Wireless Marine Charging Market to Grow Significantly by 2027
Wireless Marine Charging System: Introduction
- Wireless marine charging system is a practice of offering shore-side electric power to an ocean-venturing vessel at berth, while its auxiliary and main engines are turned off during loading and unloading of cargo. Wireless marine charging system helps minimize greenhouse gas (GHG) emissions by providing clean electricity to emergency equipment as well as lighting, heating, cooling, refrigeration, and other equipment while the ship is docked.
- Rise in environmental concerns and stringent rules and regulations enacted by governments and international agencies regarding air, water, and sound pollution in and around port areas are compelling companies to develop effective and efficient technologies to prevent pollution. Companies are also actively investing to develop efficient marine charging system.
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Key Drivers and Restraints of Wireless Marine Charging System Market
- Implementation of stringent rules and regulations by governments of various countries is driving the wireless marine charging system market. Greenhouse gasses in and around port areas are becoming a major concern across the globe. Every year, large amount of air pollutants such as sulfur oxides, nitrogen oxides, and carbon monoxide are released in ports and nearby areas. Ships run on bunker fuel, which is a highly polluting fuel. As a result, there has been a significant increase in respiratory diseases and cancers as well as degradation of water quality.
- Shipping companies need to pay energy taxes on electricity, while ships at berth plug into wireless marine charging systems. According to the New Energy Taxation Directive 2018, all the taxes are exempted on electricity utilization from wireless marine charging systems.
- Wireless marine charging system provides electricity as substitute for diesel. This helps resolve environmental problems of air pollution by reducing greenhouse gas emissions.
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Global Wireless Marine Charging System Market: Segmentation
- The global wireless marine charging system market can be segmented based on vessel type and fuel type
- In terms of vessel type, the wireless marine charging system market can be segmented into container vessels, cruises, roll-on/roll-off, tug boats, autonomous underwater vehicles, and others. The cruises segment is expected to expand at a high CAGR during the forecast period, as cruises generate high air pollution while docked at ports. Hence, demand for wireless marine systems to reduce pollution is high.
- Based on fuel type, the wireless marine charging system market can be segregated into fully electrical, hybrid, and conventional fuel. The conventional fuel segment is estimated to dominate the global wireless marine charging system market, due to high demand for wireless marine charging system in the conventional fuel vessels.
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Global Wireless Marine Charging System Market: Regional Segmentation
- Based on region, the global wireless marine charging system market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Europe is expected to dominate the global wireless marine charging system market during the forecast period. The market in the region is estimated to expand at a significant pace during the forecast period, due to increase in investments in the installation of shore-to-ship power systems for minimizing carbon emissions at ports. As per government rules and regulations, all European ports are expected to have marine charging systems by the end of 2025. As a result, the wireless marine charging system market in Europe is estimated to expand at a rapid pace in the near future.
- North America is also projected to account for considerable share of the global wireless marine charging system market during the forecast period. Implementation of stringent regulations for providing marine electricity to marine vessels at berth in the U.S. is a key factor propelling the demand for wireless marine charging system in the country.
- The wireless marine charging system market in Asia Pacific is projected to expand at a significant pace during the forecast period, owing to the demand of reduction of lower logistics costs from port management companies in the region. Marine charging system provides up to 30% to 40% of fuel efficiency/savings for ships.
Key Players in Market:
- Cavotec SA
- Wärtsilä
- WIBOTIC
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