According to a new report by UnivDatos, the Shore Power Market is expected to reach USD 4.91 Billion in 2032 by growing at a CAGR of 12.6%.

Key Highlights of the Report:

Ø Around 90% of the world’s trade, international shipping contributes to approximately 10% of global CO2 emissions.

Ø In 2022, the Port of Rotterdam reached a 20% utilization of shore power and saw a 14% reduction in port-related CO2 emissions compared to 2008.

Shore power is an emissions control measure used in ports that connects ships to the local land-side power grid, rather than utilizing the ship’s engines at berth. Shore power has been implemented at around 35 cruise berths at 14 ports globally. The number of ports worldwide implementing shore power is rising due to the increasing global response to climate change. In addition, environmental and local community impacts, specifically reducing air emissions within the local region and minimizing noise from cruise ships, further drive the adoption of shore power at ports.

Furthermore, a significant portion of ports around the world have signed shore power declarations to ‘deploy shore-side electricity by 2028 where possible’, including all large North Sea ports, Los Angeles, Montreal, and all large Japanese ports. Cruise and container vessels are the primary targets for most ports’ regulations and the EU will start taxing vessels via EU ETS from next year onwards. Government ministers and port authorities from around the world signed a shore power declaration at the One Ocean Summit on February 10th, 2022. Joined by the European Investment Bank, the stakeholders agreed to make their best efforts to deploy shore-side electricity supply by 2028, for cruise and container vessels.

Access sample report (including graphs, charts, and figures) - https://univdatos.com/reports/shore-power-market?popup=report-enquiry

Conclusion:

In conclusion, the global shore power market is poised for robust growth, by enabling vessels to plug into onshore electrical grids while docked rather than relying on their diesel-powered generators, shore power significantly reduces emissions of harmful pollutants such as carbon dioxide, sulfur oxides, and nitrogen oxides. This transition to shore power not only improves air quality in port cities but also helps to mitigate the environmental impact of shipping on a global scale.

Key Offerings of the Report

Market Size, Trends, & Forecast by Revenue | 2024−2032F

Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities

Market Segmentation – A detailed analysis by component; by installation; by connection

Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Website - www.univdatos.com