The Global Shore Power Market size is projected to reach USD 2.82 billion by 2025, with ~12.93% CAGR between 2019 and 2025.
In the shipping industry, the growing cruise liner is a major driver of the market growth. Since 2009, significant costs have been spent installing offshore power infrastructure at offshore terminals. The project cost of the Auckland Port is approximately $60 million. The estimated cost for coastal infrastructure combined with the port and private sector is approximately $70 million. In addition, Royal Caribbean has invested $250 million in newly launched Terminal A in Port Miami to increase the port’s capacity, and the cruise line has begun construction of the terminal.
In addition, during the 2014-2015 cruise year, 23.6 million passengers and 4.5 million crew members landed on and visited the cruise ship, spending US$24.5 billion and US$32.2 million on Caribbean and South American destinations, respectively. In 2015, cruise line expenditures, including port expiration and taxes, payments to local travel agencies, and payments to local companies for supplies and services, contributed $480 million.
However, the high cost of installation and maintenance is a major limitation impeding market growth globally.
A full report of Global Shore Power Market is available at: https://www.orionmarketreports.com/shore-power-market/38876/
Key Players
The key players operating in the global shore power market are Cochran Marine LLC (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), and Blueday Technology (Norway).
Global Shore Power Market: Segmentation
The global shore power market is segmented on the basis of component, connections, and installation. Based on component, the market is segmented as switchgear, transformer, frequency converter, cables & accessories, and others. On the basis of the connection, the market is segmented as retrofit and new installation. The market on the basis of the installation is classified as shipside and shoreside.
Recent Developments
o Market Overview and growth analysis
o Import and Export Overview
o Volume Analysis
o Current Market Trends and Future Outlook
o Market Opportunistic and Attractive Investment Segment
Key Questions Answered by Global Shore Power Market Report
• What was the Global Shore Power Market size in 2018 and 2019; what are the estimated growth trends and market forecast (2019-2025).
• What will be the CAGR of Global Shore Power Market during the forecast period (2019-2025)?
• Which segments (product type/applications/end-user) were most attractive for investments in 2018? How are these segments are expected to grow during the forecast period (2019-2025)?
• Which manufacturer/vendor/players in the Global Shore Power Market was the market leader in 2018?
• Overview on the existing product portfolio, products in the pipeline, and strategic initiatives taken by key vendors in the market.
In addition, during the 2014-2015 cruise year, 23.6 million passengers and 4.5 million crew members landed on and visited the cruise ship, spending US$24.5 billion and US$32.2 million on Caribbean and South American destinations, respectively. In 2015, cruise line expenditures, including port expiration and taxes, payments to local travel agencies, and payments to local companies for supplies and services, contributed $480 million.
However, the high cost of installation and maintenance is a major limitation impeding market growth globally.
A full report of Global Shore Power Market is available at: https://www.orionmarketreports.com/shore-power-market/38876/
Key Players
The key players operating in the global shore power market are Cochran Marine LLC (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), and Blueday Technology (Norway).
Global Shore Power Market: Segmentation
The global shore power market is segmented on the basis of component, connections, and installation. Based on component, the market is segmented as switchgear, transformer, frequency converter, cables & accessories, and others. On the basis of the connection, the market is segmented as retrofit and new installation. The market on the basis of the installation is classified as shipside and shoreside.
Recent Developments
o Market Overview and growth analysis
o Import and Export Overview
o Volume Analysis
o Current Market Trends and Future Outlook
o Market Opportunistic and Attractive Investment Segment
Key Questions Answered by Global Shore Power Market Report
• What was the Global Shore Power Market size in 2018 and 2019; what are the estimated growth trends and market forecast (2019-2025).
• What will be the CAGR of Global Shore Power Market during the forecast period (2019-2025)?
• Which segments (product type/applications/end-user) were most attractive for investments in 2018? How are these segments are expected to grow during the forecast period (2019-2025)?
• Which manufacturer/vendor/players in the Global Shore Power Market was the market leader in 2018?
• Overview on the existing product portfolio, products in the pipeline, and strategic initiatives taken by key vendors in the market.
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
