Smart Port Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Technology (Process Automation, Blockchain, Internet of Things (IoT), Artificial Intelligence (AI)), By Throughput Capacity (Extensively Busy, Moderately Busy, Scarcely Busy), By Port Technology (Seaport & Inland Port), By Region, Competition 2018-2028
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationSmart Port Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Technology (Process Automation, Blockchain, Internet of Things (IoT), Artificial Intelligence (AI)), By Throughput Capacity (Extensively Busy, Moderately Busy, Scarcely Busy), By Port Technology (Seaport & Inland Port), By Region, Competition 2018-2028
| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 1.25 Billion |
| CAGR (2023-2028) | 12.36% |
| Fastest Growing Segment | Seaport |
| Largest Market | Asia Pacific |
Market Overview
Global Smart Port Market
Key Market Drivers
Adoption of Artificial Intelligence (AI), Internet of Things (IoT) Technologies
Several technologies including Artificial Intelligence (AI), Internet of Things (IoT), blockchain, and process automation are used for transforming a traditional port into a smart port. These technologies are either deployed separately or in combination to transform the conventional infrastructure into a digitalized one. The smart port offers several benefits over traditional port including reduced human-related disruptions, limited operational expenses, intelligent decision making, and more predictable performance. All these benefits offered results in increased productivity thereby paving the way for a sighted vision of Port 4.0.
Besides these benefits, growing technological innovation and resulting ease in technology integration are increasing the uptake of smart technologies across all types of ports. National and international trade through maritime transport has significantly increased over the years. Benefits such as lower transportation costs have resulted in the growing preference for marine transport. The rise in global trade activities worldwide has increased the burden on shipyards and decks. An increase in the number of operations has forced the harbor authorities to embrace smart technologies and solutions for automating several harbor operations. The outbreak of the COVID-19 pandemic and resulting lockdowns imposed to contain the spread of the virus has put a heavy burden on the industries that are highly dependent on the workforce for conducting operations, and the marine industry is no exception. The unavailability of the workforce at full potential has necessitated harbor authorities to embrace automation. The pandemic, therefore, is envisaged as a catalyst in the development of smart ports.
Growing advancements in Maritime transport
Maritime transport is crucial for international trade. The main transport mode for global trade is ocean shipping, and as per UNCTAD, around 80% of the volume of international trade in goods is carried by sea, and the percentage is even higher for most developing countries. This channel of transport is cheaper and more feasible for international trade than the road, rail, and air transport. According to UNCTAD, global maritime trade grew by 4.1% in the fiscal year 2021 and is expected to further swell at a moderate annual rate of more than 2.4% from 2022 to 2026. The growth of the global shipping fleet showed similar trends, and it grew by 3.0% in 2021. Maritime trade bounced back in 2021 owing to the unlocking of pent-up demand, as well as restocking and building inventory. There was also a shift in consumption patterns away from services toward goods, typically health products and pharmaceuticals, as well as home office equipment, along with changes in shopping patterns and the expansion of the e-commerce sector. The sudden boost in demand in 2021 after the grim situation in 2020 due to the pandemic resulted in shortages of shipping capacity and containers and equipment. Several shipowners are resorting to procuring newbuild or using retrofitted vessels to bridge this demand-supply gap. Asia Pacific has emerged as a global manufacturing hub in recent times, owing to its wealth of raw materials and manpower. Thus, the demand for container ships is significantly high in this region, owing to an increase in the export of manufactured and raw goods. Also, according to the UNCTAD Review of Maritime Transport 2021, Asia accounted for a staggering 54% share of the global maritime trade, which is expected to increase, driving the demand for port activities. Therefore, increasing maritime trade activities to drive demand for smart port market.
Key Market Challenges
High cost of implementation and maintenance
The high cost of implementing and maintaining advanced technologies is a significant challenge for the smart port market. Smart ports rely heavily on digital technologies like IoT sensors, big data analytics, and automation to provide real-time information and optimize operations. However, these technologies can be costly to implement and maintain, particularly for smaller ports or those in developing countries.
Key Market Trends
Increasing adoption of green technologies and sustainable practices
The increasing adoption of green technologies and sustainable practices presents a significant opportunity for the smart port market. The shipping industry is a significant contributor to global greenhouse gas emissions, accounting for around 3% of global carbon dioxide emissions. As a result, the industry is under mounting pressure to reduce its environmental impact and transition towards more sustainable practices.
