Rising number of cruise liners in the shipping industry, cutting back of emissions and low-frequency noise, and fitting of shore power systems are expected to present copious growth opportunities for the global shore power market. It is highly likely that the market will experience exponential growth during the period of forecast.
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Use of Shore Power across Other Industries Likely to Drive Demand in the Market
A ship that is docked at a port needs no propulsion nor does its engine need to be in operation. Nonetheless, power is needed to for many operations like side thrusters, HVAC systems, mooring winches, cooling/heating, ventilation systems and monitoring systems. In a bid to fulfill the energy requirement of all of these functions, a generator and an auxiliary engine is needed. In most of these cases, these engines need diesel to operate, thereby producing carbon dioxide , which pollutes surrounding environment. Hence, the global shore power market is likely to rise at a rapid pace in the years to come. The marine industry utilizes considerable amount of power and this exerts immense pressure on the energy segment of the coastal areas.
It is to overcome these issues, the idea of shore power emerged. In this process, the ship is connected to a local smaller power plant or a local grid at the docks to fetch power rather than depending on diesel auxiliary generator. This will help the shipping companies to keep carbon footprint in check. It will also help in the reduction of operational cost because shore power is cheaper as compared to diesel-based generators, thereby driving the growth of the global shore power market.
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Offshore activities make use of shore power, but truck and bus also purchase electricity from this route thereby opening up new prospects for the global shore power market. The rate and penetration of digitization across bays and ports is evaluated to determine the need for shore power.