The global Shore Power Market size is expected to gain momentum by reaching USD 3.16 billion by 2028 while exhibiting a CAGR of 14.0% between 2021 to 2028. In its report titled “Shore Power Market, 2021-2028,” Fortune Business Insight mentions that the market stood at USD 1.12 billion in 2020 and USD 1.26 billion in 2021.
The growing trend of traveling on cruise ships is promoting the market growth. For instance, a report by the Cruise Lines International Association (CLIA) 2021 and State of the Cruise Industry Outlook report, stated that the cruise industry hosted 29.7 million passengers worldwide in 2019. The cruise travel grew by nearly 6 percent during 2019 from 2018, with a growth of nearly 1.7 million. Hence, increasing cruise lines such as carnival cruise lines, celebrity cruises, costa cruises, Norwegian cruise lines, Royal Caribbean international, saga cruises, and other cruises in the shipping industry are adding impetus to the market.
COVID-19 Impact
The global pandemic caused by the spread of the novel coronavirus has had a damaging impact on every industry. To curb the spread of the virus, lockdowns and travel bans were imposed by the governments worldwide. Due to such stringent rules, supply chain got disrupted. Additionally, shutting down businesses except for essential services with minimal workforce affected international and domestic trade. This has directly impacted the maritime industry.
What does the Report Provide?
The market for industrial waste management report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the market growth.
Driving Factor
Supportive Government Regulation in Lowering Greenhouse Gas Emissions to Fuel Market
As we know using onshore power alleviates the unnecessary use of fuel, which would otherwise be used to power yachts and boats while in port. Moreover, it helps in reducing greenhouse gases emission produced by auxiliary diesel engines while docked. Therefore, governments are investing in this marine power technology. For instance, In August 2017, Canadian government invested USD 5 million in this technology for Ports Program. Hence, supportive government regulation and investment for reducing greenhouse gas emissions is likely to fuel the shore power market growth during the forecasted period.
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Regional Insights
The Asia Pacific to Lead Stoked by Increasing Population in Region
Asia Pacific is anticipated to maintain its position as a front-running region and hold the highest position market during the forecast period. This is attributable to the increasing number of terminals at the port and investments in improving marine infrastructure. For instance, according to the Ministry of Transport, in 2018, the container throughput capacity of China's major ports increased to 5.3% from the previous year, which is about 250 million standard containers. The region’s market stood at USD 0.41 billion in 2020.
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