The global smart port market size is expected to reach USD 11.15 billion by 2030, according to a new study by Polaris Market Research. The report “Smart Port Market Share, Size, Trends, Industry Analysis Report, By Technology (Process Automation, Blockchain, Internet of Things (IoT), and Artificial Intelligence (AI)); By Port Type; By Throughput Capacity; By Element; By Region; Segment Forecast, 2022-2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Growing technology advancement and the eventual results of ease of technology adoption are driving the adoption of smart technologies in all forms of ports. National and international trade via marine transportation has risen significantly in recent years. International trade relies heavily on maritime transport. Ocean shipment is the primary mode of global trade. According to UNCTAD, approximately 80% of the capacity of international trade in goods is managed to carry by sea, with the percentage being even greater in most developing countries.
This mode of transportation is less expensive and more practical for international trade than a street, rail, and air transport. Maritime transportation trade increased by 4.1% in the fiscal year 2021, according to UNCTAD, and is predicted to grow at a modest annual rate of much more than 2.4% from 2022 to 2026. The international shipping fleet expanded by 3.0% in 2021, following similar trends. The enhanced global trade activity has increased the strain on shipyards and decks. The increased activities have compelled harbor authorities to adopt smart solutions and techniques for automating various harbor operations.
The market is expected to grow due to a growing emphasis on reducing operational expenses. With exhibited enhanced size, port traffic, and cargo amounts, global trade is expanding at a rapid pace. This has enhanced the workload on dockyards and ports. According to the United Nations Comtrade (UN Comtrade), the United States reported annual trade of over USD 949 billion in 2018, the highest in the world.
Such increased trade necessitates operational efficiency and a standardized workflow. To improve the operational efficiency of regular port activities, smart ports implement novel and cutting-edge technologies such as AI and IoT. It lowers logistics costs while also increasing efficiency. As a consequence, the market is expected to grow during the projected timeline.
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Additionally, large market players are entering contracts with government agencies to establish advanced AI-based alternatives for dockyards and port construction infrastructure. In June 2022, the Port of Rotterdam in Germany and the Port of Baie Comeau in Canada also agreed to cooperate in investigating the Port of Baie-future Comeau’s expansion and development. The ports have committed to carrying out a Master Plan Study, which will include cargo flow analyses as well as technological port infrastructure evaluations. Such technological products and collaborative partnerships between organizations and government bodies are expected to drive the market throughout the forecast period.
Smart Port Market Report Highlights
- Moderately Busy segment is anticipated to grow at a maximum CAGR over the study period. The significant investment potential, combined with fewer operations and thus fewer complexities in the technology adoption, is anticipated to increase the product demand.
- Seaport segment accounted for a major revenue share. The amount of automation at ports varies depending on various factors, such as the average amount of operations, capabilities, and size. Seaports handle an enormous amount of cargo as well as passenger numbers. As a result, these ports have high demands for smart technologies to ensure effective dock operations.
- Europe is expected to grow at a high CAGR over the projected period. Ports in Europe are relatively small, but they manage a large volume of cargo. Furthermore, European ports can no longer compete solely on port size, as ports of relatively smaller size/capacity manage as much traﬃc as large-sized ports.
- The global market players include Abu Dhabi Ports, IBM Corporation, Ikusi Redes de Telecomunicaciones, S.L., Navis LLC, Ramboll Group A/S, Royal Haskoning, Trelleborg AB, The Port of Rotterdam, Wipro Limited, and WISTA The Netherlands.
Polaris Market Research has segmented the smart port market report based on technology, element, throughput capacity, port type, and region:
Smart Port, Technology Outlook (Revenue – USD Billion, 2018 – 2030)
- Process Automation
- Internet of Things (IoT)
- Artificial Intelligence (AI)
Smart Port, Throughput Capacity Outlook (Revenue – USD Billion, 2018 – 2030)
- Extensively Busy
- Moderately Busy
- Scarcely Busy
Smart Port, Port Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Inland Port
Smart Port, Element Outlook (Revenue – USD Billion, 2018 – 2030)
- Terminal Automation & Cargo Handling
- Port Community Systems (PCS)
- Smart Safety & Security
- Traffic Management Systems (TMS)
- Automated Information System (AIS)
- Real-Time Location System (RTLS)
- Smart Port Infrastructure
- Automated Mooring System
- Gate Automation
- Shore Power
- Smart Energy & Environment Solution
Smart Port, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa