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

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.

Fortune Business Insights™ Presents Top 10 Shore Power Companies in the Market:

1. ABB (Switzerland)

In the market for shore electricity, ABB is a global leader. It also works in fields such asrobotics, power, and automation. In October 2020, it partnered with Estonia's Port of Vallin to deliver new shore technology for Viking Line's ships.

2. Blueday Technology (Norway)

Blueday Technology is a well-known name in the industry, with a focus on shore technology for the marine and electrical industries. It signed a deal with the Port of Oslo in 2020 to supply its BluEco shore power system.

3. Cavotech (Australia)

Cavotec is a major player in this industry. It is committed to making ports and ship that are cleaner and more environment-friendly. The company received orders worth USD 5.59 million in June 2021, and will outfit the world's largest cargo ships with Shore Power Systems.

4. Cochran Marine (U.S.)

End-to-end solutions for cruise ships, ports, and freight firms are the company's specialty. Its automated docking of ships concept, which was unveiled in 2013, establishes optimal parameters for vessels docking in ports without requiring the operator to do any work.

5. ESL Power (U.S.)

Customers are consulted and unique engineered solutions for commercial and military shore power equipment are created. The company leased a building in November 2020 to increase its fabrication capacity and shorten lead times.

6. Schneider Electric (France)

The company delivers energy and automation solutions that are both efficient and sustainable for homes, buildings, data centers, and infrastructure industries. The shorebox technology, which was introduced in 2014, has an inbuilt control and monitoring system with advanced features such as a user-friendly screen and configurable settings. 

7. Siemens (Germany)

Siemens is one of Europe's major manufacturers of industrial equipment. It among the well know shore power companies in the industry. It completed the construction of Germany's largest ship power outlet in the port of Kiel in February 2020.

8. SmartPlug (U.S.)

SmartPlug is one of the most well-known companies in the industry. Its system is designed to replace old twist-type designs and protect against corrosion and weak connections. SmartPlug Systems, the company's retrofit kit, was modified in 2020 and is a quick and easy upgrade to the safest and most totally modern 30A or 50A electrical system.

9. Vinci Energies (France)

The company designs and commissions its plant's buildings, switchgear, frequency converters, and transformers. Verkerk (Vinci Energies) was awarded the contract for building-related installations for a transformer station for Tennet's Hollandse and west Alpha wind farms by BAM Infra Netherlands in 2021.

10. Wartsila (Finland)

It is one of the top shore power companies that manufactures and sells power sources and other equipment in the market. In June 2021, Wartsila and GEV signed a Memorandum of Understanding to include Wartsila's propulsion systems in GEV's hydrogen ships.

Growing Product Demand in the Shipping Industry

The market is expected to expand during the forecast period, owing to increase in the number of luxury ships in the shipping industry and the establishment of retrofit these power systems. The cost of installation and maintenance has hampered the demand for this energy, but initiatives by governments to minimize greenhouse gas emissions from ports have created potential opportunities for the market.