Smart Ports Market: An Exclusive Study on Upcoming Trends and Growth Opportunities

Smart Ports Market

Smart Ports Market Scenario:

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.

In view of component, 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. Subsequently, expanding exchange through ports all throughout the planet has made a requirement for interests in the modernization of port foundation.

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Smart Ports Market

Opportunities: Participation and encouragement from governments in the development of smart port infrastructure

The developing concern regarding climate change globally, as well as the call for more sustainable development projects, has compelled governments across the globe to embrace new technologies that help in the reduction of carbon footprint and also increase efficiency. In line with the current digitalization initiatives, governments across the globe are implementing various technologies such as big data, artificial intelligence, and the Internet of Things (IoT) in the ports sector. The execution won’t just make ports more astute yet in addition guarantee that they are manageable and are a lot greener as far as tasks. Different partners like public legislatures, territories, port specialists, sea area associations, transporters, transport organizations, banks, and examination foundations are uniting to advance supportability in the transportation area. In the Netherlands, these parties have concluded a Green Deal with Minister Van Nieuwenhuizen (Infrastructure and Water Management) comprising dozens of measures to substantially reduce the emission of harmful airborne substances and CO2 by the inland and sea shipping sectors.

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The seaport segment to be the fastest-growing market

Based on port type, the smart ports market has been segmented into seaport and inland port. Seaport is expected to be the fastest-growing market during the forecast period. 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. Seaports ensure operational efficiency as they are equipped with smart digital technologies such as smart sensors and IoT, which make cargo handling easy for port operators. An inland port is used for loading and unloading cargo or passengers. Inland ports ensure real-estate development due to intermodal transport by rail or road.

Leading key players:

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.