Market Leaders - Shore Power Market
The shore power market is expected to grow from an estimated USD 1.6 billion in 2022 to USD 2.8 billion by 2027, at a CAGR of 11.2% during the forecast period. A ship moored at the dock does not need propulsion, eliminating the need for operating the main engine. However, electrical power is still required for various other applications, such as monitoring, cooling/heating HVAC systems, mooring winches, and the related equipment. In order to generate the required electrical power, auxiliary engines and generators are operated. These engines mostly run-on diesel or natural gas, thereby increasing carbon emissions and creating noise pollution in the surrounding. The concept of shore power came into existence to overcome the issues of noise and air pollution. The shore power systems is supported by either the conventional method of connecting the ship by means of wire or by a wireless method
A few major players have a wide regional presence and dominate the shore power market include: GE (US), Siemens (Germany), Schneider Electric (France), ABB (Switzerland), and Eaton (Ireland).
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The major strategies adopted by these players include new product launches, contracts & agreements, investments & expansions, mergers & acquisitions, joint ventures, and partnerships & collaborations. New product launches were the most adopted strategy from January 2016 to January 2022.
GE also known as General Electric is a high-tech industrial company that operates worldwide. The company operates in 5 business segments, namely, Aviation, Healthcare, Renewable Energy, Power, and Corporate. The products include commercial and military aircraft engines and systems; healthcare systems and pharmaceutical diagnostics; wind and other renewable energy generation equipment and grid solutions; and gas, steam, nuclear, and other power generation equipment The company offers shore power systems in its Power business segment.The businesses within the Power division are segmented into Gas Power, Steam, Power Conversion, Nuclear, and others such as marine, oil & gas, mining, rail, metals, and test systems. Aviation is the highest revenue generating segment in FY 2021, contributing 28.8% to the overall revenue. In FY 2021, Power segment accounts 22.8% and generated revenue of USD 16.9 billion. GE offers shore to ship power solutions which can be applicable in ships like RORO ferries, cruise passangers, cargo and oil carriers. The company has its business operations across the globe
Siemens is a technology group active in nearly all countries across the world, focusing on automation and digitalization in the process and manufacturing industries, intelligent infrastructure for buildings and distributed energy systems, smart mobility solutions for rail and road, and medical technology and digital healthcare services. It conducts its operations through 6 business segments: Digital Industries, Smart Infrastructure, Mobility, Siemens Healthineers, Siemens Financial Services, and Portfolio Companies. The company offers shore power systems through its Smart infrastructure business segment. The R&D activities of this business segment emphasize mainly on decentralization, decarbonization, and digitalization of energy markets. Company’s highest revenue generating segment is Siemens Healthineers which accounts 28.8% of its business revenue in FY 2021. Smart Infrastructure accounts 24.0% and generated revenue of USD 17.8 billion in FY 2021. The company’s revenue increased by 14.6% in FY 2021 compared to previous year, mainly because COVID -19 pandemic recovery in economies. The Smart Infrastructure segment is structured into three businesses: Buildings, Electrification, and Electrical Products. Siemens offers cable management system under shore power system which can be applicable in cruise and passenger ships.
Related Reports:
Shore Power Market by Installation (Shoreside, Shipside), Connection (New Installation, Retrofit), Component (Transformers, Frequency Converters, and More), Power Output (Up to 30 MVA, 30 to 60 MVA, Above 60 MVA) and Region - Global Forecast to 2027
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