According to a report from Navigant Research, shore power utility electricity revenue in port operations is expected to grow substantially in the next decade, rising from $32 million in 2015 to $334.7 million in 2024.

Shore power is expected to become the most impactful tool in making ports more efficient, due to the enormous associated environmental improvements and the existing shore power regulatory requirements in California and the European Union. According to the report, shore power equipment suppliers are expected to see an increase in market opportunities over the forecast period, particularly in these favorable regulatory environments and the emerging markets in Asia Pacific.

“The energy-efficient port operations market is developing quickly, particularly in the area of shore power, but the use of natural gas drayage trucks has not taken off as quickly in regions outside of North America, mostly because of a lack of infrastructure and high purchase prices,” says Ryan Citron, research analyst with Navigant Research. “The growing trends of using electric rubber tire gantry cranes (eRTGs) and electric forklifts to replace their diesel-powered counterparts, however, are expected to steadily expand throughout global port operations.”

Access the full report from Navigant Research here.