Smart ports market worth $5.7 billion by 2027
CHICAGO, August 10, 2022 /PRNewswire/ — Smart Port Market should go from $1.9 billion in 2022 at $5.7 billion by 2027, at a CAGR of 24.3%, according to a new report from MarketsandMarkets™. Growing international maritime trade activities across all industries, increasing decarbonization of the maritime industry which increases health benefits and reduces carbon emissions globally, driving demand for smart ports worldwide. As real-time geospatial data improves a lot of port operations, it has improved cargo operations by increasing visibility and helping shipping companies, which will help navigate today’s supply chain and has helped to develop the smart port market. Moreover, the fourth industrial revolution, called Industry 4.0 (4IR), is the cyber-physical transformation of manufacturing also creating a demand for smart port, as the main application of 4IR was for smart factories, which will help to increase the demand for smart port market. An example of 4IR technology used in ports is Dongwon Global Terminal (DGT) which is selected for CyberLogitec’s Terminal Operating System (TOS), so it is used for fully automated Busan New Port Terminal, using technology such as Big data and Internet of Things (IoT). Like the government initiatives in the development of smart port infrastructure that provide opportunities for smart port market growth. In the current scenario, as new technologies are developed, it was helping to upgrade the existing port with a large amount of development in the new port. In line with this opportunity, the European Union (EU) is involved in the modernization and development of new ports due to imported and exported goods, and around trade within the EU.
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The smartport market includes prominent Tier I and Tier II manufacturers like IBM, ABB, General Electric, Accenture, and Siemens. These companies have their manufacturing facilities spread across Europe, North America, Asia Pacific, and other regions. Technologies like the Internet of Things (IoT) that involve machine learning, sensors, connectivity, processes and people. Software that has the Internet of Things (IoT) is one of the biggest shares of technology in the smartport industry. This technology is used to increase the efficiency of the smart port and the growth of these industries is also expected to drive the growth of the smart port market.
The port type segment is expected to dominate the smart port market, by seaport, over the forecast period.
There are two types of port types, such as seaports and inland ports. A seaport is a protected area on a maritime location where ships stop to load and unload goods. While the increase in maritime business activities is contributing to the growth of the smart port industry. According to UNCTAD’s Global Commerce Update, published in July 2022the value of world trade hit a record high $7.7 trillion in Q1 2022, an increase of around 1 trillion dollars from Q1 2021. The increase in commodity prices, which represents an increase of approximately $250 million from the fourth quarter of 2021, are the main driver of the upside as trading volumes climbed to a significantly lower level. According to a report published by Earths Future in 2020, the seaport’s footprint will need to expand by up to 3,689 square kilometers (1,424 square miles) globally over the next three decades to accommodate both the sea level rise and growing demand.
The throughput capacity segment is expected to be the largest and fastest growing market of busy ports over the forecast period.
There are three types of throughput capacity segments such as very busy ports, moderately busy ports, and lightly busy ports. As busy ports handle a capacity of over 19 million TEUs per year. There is a region in which there are ports in the world that fall under busy ports, such as the region China, Singapore& South Korea which are the main corridor for commercial activities. These ports have smart infrastructure and have made significant investments in port features such as terminal automation, cargo handling, port community systems, smart infrastructure, and safety and security.
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The Asia Pacific likely to emerge as the largest smartport market
The Asia Pacific The region accounted for the largest share of the smart ports market in 2021. The region is witnessing rapid development fueled by the growth of major economies, such as China, Singapore, India, South Korea, Japan, hong kong, Indonesiaand Australia. It is a dominant region in the smartport industry. It is also considered a lucrative region for maritime trade. The increase in maritime trade subsequently led to an increase in the demand for ships used to transport manufactured goods to various parts of the world. The growth of smart port industry decreased due to Covid-19 pandemic in 2020 which directly impacted this region which decreased by around 1.5% in 2020. Increase in number of vessels will help to the growth of propulsion systems and engines in the Asia Pacific Region. According to the Journal of Commerce’s annual list of the world’s top 50 container ports in these Asia Pacific was ranked 9th out of 10. Regarding port development, the ports in these regions have grown in parallel with the economic development of most countries which reflects the region with the fastest economic growth. The Organization for Economic Co-operation and Development (OECD) predicts that by 2050 the volume of maritime trade will have tripled, increasing the demand for global freight. The Asia Pacific The region has an increasing number of ports every year and those that already exist are expanding. Indeed, the majority of goods transit is carried out by sea. The program aims to increase the efficiency of current port facilities in the region through automation, information technology, streamlining of work procedures, use of new equipment and training of employees. It will help to grow in the smart port industry and get ahead.
The smartports market is dominated by major players that have a broad regional presence. Some of the major players in the Smart Port Market are IBM (USA), ABB (Swiss), General Electric (United States), Accenture (Ireland), Siemens (Germany), Trelleborg (Sweden), Wipro (India), port rotterdam (Netherlands), and Royal HaskoningDHV (Netherlands).
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