The growth of this industry is mainly because of the increasing requirement for reducing carbon emissions and noise pollution. Furthermore, shore power systems installations are essential at a bigger scale as they work with higher effectiveness and are extensively employed for desalination and electricity production.

The requirement for such facilities is also powered by the subsequently rising count of luxury ships, as well as the retrofit system's establishment in the shipping sector. Moreover, different initiatives taken by governments to lessen greenhouse gas emissions from ports have provided key opportunities for companies in this industry.

In 2022, the shoreside category, based on installation type, accounted for the dominating share of the industry, of over 58%. This can be attributed to the fact that it assists LNG carriers and cargo ships in minimizing carbon emissions during the docking of ships for berthing.

Browse detailed - Shore Power Market Revenue Estimation and Growth Forecast Report

Europe is advancing at a significant pace, because of the strict government rules to limit greenhouse gas emissions. Moreover, Germany led the industry in Europe. This is because of its advanced mechanical engineering, power, electrical, and manufacturing sectors in the country.

With the increasing funding for renewable electricity projects and shore energy projects, the shore power industry will continuously grow in the years to come.