Biden-Harris Administration's USD 653M Investment in Ports Boosts Efficiency and Supply Chain
Secretary of Transportation Pete Buttigieg highlighted the critical role of ports in the country’s supply chain, noting that this investment would expedite the movement of goods, leading to cleaner air and more jobs. This move is a direct response to the supply chain challenges exacerbated by the pandemic, where US consumers faced increased prices and longer wait time for everyday goods.
The PIDP focuses on enhancing port and related freight infrastructure to meet the country’s transportation needs. Notably, over USD 172.8 million is allocated to small ports, improving their capacity to move freight efficiently, boosting local economies, and mitigating air pollution in surrounding communities. Maritime Administrator Ann Phillips emphasized the importance of modernizing port infrastructure for a robust multimodal transportation system, underlining the administration’s commitment to supply chain resilience and environmental health.
The grants are part of the more considerable USD 1 trillion infrastructure investment in a bipartisan law signed by President Biden in 2021. The projects supported will address increased shipping demands and lower consumer costs, as well as improve worker safety. Significant grant recipients include the Port of Long Beach in California and the Port of Newark in New Jersey, receiving funds for various upgrades and reconstruction.
Incorporating insights from a MarketsandMarkets' research report, the global intelligent port market is projected to reach USD 5.7 billion by 2027, growing at a CAGR of 24.3% from 2022 . This growth is driven by increasing maritime trade activities and government initiatives in developing smart port infrastructures. Key market players in the intelligent port sector include ABB, IBM, General Electric, Accenture, Siemens, Kalmar, Microsoft, Port of Rotterdam, and TCS.
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The investment aims to bolster capacity, improve efficiency, and ensure supply chain reliability.
Growth is driven by increasing maritime trade activities and government initiatives in developing smart port infrastructures.
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