The global smart port market size was estimated at USD 1.96 billion in 2020 and is anticipated to expand at a CAGR of 32.4% during the forecast period, 2021–2028. The growth of the market is attributed to the increasing need to reduce the operational expenses, make data-driven decisions, and gather real-time information.
The smart port are technology including Internet of Things (IoT), Artificial Intelligence, blockchain, and automation of process used to transform a traditional port into smart pole. The technologies are either deployed in combination or separately to convert the conventional infrastructure as a digitalized technology. The smart port provides various advantages over traditional port, such as intelligent decision making, limited operational expenses, reduced human-related disruptions, and more predictable performance.
International and national trade by oceanic transport has considerable rise in the past years. The advantages such as reduced transportation expanses has lead in the increasing preference for marine transport. The increased global trade activities globally has raised the load on decks and shipyards. The growth in the amount of operations has made the harbor authorities to use smart solutions and technologies for automating various harbor operations.
The COVID-19 pandemic resulted into lockdowns and restrictions to manage the spread of the virus has impacted industries, which are extensively reliant on the workforce for leading operations. The same applies to the marine industry. The lack of the workforce has forced the harbor authorities to implement automation. The pandemic has boosted the development of smart ports market.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing technological innovation along with easiness in technology integration are growing the use of smart technologies in smart port market.
- Favorable government initiatives for the improvement of the ports is propelling the market in the forecast period.
- The increase in adoption of digitalization and introduction of 5G along with advanced technology are the key factor boosting the market in the near future.
- Lack of awareness and inadequate number of skilled professional is the restraint for the market in the coming years.
- The increasing acceptance of smart ports technology in the world demonstrates huge opportunities for the market in the coming years.
Scope of the Report
The report on the global smart port market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Smart Port Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Technology (Process Automation, Blockchain, Internet of Things, and Artificial Intelligence), Throughput Capacity (Extensively Busy, Moderately Busy, and Scarcely Busy), Port Types (Seaport and Inland Port)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
ROYAL HASKONINGDHV; ABB; Trelleborg AB; Accenture; PORT OF ROTTERDAM; Ramboll Group A/S; Abu Dhabi Ports; IBM; Navis; and Awake.AI
Market Segment Insights
Process automation segment is expected to grow at a rapid pace
Based on technology, the global smart port market is divided into process automation, blockchain, internet of things, and artificial intelligence. The process automation segment is expected to grow at a rapid pace. The segment showed revenue share of 34% in year 2019. The use of cloud-based software to help the automation process is a key driving factor for the market. The organizations are focusing use of software-assisted robots to reduce the human intervention so that tasks are completed effectively.
The technology segment contains Al, IoT, and blockchain. The port produces great amount of data and paperwork which is related to the docking activities. The application of technology simplifies operations on the dock as well as save costs for long term.
Extensively busy segment is projected to expand at a considerable CAGR
On the basis of throughput capacity, the global market is segregated into extensively busy, moderately busy, and scarcely busy. The extensively busy segment is projected to expand at a considerable CAGR. The segment generated revenue share of greater than 49% in 2019. The ports contain the capacity of more than 18 million Twenty-foot Equivalent Unit (TEU). This is attributed to the number of operation and capacity processed, which is forcing the organization to apply automation for achieving operational efficiency.
The moderately busy ports has a throughput capacity of five to 18 million TEU and scarcely busy ports has the capacity of less than five million TEU. The moderately busy segment is anticipated to show significant growth in the near future. The heavy funding and less number of operations are boosting the market segment in the forecast period.
Seaport segment is estimated to grow at a significant rate
On the basis of port types, the global market is bifurcated into seaport and inland port. The seaport segment is estimated to grow at a significant rate. The segment recorded the revenue share of more than 66.5% in year 2019. The amount of automation on the port varies from port to port, which differs based on factors, such as capacity, number of operations, and size. The investments for the automation is the major factor for determination of implementation and adoption of the technology. Seaports manage large number of small to large passenger traffic and cargo.
The in-land port is estimated to develop at a substantial rate. The inland ports are located at streams, rivers, and are small in size against other seaports. The increase in transport through maritime, has increased the demand for automation of the ports.
Asia Pacific is anticipated to constitute a key market share
In terms of regions, the global smart port market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
Asia Pacific is anticipated to constitute a key market share. The market of the region has revenue share of greater than 37% in 2019 in the global market. As the region has the presence of major ports that has high throughput capacity. Countries such as Japan, China, South Korea, and Singapore are the key contributors for the market as they holds great trade activities.
Europe market is expected to grow at a considerable pace. The ports of the region are smaller in the size but are capable of managing large number of cargo. The European ports are declining the capability of competing on port size alone. Because ports with less capacity and size manage huge traffics as large ports in the region.
Segments Covered in the Report
The global smart port market has been segmented on the basis of
- Process Automation
- Internet of Things
- Artificial Intelligence
- Extensively Busy
- Moderately Busy
- Scarcely Busy
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- ROYAL HASKONINGDHV
- Trelleborg AB
- PORT OF ROTTERDAM
- Ramboll Group A/S
- Abu Dhabi Ports
The key players in the global smart port market are ROYAL HASKONINGDHV; Ramboll Group A/S; ABB; Navis; Trelleborg AB; IBM; Accenture; PORT OF ROTTERDAM; Abu Dhabi Ports; and Awake.AI. These key players have adopted a series of market strategies including new product launching, entering into partnership, collaboration, and production expansion to enhance their market position and expand their consumer base.