level of adoption
of shore power systems due to favorable regulations in the North American region.
