Smart Ports Market
The Smart Ports Market was valued around USD 860 million in 2020 and predicted to grow at a CAGR of 25.8% CAGR over the forecast period (2021-2028).
The factors driving the growth of Smart Ports Market includes rise in the number of trade activities around the world, growing emphasis on reducing carbon emission levels, advancements in the port infrastructure and emerging need to reduce the operational costs. According to the report published by Statista, the global exports value of goods has significantly increased from USD 17.73 trillion in 2017 to reach USD 19.46 trillion, which is expected to boost the Global Smart Ports Market in the approaching years. Moreover, the growing adoption of intelligent technologies in harbors to streamline traffic systems, rise in Government’s expenditure on the development of smart port infrastructure and increasing burden on shipyards and decks for international trade, are some of the additional factors supplementing the Smart Port Market size. In addition, the increasing investments by leading players on research and development, rising disposable incomes and rapid urbanization, are further contributing towards the market growth.
However, the growth of Smart Ports Market is hindered attributed to high cost of modernizing smart ports.
The prominent players operating in the Smart Ports Market are Navis LLC, Royal Haskoning DHV, IBM, Abu Dhabi Ports, Accenture, Siemens, Silveo, ABB Group, General Electric and Wipro Limited, among others.
Based on Technology, the IoT segment is estimated to expand at a remarkable CAGR during the forecast period
Internet of Things (IoT) helps in solving problems related with calibration and testing of distributed sensing systems, are the major factors responsible for the segment’s growth.
Based on Elements, the Smart Port Infrastructure segment is projected to grow at a significant CAGR over the forecast period
Growing adoption of smart port infrastructure solutions enhances the efficiency in loading and transshipment of cargo and reduces the logistics cost, are some of the factors augmenting the growth of the segment
Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period
Rise in the number of Free Trade Agreements (FTAs) between Governments in Asia-Pacific, rapid growth in the energy and manufacturing industries, growing adoption of automated technologies by major corporations, rising disposable incomes and high population growth rate, are some of the important factors propelling the market growth in Asia-Pacific.
Key Developments:
- In 2021, The Abu Dhabi Maritime announced new digital slipway portal, which provides users personal watercrafts, such as jet skis.
- In 2019, Accenture acquired Silveo, which provides solutions for digital manufacturing of software such as SAP and Dassault.
Market Segmentation
Global Smart Port Market by Technology
- IoT
- Blockchain
- Process Automation
- Artificial Intelligence
Global Smart ports Market by Elements
- Terminal Automation
- PCS
- Smart Port Infrastructure
- Traffic Management System
- Smart Safety & System
Global Smart ports Market by Port Type
- Sea Port
- Inland Port
Global Smart ports Market by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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