Reducing greenhouse gas emissions and harnessing advanced features in shore power propel the market's growth in the forecast period.

TechSci Research's "Shore Power Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029" report highlights the surge in demand for the Global Shore Power Market during the forecast period. Shore power significantly reduces greenhouse gas emissions produced by auxiliary diesel engines while docked, prompting governments globally to invest in this technology. Supportive regulations, such as the European Commission mandating shore connection systems in all European ports, underscore the importance of reducing emissions and drive market growth.

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Ships utilizing shore power at docks or dry docks can power onboard electrical systems with shoreside electricity, reducing low-frequency noise, vibration, and engine wear. This practice aligns with the international community's emphasis on sustainable development, making the Global Shore Power market poised for growth.

Governments globally recognize shore power's role in environmental goals and incentivize its adoption through financial incentives, tax breaks, and grants. The European Investment Bank commits to implementing onshore electricity supply by 2028, focusing on cruise and container vessels. These initiatives not only promote a sustainable maritime industry but also stimulate economic growth in renewable energy and technology sectors.

The Global Shore Power Market, segmented by type, application, and region, reveals that shoreside installation dominates with a 68.03% market share in 2022. Shoreside connections ensure consistent and efficient power supply, eliminating ship engine emissions in port waters. Retrofit connections hold a 57.78% market share in 2022, driven by cost-effective retrofitting of existing vessels and increasing investments in retrofitting ports.

Major companies operating in the Global Shore Power Market are:

• GE Power Conversion

• Siemens AG

• ABB Ltd

• Eaton Corporation plc

• Wartsila Corporation

• Westinghouse Air Brake Technologies Corporation

• SmartPlug Systems LLC

• AC Power Corporation

• Schneider Electric SE

• Danfoss A/S

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The report anticipates a significant CAGR during the forecast period, driven by increasing regulatory pressure on the maritime industry to curb emissions. Shore power, offering an eco-friendly alternative, aligns with stringent environmental standards, making it pivotal in reshaping the maritime sector and propelling the Shore Power Market's growth.

“Shore Power Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029 Segmented By Installation (Shoreside, Shipside), By Connection (New installation, Retrofit), By Component (Transformer, Switchgear, Cables & Accessories, Frequency Converter, Others), By Power Output (Upto 30 MVA, Above 30 MVA), By Region (Asia-Pacific, Europe, North America, Middle East & Africa, South America), By Region, By Competition” evaluates the Global Shore Power Market's future growth potential, providing statistics, information, and cutting-edge market intelligence for decision-makers. The report identifies and analyzes emerging trends, essential drivers, challenges, and opportunities in the Global Shore Power Market.

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