Smart Ports Market

Smart Ports Market worth $5.1 billion by 2026

The report "Smart Ports Market by Technology (IoT, Blockchain, Process Automation, Artificial Intelligence (AI)), Elements (Terminal Automation, PCS, Smart Port Infrastructure), Throughput Capacity, Port Type, and Region - Global Forecast to 2026", The smart ports market is estimated to grow from USD 1.7 billion in 2021 to USD 5.1 billion by 2026 at a CAGR of 23.9% during the forecast period. Growing need to reduce carbon emissions from the maritime industry and the growing adoption of Industry 4.0 to enhance port efficiency are the key factors driving the growth of the smart ports market. Growing adoption of big data, IoT, blockchain, artificial intelligence, and digital twin to increase the operational efficiency of ports is expected to offer profitable opportunities for the smart ports market during the forecast period. As the global shipping industry is advancing toward digitalization, a variety of players are now exchanging information in real time, including cargo and logistics companies, storage providers, rail and barge operators, trucking companies, and sensor providers for pipelines, cranes, berths, and roads. As a result, these stakeholders have adopted smarter solutions to increase their productivity and be more efficient. For instance, Maersk (Denmark), the world’s largest shipping line operator, uses Ericsson’s (Sweden) technology to transmit vital statistics of its fleet of “reefers” (refrigerated containers) via satellite, such as temperature, location, and power supply.

Browse 245 market data Tables and 53 Figures spread through 272 Pages and in-depth TOC on "Smart Ports Market by Technology (IoT, Blockchain, Process Automation, Artificial Intelligence (AI)), Elements (Terminal Automation, PCS, Smart Port Infrastructure), Throughput Capacity, Port Type, and Region - Global Forecast to 2026"
View detailed Table of Content here -https://www.marketsandmarkets.com/Market-Reports/smart-ports-market-165784113.html

The smart port infrastructure segment is expected to be the largest smart ports market, by element, during the forecast period.

Based on element, the smart ports market has been segmented into IoT, Blockchain, Process Automation, and Artificial Intelligence (AI). The smart port infrastructure segment of the smart ports market, by element, accounts for the highest market share among all the other segments because it is the most intensive aspect of developing any port into a smart port. With the rise in global trade, it has been observed that the size of vessel and cargo volumes have increased, which has impacted the seaports in terms of managing the operations. Ports are therefore increasing the adoption of smart solutions that will help optimize operations, promote efficiency, and reduce logistics costs without requiring major investment in new infrastructure and equipment. Hence, increasing trade via ports around the world has created a need for investments in the modernization of port infrastructure.

The blockchain segment is expected to be the fastest growing market, by technology, during the forecast period.

The smart ports market by technology has been segmented into process automation, IoT, artificial intelligence (AI), and blockchain. The authorities of seaports are increasingly adopting digital technologies to increase operational efficiency and reduce the carbon emission from maritime activities. The increasing trade volume is another factor that is compelling port authorities to increase their cargo handling capacities to sustain and gain a competitive edge. Blockchain helps in keeping an accurate record and track of cargo, as well as provide real-time information to various stakeholders, which, in turn, helps in optimizing the supply chain. An example of the use of blockchain in logistics is the transfer of weight transactions from a weighbridge to the distributed ledger through a Terminal Operating System (TOS) so that all participants can see records associated with the load or discharge of goods to the vessel. Besides, after signing a shareholders’ agreement, nine of the world’s largest terminal operators and ports have launched the Global Shipping Business Network (GSBN) using Blockchain technology in March 2021.

The smart port infrastructure segment is expected to be the largest smart ports market, by element, during 2021–2026.

Based on port type, the smart ports market has been segmented into seaport and inland port. Their classification is based on location, depth, and ship sizes. A seaport is a protected area on a sea location where ships stop to load and unload cargo. Many seaports are situated along the coastline and actively handle the ongoing cargo transactions. A seaport exhibits immense potential related to cost-effectiveness as it handles cargo in a large volume; the adoption of automation and digitalization can help in substantial cost savings in the long term and lead to an improved volume of cargo handling from loading to unloading.

Asia Pacific likely to emerge as the fastest-growing smart ports market, by region, during the forecast period.

In this report, the smart ports market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, Middle East & Africa. Asia Pacific is expected to grow at the highest CAGR during the forecast period. This scope of the regional market includes China, Singapore, Japan, Hong Kong, South Korea, and Rest of Asia Pacific. It is a dominant region in the global maritime trade. Maritime knowledge has gained momentum in the Asia Pacific region because of increased sea trade and rapid globalization. In addition, technical advances are allowing the provision of real-time data in the industry. In terms of port development, the ports in the region have grown in tandem with the economic development of most countries and cities, reflecting the region’s recent rapid economic growth. Asia Pacific is one of the fastest-growing regions in the world due to numerous factors such as international divisional manufacturing, global supply chains, low production cost, and each country’s export-led development policies. This has translated into the increasing volume of cargo moving from this region. As major cargo transportation happens through sea routes, owing to which the number of ports in Asia is increasing every year, and the existing ports are witnessing expansion. Automation, informatization, streamlined work processes, implementation of new equipment, and staff training are all part of the plan to increase the efficiency of existing port facilities in the region.

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the smart ports market.

Some of the key players are IBM (US), General Electric (US), Port of Rotterdam (Netherlands), Royal Haskoning (Netherlands). The leading players are adopting various strategies to increase their share in the smart ports market.

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Report Code
EP 7233
PR Published ON
6/7/2021
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