The global smart port market is projected to reach a size of USD 5.1 billion by 2026, at a CAGR of 23.9%, from an estimated USD 1.7 billion in 2021.
Northbrook, IL -- (SBWIRE) -- 06/08/2021 -- According to the new market research report "Smart Ports Market by Technology (IoT, Blockchain, Process Automation, Artificial Intelligence (AI)), Elements (Terminal Automation, PCS, Smart Port Infrastructure), Throughput Capacity, Port Type, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Smart Ports Market is estimated to grow from USD 1.7 billion in 2021 to USD 5.1 billion by 2026 at a CAGR of 23.9% during the forecast period. Growing need to reduce carbon emissions from the maritime industry and the growing adoption of Industry 4.0 to enhance port efficiency are the key factors driving the growth of the Smart Ports Market. Growing adoption of big data, IoT, blockchain, artificial intelligence, and digital twin to increase the operational efficiency of ports is expected to offer profitable opportunities for the Smart Ports Market during the forecast period.
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The smart port infrastructure segment is expected to be the largest Smart Ports Market, by element, during the forecast period.
Based on element, the Smart Ports Market has been segmented into IoT, Blockchain, Process Automation, and Artificial Intelligence (AI). The smart port infrastructure segment of the Smart Ports Market, by element, accounts for the highest market share among all the other segments because it is the most intensive aspect of developing any port into a smart port. With the rise in global trade, it has been observed that the size of vessel and cargo volumes have increased, which has impacted the seaports in terms of managing the operations. Ports are therefore increasing the adoption of smart solutions that will help optimize operations, promote efficiency, and reduce logistics costs without requiring major investment in new infrastructure and equipment. Hence, increasing trade via ports around the world has created a need for investments in the modernization of port infrastructure.
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Asia Pacific likely to emerge as the fastest-growing Smart Ports Market, by region, during the forecast period.
In this report, the Smart Ports Market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, Middle East & Africa. Asia Pacific is expected to grow at the highest CAGR during the forecast period. This scope of the regional market includes China, Singapore, Japan, Hong Kong, South Korea, and Rest of Asia Pacific. It is a dominant region in the global maritime trade. Maritime knowledge has gained momentum in the Asia Pacific region because of increased sea trade and rapid globalization. In addition, technical advances are allowing the provision of real-time data in the industry. In terms of port development, the ports in the region have grown in tandem with the economic development of most countries and cities, reflecting the region's recent rapid economic growth. Asia Pacific is one of the fastest-growing regions in the world due to numerous factors such as international divisional manufacturing, global supply chains, low production cost, and each country's export-led development policies. This has translated into the increasing volume of cargo moving from this region. As major cargo transportation happens through sea routes, owing to which the number of ports in Asia is increasing every year, and the existing ports are witnessing expansion. Automation, informatization, streamlined work processes, implementation of new equipment, and staff training are all part of the plan to increase the efficiency of existing port facilities in the region.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Smart Ports Market.
Some of the key players are IBM (US), General Electric (US), Port of Rotterdam (Netherlands), Royal Haskoning (Netherlands). The leading players are adopting various strategies to increase their share in the Smart Ports Market.
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