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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- Significant increase in industrialization and globalization has boosted the demand for sea trade around the world owing to the low cost of transportation through sea. For instance, Europe is a key market for container landed on port in terms of volume. In 2018, more than 90% of goods traded between the European countries and the rest of the world were transported by sea. Hence, rise in globalization and industrialization is one of the drivers of the global wireless marine charging system market.
- Initial capital costs and operational costs required for wireless marine charging system systems, and costs required to modify ships according to wireless marine charging systems are high. This is likely to hamper the global wireless marine charging system market during the forecast period.
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.
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
Global Wireless Marine Charging System Market: Research Scope
Global Wireless Marine Charging System Market, by Vessel
- Container Vessels
- Tug Boats
- Autonomous Underwater Vehicles
Global Wireless Marine Charging System Market, Fuel Type
- Fully Electrical
- Conventional Fuel
Global Wireless Marine Charging System Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.