To save the environment, we need to turn to it!
The growing need for environmentally-friendly practices and regulatory compliance has paved the way for the rise of the shore power market. Shore power, also known as cold ironing, provides electrical power to ships. At the same time, they are docked, eliminating their need to run their engines and significantly reducing greenhouse gas emissions.
The industry's current state is thriving, with a CAGR of 11.32%, while the global market size is expected to reach USD 4,869.05 million by 2032. This blog will discuss the importance of the market in today's business landscape, the future direction of this critical business function, and how it can help key players gain a competitive edge.
How Shore Power Is Revolutionizing the Maritime Industry
As sustainability becomes a key driver in the business landscape, adopting eco-friendly practices such as shore power is no longer just a moral obligation but also a necessity to meet regulatory compliance and maintain a competitive edge. By reducing their carbon footprint, companies in the maritime industry can showcase their commitment to sustainable practices, which can improve brand reputation and stakeholder trust. Additionally, shore power can help shipping companies reduce operating costs, as they can avoid burning fuel while docked.
Future Direction of Shore Power Market
The market's future direction is promising, with several growth drivers, opportunities, and trends expected to shape the industry's landscape. Some of these include:
Competitive Edge for Key Players & Recent Development
Key players include ports, shipping companies, and technology providers. Some of the key competitors include AC Power, VINCI Energies, ABB Group, Blueday Technology, Cavotec, ESL Power Systems, General Electric Corporation, Igus GmbH, Cochran Marine, etc. By implementing shore power solutions, these players can gain a competitive edge by showcasing their commitment to sustainability, reducing their carbon footprint, and improving their brand reputation.
PowerCon secured a contract worth EUR 4.9 million in October 2022 as a part of the Port of Barcelona's "Phase Zero of the Wharf Electrification Plan." The project involves preparation, execution, customer support for connecting and disconnecting ships from the installation, and maintenance.
The Promising Outlook of the Shore Power Market
This market is a critical business function that is rapidly growing in importance in today's business landscape. Adopting sustainable practices helps companies comply with regulatory requirements, improve their brand reputation, and reduce operating costs. The market's future direction is promising, with several growth drivers, opportunities, and trends expected to shape the industry's landscape. Key players must adopt a proactive approach, invest in innovation, and collaborate to stay ahead of the curve.
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