Growing number of cruise liners in the shipping industry to drive the growth of Europe shore power market
According to TechSci Research report, “Europe Shore Power Market By Installation, By Connection, By Component, Forecast & Opportunities, 2024”, the Europe shore power market is expected to witness tremendous growth during the forecast period, as the execution of shore power reduces low-frequency noise and emissions at ports. However, huge installation & maintenance costs and high initial investment can hamper the market during forecast period.
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The Europe shore power market is
segmented based on installation, connection, component, company and country. Based
on connection, the market can be bifurcated into new and retrofit. The new
connection segment is expected to witness significant growth during forecast
period since for the successful implementation of shore power the existing
ships need to be retrofitted which involves huge cost and time when compared to
a new connection. Based on components, the market can be fragmented into transformers,
switchgear, converters, cables and others. The converters segment is expected
to be the fastest growing one during forecast period since it allows a ship to
be powered by the port’s electrical grid, even though the vessel may have a
different operating voltage. Additionally, these converters save money and fuel
by reducing the consumption of diesel. Also, they reduce air pollution caused
by unnecessary engine run.
Siemens AG, Wartsila, ABB Ltd.,
Schneider Electric, Cavotec and others are some of the leading players operating in Europe shore
power market. The companies operating in the market are using organic
strategies such as product launches, mergers and collaborations to boost their
share. For instance, in May 2019, ABB was granted an agreement by the NorSea
Group. The extent of the agreement incorporates shore-to-power innovation,
which would bolster four of its bases along Norway’s coast.
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power market is expected to witness significant growth during the forecast
period, owing to the rapid economic development in the region. Additionally,
increasing focus of European ports towards sustainability due to the growth in maritime
industry, stringent emission regulations and mounting concerns over local air
pollution is anticipated to further propel the market through 2024. Also,
presence of major players such as ABB Ltd in the region gives an added
advantage to the market.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Europe Shore Power Market By Installation, By Connection, By Component, Forecast & Opportunities, 2024” has evaluated the future growth potential of Europe shore power market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Europe shore power market.