Market Analysis 

Europe's Shore Power Market is thriving as countries embrace sustainable practices in maritime operations. Ports in key European regions, such as the Baltic and the North Sea, are investing in shore power infrastructure to comply with strict environmental regulations and reduce carbon footprints. Government incentives and collaborations between public and private sectors are driving market expansion, creating a robust ecosystem for shore power technologies.

The Europe Shore Power market will touch USD 2.4 billion at a 10.01% CAGR during the forecast period 2024- 2032, states the latest Market Research Future (MRFR) analysis. Europe Shore Power, also called cold ironing is a means to supply electrical power to a ship from the shore at berth, allowing the auxiliary motors to be switched off. The Europe Shore Power will help in eliminating diesel emissions and other pollutants that result from the onboard auxiliary motors of the vessel via plugging in these motors and shutting them off. 

Various factors are fuelling the Europe Shore Power market growth. As per the recent MRFR market estimates, such factors include the rising cruise liners in the shipping industry, reduced low-frequency noise and emissions at ports with the implementation of Europe Shore Power, initiatives by the government in cutting down greenhouse gas emissions from ports, increasing focus by the government to reduce noise and air pollution due to port activities, increasing cruise-based and sea trade tourism, surging number of cruise liners in the shipping industry, and the installation of retrofit Europe Shore Power systems. 

Market Segmentation 

The MRFR report throws light on an inclusive segmental analysis of the Europe Shore Power market based on component, connection, and installation. 

By installation, the Europe Shore Power market is segmented into shipside and shoreside. Of these, the shoreside segment will lead the market over the forecast period. 

By connection, the Europe Shore Power market is segmented into retrofit and new installation. Of these, the new installation segment will dominate the market over the forecast period as retrofitting of Europe Shore Power in existing vessels is more expensive over a new installation. 

By component, the Europe Shore Power market is segmented into cables and accessories, frequency converter, switchgear, transformer, and others. Of these, the frequency converter will spearhead the market over the forecast period as these converters save money by reducing the diesel fuel consumption. 

Regional Analysis 

Geographically, the Europe Shore Power market is bifurcated into Europe, North America, South America, the Asia Pacific, along with the Middle East & Africa (MEA). Of these, the APAC region will spearhead the market over the forecast period. Growth of the maritime industry, strict emission regulations, mounting concerns about the local air pollution, ports on the region laying emphasis on sustainability for the boost in the maritime industry, rising concerns related to local air pollution, rigorous emission policy, growing focus of multiple countries on the reduction of pollution caused from port activities, the presence of large-sized ports, and the presence of emerging economies such as South Korea, Japan, and China having major manufacturing industries are adding to the Europe Shore Power market in the region. 

Key Players 

• Cochran Marine ILC (US)
• ABB (Switzerland)
• General Electric (US)
• Wartsila (Finland)
• Siemens (Germany)
• Cavotec SA (Switzerland)
• Danfoss (Denmark)
• Igus (Germany)
• VINCI Energies (France)
• Schneider Electric (France)
• Smart Plug Systems (US)
• AC Power Corp. (Taiwan)
• ESL Power Systems Inc (US)
• Blueday Technology (Norway)

The Europe Shore Power market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.

Industry Updates 

May 2021- Southampton will soon become the foremost commercial port in the United Kingdom to offer Europe Shore Power. The port by 2022 plans to have cold ironing technology accessible at two of the city’s five cruise ship terminal.

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