Shore Power Market

Market Leaders - Shore Power Market

The global shore power market is projected to reach USD 2.7 billion by 2024 from an estimated USD 1.4 billion in 2019, at a CAGR of 13.3% during the forecast period. The growth of this market is driven by the implementation for reduction of low-frequency noise & emission at ports, an increase in the number of cruise liners, and installation of retrofit shore power systems.

The global shore power market is dominated by a few major players that have an extensive regional presence. The leading players in the shore power market are Siemens (Germany), Wärtsilä (Finland), ABB (Switzerland), Schneider Electric (France), and Cavotec (Switzerland).

The major strategies adopted by the players are contracts & agreements and partnerships & collaborations. Contracts & agreements were the most commonly adopted strategy from January 2016 to June 2019. These industry players also adopted partnerships & collaborations as a major strategy during the period.

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Siemens is a German conglomerate with core business activities in the field of electrification, automation, and digitalization. The company operates its business through eight business divisions, namely, power and gas, healthineers, energy management, digital factory, mobility, Siemens Gamesa renewable energy, process industries and drives, and building technologies. The company offers shore power systems under its energy management segment, which accounts for 14.5% of the company’s total revenue. The company is witnessing a 6.7% growth Y-o-Y with an increase in its spending on research & development by at least 3.5% Y-o-Y since 2016. This has helped the company adopt new technology and enhance the quality of its products and services. The company’s current market strategy is more inclined toward inorganic growth to improve its revenue and capture new markets.

  • In May 2018, Siemens was awarded a contract by Niedersachsen State’s Ports Authority to install Siemens’ Siharbor shore power supply system.

ABB is a technology leader in electrification products, power grids, industrial automation, and robotics for industries such as utilities, transport, and infrastructure. The company operates through three business segments, namely, electrification products, robotics and motion, and industrial automation. It offers shore power solution through its industrial automation segment, which accounted for 29.1% of the revenue in 2018. The company is witnessing a 2.5% growth in revenue Y-o-Y owing to its strengthened product portfolio. Its research & development expenditure is growing by 1.2% Y-o-Y, with recent spending of USD 1.1 billion in 2018. This reflects that the company is focusing on investing in technology leadership and innovation to capitalize on the emerging opportunities in the market to maintain its position as a market leader. ABB’s current strategy is to focus mainly on the inorganic strategy to enhance its market share.

  • In May 2019, the company was awarded a contract by NorSea Group to provide shore to power technology, which would support four of its bases along Norway’s coast.

Related Reports:

Shore Power Market by Installation (Shoreside, Shipside (Vessel Type)), Connection (New Installation, Retrofit), Component (Transformer, Switchgear, Frequency Converter, Cables & Accessories), and Region - Global Forecast to 2024

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Report Code
EP 7257
RI Published ON
7/25/2019
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