The Global Smart Port Market was valued at US$ 2.17 billion in 2023 and is anticipated to reach US$ 8.05 billion by 2029 and increase with a CAGR of 24.47% during the forecast period 2024 - 2029.
Market Overview:
Market Drivers and Restraints:
The increased demand for Industry 4.0 to enhance port efficiency is the primary factor that drives the global smart port market during the forecast period. The desire to reduce operational costs, collect real-time data, and make data-driven choices at port facilities drives the adoption of smart technologies among harbor authorities. Artificial intelligence (AI), the Internet of Things (IoT), blockchain, and process automation are among the technologies utilized to transform a typical port into a smart port. These technologies can be utilized individually or in combination to change traditional infrastructure into digital infrastructure. Reduced human-related disturbances, limited operating expenses, smarter decision-making, and more predictable performance are advantages of the smart port over traditional ports.
Aside from these advantages, smart technologies are being adopted by all sorts of ports as a result of increased technological innovation and the accompanying simplicity of technology integration. The use of maritime transportation for national and international trade has expanded dramatically in recent years. The increased desire for sea transportation is due to advantages such as cheaper transportation costs. The pressure on shipyards and decks has increased as global commerce operations have increased. The harbor authorities have been obliged to accept smart technologies and solutions for automating numerous harbor operations due to a growth in the number of activities, which propels the global smart port market forward.
On the other hand, with the rise of digitalization, there is an increasing concern about data security. In a digital context, there are numerous hurdles to guaranteeing end-to-end security. Every year, millions of cyber-attacks and data breaches occur, raising concerns about digital security. Furthermore, because the concept of connecting physical devices to the internet is still relatively new, security hasn't always been a high priority during the product development process. This is considered a serious concern, particularly in ports, where the materials handled are frequently valuable cargo. This further hampers the global smart port market in the next six years.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 – 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 - 2029 |
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CAGR |
24.47% |
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Segments Covered |
By Technology, Throughput capacity, Port Type, Element, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Royal Haskoningdhv, ABB, Trelleborg Ab, Accenture, Port Of Rotterdam, Ramboll Group A/S, Abu Dhabi Ports, IBM, Navis, Awake.Ai, and Others. |
During the projection period, the Internet of Things is predicted to be the fastest-growing market for smart ports. IoT has been extensively used by ports that are undergoing digitalization. Smart port infrastructure, intelligent traffic flows, and intelligent commerce flows are the three primary characteristics that make up the IoT platform. It has aided ports in traffic control, pollution control, and road safety. The Internet of Things (IoT) has revolutionized the way seaports operate. The Internet of Things connects the physical aspects of any process to the Internet, allowing for real-time data sharing and remote access.
From 2022 - 2027, the extensively busy category is expected to lead the global smart port market in the next six years. The ports have been divided into categories based on the number of Twenty-Foot Equivalent Unit (TEU) containers handled. Ports with a capacity of more than 18 million TEU per year, moderately busy ports with a capacity of 5 to 8 million TEU per year, and barely busy ports with a capacity of less than 5 million TEU per year are all extremely busy.
The fastest-growing segment is expected to be the seaport in the global smart port market based on the port type. A seaport is a safe region on the water where ships dock to load and unload cargo. Many seaports dot the coastline and are active participants in ongoing freight operations. Seaports are outfitted with smart digital technologies such as smart sensors and IoT, making cargo handling simple for port operators and ensuring operational efficiency.
An inland port is where merchandise or passengers are loaded and unloaded. Because of multimodal rail or road transportation, inland ports ensure real-estate growth.
Based on elements, smart port infrastructure tends to dominate the global smart port market in the upcoming years. Because it is the most demanding aspect of transforming any port into a smart port, the smart port infrastructure segment of the smart ports market has the biggest market share among all the other segments. Furthermore, with the expansion of global trade, vessels, and cargo volumes have grown, posing a challenge for seaport operations management. As a result, ports are increasingly adopting smart solutions that will help them optimize operations, increase productivity, and lower logistical costs without requiring significant new infrastructure or equipment investment. On the other hand, as a result, increased trade via ports around the world has necessitated investments in port infrastructure upgrading.
Market Regional Analysis:
The Global Smart Port Market Report includes the segmentation of Regions:
The Asia Pacific holds the largest global smart port market share, accounting for more than 37% of worldwide sales. Important ports with significant throughput capacity characterize the region, accounting for the largest proportion of global trade. In addition, countries such as China, Japan, South Korea, and Singapore are acknowledged as essential trading hubs with large commerce volumes. The causes above, combined with the availability of technologies at a reduced cost, particularly from nations such as Taiwan and China, have ensured that the region has experienced considerable growth.
During the forecast period, Europe is expected to have the greatest CAGR in the global smart port market. This is because Europe's ports are smaller than those in the United States, yet they handle a lot of freight. Furthermore, European ports can no longer compete only based on port size, as smaller ports can manage the same amount of traffic as larger ports. As a result, even modestly and sparsely populated ports are rapidly adopting smart operations.
Various governments were required to apply lockdowns during the first half of 2020, and COVID-19 has hampered the growth of the smart ports business. Governments and municipal governments established strict restrictions, and all non-essential activities were halted. Because end users' activities were halted, this harmed the smart port business. Furthermore, during the second quarter, manufacturing and supply chain delays were observed, posing a challenge to the smart port industry because end-user industries were still not fully functioning.
Market Key Players:
Frequently Asked Questions
The Global Smart Port Market is expected to grow with a CAGR of 24.47% between 2024-2029.
The Global Smart Port Market size is expected to reach a revised size of US$ 8.05 billion by 2029.
ABB, Trelleborg Ab, and Accenture are the three Smart Port Market key players.
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