Smart ports are in a favorable position to benefit from this opportunity by adopting sustainable practices and green technologies that decrease their environmental footprint. This includes the adoption of renewable energy sources such as solar and wind power, implementing energy-efficient lighting and HVAC systems, and embracing electric and hybrid vehicles.
Spreading demand for real-time information and supply chain visibility
The increasing demand for real-time information and supply chain visibility is a significant driver for the smart port market. As global trade volumes continue to rise, supply chains are becoming increasingly complex, and timely and accurate data on the movement of goods and equipment is essential. Smart ports employ advanced technologies like IoT sensors, big data analytics, and automation to provide this real-time information, enabling port operators to optimize their operations and reduce costs. Real-time information is critical for effective supply chain management as it helps businesses quickly identify and resolve issues, improving the overall efficiency of the supply chain. Smart ports offer real-time data on cargo movement, inventory levels, and equipment location, among other factors, allowing port operators to monitor and manage their operations in real-time.
Segmental Insights
Technology Insights
The process automation segment accounted for more than 30% of the global revenue share in 2022. The segment is also forecasted to register a substantial CAGR during the forecast period. The deployment of could-based software to assist the automation process is gaining traction across ports. To limit human intervention and thereby focus on critical operational tasks, port authorities are increasingly deploying software-assisted robots for redundant tasks including ship invoicing and port gate operations. The degree of automation depends on the task/operation under consideration, which may sometimes involve the integration of multiple technologies with process automation software. However, process automation, as a separate standalone technology itself offers immense growth opportunities for dock operators.
The technology segment also includes other technologies such as blockchain, IoT, and AI. The Port generates a humongous amount of quantitative data and paperwork related to docking operations. The implementation of technology will not only simplify dock operations but also save costs in a longer run. For instance, using smart sensors, harbor authorities can assess the performance of each asset in real-time, undertake preventive maintenance measures whenever required, and thereby reduce the operating costs.
Throughput Capacity Insights
The extensively busy segment accounted for the largest share in the smart port market with more than 45% revenue share in 2022. Ports that have a throughput capacity of over 18 million TEU are included in this segment. The primary reason for the soaring share of extensively busy ports is their capacity and the number of operations processed, which has been compelling authorities to implement some level of automation for attaining operational efficiency. Further, these ports generate substantially high revenues, enabling them to easily invest in automation.
The other segments include moderately busy and scarcely busy ports. The ports that involve a throughput capacity of 5 to 18 million Twenty-foot Equivalent Unit (TEU) are classified under moderately busy and those that involve below 5 million TEU capacity; are classified under scarcely busy port segment. The moderately busy segment is anticipated to witness the highest adoption over the forecast period. The considerable investment capacity coupled with a lesser number of operations and therefore less complexity involved in technology integration is expected to propel the segment growth.
Regional Insights
The Asia Pacific region has established itself as the leader in the Global Smart Port Market with a significant revenue share in 2022
Recent Developments
- In 2022, the seaport sector dominated the marketplace, comprising more than 70% of the revenue stake. The level of mechanization at every seaport differs depending on factors such as the mean number of tasks, capability, and magnitude. Moreover, seaport mechanization includes noteworthy monetary investment, which is a vital factor for technological adoption and implementation. Seaports handle an immense volume of load, ranging from petite to massive, as well as passenger flow, making intelligent technologies indispensable for efficient pier activities.
- In Europe, the smart port market is fueled by the adoption of digital technologies and automation to improve port efficiency and competitiveness. Major ports such as Rotterdam and Hamburg have invested heavily in advanced technologies like autonomous vessels and smart containers. The European market also places a strong emphasis on sustainability, with many ports adopting green technologies and sustainable practices to reduce their environmental impact.
- In June 2022, ABB and Port of Toulon, France secured a contract to connect the largest shore-to-ship project in France. At a crucial juncture in its sustainability effort, the Port of Toulon, which annually serves over 1.6 million ferry and cruise passengers, is committed to ABB shore connection technology. The ABB solution was able to supply three ferries making simultaneous port calls, or one cruise liner, with all their energy requirements. The potential of 50 or 60 Hz power hookups will be available for vessels.
Key Market Players
- CavagnaGroup
- ROYAL HASKONINGDHV
- ABB
- Trelleborg AB
- Accenture
- PORT OF ROTTERDAM
- Ramboll Group A/S
- Abu Dhabi Ports
- IBM
- Navis
- Awake.AI
| By Technology | By Throughput Capacity | By Port Technology | By Region |
|
|
|
|
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy