Smart Port Market Forecasts to 2030 – Global Analysis By Technology (Inland Port, Seaport and Other Types), Technology, Throughput Capacity, Element and By Geography

Smart Port Market Forecasts to 2030 – Global Analysis By Technology (Inland Port, Seaport and Other Types), Technology, Throughput Capacity, Element and By Geography

According to Stratistics MRC, the Global Smart Port Market is accounted for $2.3 billion in 2023 and is expected to reach $12.3 billion by 2030 growing at a CAGR of 27.1% during the forecast period. A smart port is an automated port that improves performance via the use of cutting-edge technology like the Internet of Things (IoT), artificial intelligence (AI), and blockchain. Adopting such cutting-edge technologies is essential to enhancing internal efficiency and business operations because trade volume is increasing significantly. Considering that smart ports include the aforementioned technologies, they can also increase environmental sustainability. Smart ports can also increase efficiency, lower costs, and maintain economic competitiveness.

According to India Brand Equity Foundation (IBEF) have plans to invest USD 82 billion in port projects by 2035.

Market Dynamics

Driver

Proactive measures by the government

Seaports are a vital and important component of global logistics and supply chains. Many governments have begun to take aggressive steps to promote the use of cutting-edge technology like AI and IoT in ports. To speed up marine trade, many nations have begun modernising their ports. The development of smart ports has become crucial for a nation's economic growth, and improving the efficiency of maritime traffic will only accelerate this development.

Restraint

Lack of skilled personnel

Advanced technologies like AI and IoT require qualified employees with the necessary training and experience to be integrated and operated. These technologies require specialised employees, who are hard to come by, especially in developing nations. This makes it more difficult to deploy smart ports. Since cyber attacks are increasing quickly, sensitive information about ports may be compromised, endangering the organisation as a whole. Therefore, it is anticipated that these issues will constrain market expansion.

Opportunity

Increasing adoption of green technologies

The sector is facing increasing pressure to lessen its impact on the environment and make the switch to more sustainable practises. Smart ports are in a good position to take advantage of this chance by using environmentally friendly practises and cutting-edge green technologies that lessen their environmental impact. The market has a sizable opportunity due to the rising use of green technologies and sustainable practises.

Threat

High cost of implementation and maintenance

A major obstacle for the business is the high cost of deploying and sustaining sophisticated technology. To offer real-time data and optimise operations, smart ports significantly rely on digital technology like IoT sensors, big data analytics, and automation. For smaller ports or those in poorer nations, these technologies might be expensive to adopt and maintain. The cost of advanced technologies is a major barrier to entry for many port operators.

Covid-19 Impact

Globally, a number of governments have enacted a state-wide lockdown to stop the COVID-19 sickness from spreading. There is a labour shortage at the ports as a result of the lockdown. The ports are having trouble moving the goods because of the lack of labour. Additionally, because there aren't enough heavy-duty vehicles and trains, manufacturers can't transfer their products. The COVID-19 pandemic is anticipated to impede the growth of the smart ports market as a result of the aforementioned issues.

The seaport segment is expected to be the largest during the forecast period

The seaport segment is estimated to have a lucrative growth. Various factors, such as the typical number of operations, capacity, and size, affect the level of automation at ports differently from port to port. Additionally, port automation requires a substantial investment in finance, which is a crucial factor in the acceptance and use of technology. Both passenger traffic and significant amounts of small to large goods are handled by seaports. Therefore, for effective dock operations, these ports have high requirements for smart technologies.

The process automation segment is expected to have the highest CAGR during the forecast period

The process automation segment is anticipated to witness the fastest CAGR growth during the forecast period, due to environmental advantage like longer life cycle of container-handling equipment under automated conditions. It is becoming more popular across ports to use could-based software to aid automation. Port authorities are increasingly using software-assisted robots for redundant duties like ship invoicing and port gate operations in order to reduce human participation and concentrate on crucial operational tasks.

Region with Largest share

North America is projected to hold the largest market share during the forecast period owing to the rising demand for containerized goods and the need for efficient and reliable port operations. With its significant ports, the area has embraced cutting-edge technologies like automated container handling systems to boost productivity and cut costs. With many ports embracing green technologies and sustainable practises, the market likewise places a strong emphasis on sustainability.

Region with highest CAGR

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to growing demand for goods and the need for efficient and reliable port operations. Major ports have embraced cutting-edge technologies like automation and big data analytics to increase productivity and cut expenses. The market also emphasises innovation, with several ports making investments in cutting-edge technology like blockchain and artificial intelligence to maintain their competitiveness.

Key players in the market

Some of the key players profiled in the Smart Port Market include Ramboll Group A/S, ABB, Cisco Corporation, Accenture Inc., Ramboll Group A/S, IBM Corporation, Navis LLC, Abu Dhabi Ports, Siemens AG, General Electric Limited, Wipro Limited, Trelleborg AB, The Port of Rotterdam, Royal HaskoningDHV, Scientific Enterprises and Port Solutions Ltd.

Key Developments

In June 2022, ABB signed a contract with the Port of Toulon in France to interact with the country's largest coastline project. With this sufficient to meet the demand, the Port of Toulon, which also serves over 1.6 million ferry and cruise travelers each year, has committed to supporting ABB shore interaction technology to provide three ferries or one-speed boats with all of their energy requirements.

In April 2021, Abu Dhabi Maritime confirmed the launch of a new electronic slipway portal. It will make it easier for users of recreational boats and personal watercraft, including jet skis, to discover and access essential information.

Types Covered
• Inland Port
• Seaport
• Other Types

Technologies Covered
• Artificial Intelligence (AI)
• Blockchain
• Process Automation
• Internet of Things (IoT)
• Other Technologies

Throughput Capacities Covered
• Scarcely Busy
• Moderately Busy
• Extensively Busy

Elements Covered
• Smart Port Infrastructure
• Traffic Management Systems (TMS)
• Terminal Automation & Cargo Handling
• Smart Safety & Security
• Port Community Systems (PCS)
• Other Elements

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements