The global smart ports market accounted for a value of USD 1.4 billion in 2019 and is projected to register growth at a CAGR of 22.4% during forecast period.
COVID-19 has impacted the smart ports market. The energy and power industry is disrupted due to spread of corona virus across the world. All the activities in power and energy sector are halted and many projects are either postponed or stopped due to lockdown. The supply chain is disrupted due to travel restriction. This industry is highly dependent on workforce for performing different operations and due to spread of corona virus, the workforce is not available. The smart ports market is likely to recover from 2021.
For more details, visit: Global Smart Ports Market By Port Type (Sea Port and Inland Port), By Technology (Blockchain, Artificial Intelligence, Others.), By Throughput Capacity (Scarcely Busy, Moderately Busy, Others), By Region, Forecast & Opportunities to 2026
The technological innovation is growing in smart ports which result in ease of technological integration which leads to increase in uptake of smart technologies across the ports. The national and international trade through marine transport is increasing as it is cheaper mode of transport. The increasing preference of marine transports and increase in number of operation through marine is lead to higher demand for adopting smart technologies for automating harbor operations. This drives growth in smart ports market during forecast period.
On the basis of technology, the smart ports market is segmented into blockchain, process automation, Internet of Things (IoT) and artificial intelligence. The process automation segment is estimated to hold largest market share during forecast period. The process automation segment includes cloud-based software to assist the automation process to help creating the operational flow. It enables the smooth functioning of ports. Majority of ports around the world have technology integrated to some extent. The number of smart ports is increasing which involves high implentation of process automation and this drives growth in process automation segment during forecast period.
On the basis of throughput capacity, the smart ports market is segmented into scarcely busy, moderately busy and extensively busy. The extensively busy segment accounted for largest market share of 49% during forecast period and it is estimated to be the fastest growing market during forecast period. The ports which have a throughput capacity of over 18 million twenty feet equivalent (TEU) are included in extensively used segment. The number of processed operations is likely to increase the need for implementing advanced technologies and automation to gain operational efficiency. These ports generate high revenues. This drives growth in extensively busy segment during forecast period.
Asia-Pacific region is estimated to dominate the market during forecast period. The population is very large in this region which leads to high energy consumption and demand. The urbanization and industrialization is increasing rapidly in this region. This increases demand for smart technologies at ports. The trade is increasing which utilizes marine transport. Countries such as Hong Kong and Singapore have formed the trade corridor which gives huge opportunity for trade. This drives growth in Asia-Pacific region during forecast period.
The key market players in smart ports industry are Port of Rotterdam, Trelleborg, Royal Haskoning, IBM, Accenture, General Electric, Abu Dhabi Ports, ABB, Wipro, Ramboll Group, Ikusi Velatia, Navis, Awake.AI, Port Solutions and Scientific Enterprises.
- What are the expected industry trends over the next three to five years?
- Which of the smart ports technology is likely to lead by 2025?
- Which of the port type segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?