Smart Ports Market Advanced Technology and New Innovations by 2031

The smart port is an automated port, which uses high-end smart technologies such as AI, IoT, Big Data, and blockchain to boost the performance and productivity of the shipping industry. Smart ports collect and track data and take smart decisions with their help of it. Owing to economic liberalization, globally, trade growth has led to an increase in the size of freighter ships to accommodate more freight. As part of process automation, smart ports deploy cloud-based software to aid the automation process in establishing the operational flow, which enables the port to function smoothly. Parking spaces could be optimized in smart ports and traffic can be streamlined by making use of limited space more efficiently. Sensors, cameras, and drones can automatically gather and share information such as weather, traffic, and pollution data for port owners and customers.

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Key drivers of the global smart ports market

Rapid increases in industrialization and rise in urbanization are expected to act as the key factors that drive the growth of the global smart port market. The emerging economies are projected to give more thrust to the smart port market. Globally, the bulk of trade has witnessed a steady rise over recent years. An increase in investment and development in port construction and maintenance operations boost the use of innovative digitalization technologies along with applications for artificial intelligence, IoT, blockchain, and process automation.

Market Scenario: opportunities and challenges

To improve production efficiency and reliability, smart ports utilize advanced infrastructure technologies, which make them more environmentally sustainable and economically competitive, thereby enabling them to handle increased port traffic. Governments of various countries are focusing on accelerating their port network along with the growing need for shipping. In June 2019, the U.S. Department of Transportation (DOT) inaugurated a Port Infrastructure Development Program that provides funding of $292.7 million to enhance, advance, and improve the U.S. maritime systems and gateway ports. The purpose of this program is to support public coastal ports while ensuring the safety, reliability, and efficiency of the carriage of goods to and from the port. However, in the past years, ports have witnessed an alarming increase in environmental pollution, which may impede market growth. On the contrary, smart ports can use automation and smart technologies to restrict energy consumption and waste.

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Key segments covered:

By Ports
• Sea Ports
• Cargo Ports

By Components
• Hardware
• Software
• Services

By Throughput
• High Throughput Ports
• Low Throughput Ports

By Region
• North America (U.S., Canada, Mexico)
• Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
• LAMEA (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)

Key Market Players: RoyalHaskoning, IBM, ABB, Trelleborg AB, Port of Rotterdam, Abu Dhabi Ports, Wipro Infrastructure, Port Solutions, Ramboll Group, Port Solutions Limited

COVID-19 scenario analysis

The global smart ports market is expecting a slowdown, owing to the outbreak of the COVID-19 pandemic. Governments of various countries have implemented lockdowns, which has led to the shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown. In addition, this pandemic situation is likely to slow down the world's economic development. With the slowdown in economic growth, the smart port industry is anticipated to witness negative impacts. Furthermore, companies are dealing with missing sales and disrupted supply chains, as production activities are shut down.

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Key benefits of the report

• This study presents the analytical depiction of the global smart ports industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global smart ports market share.
• The current market is quantitatively analyzed from 2019 to 2027 to highlight the global smart ports market growth scenario.
• Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in the coming years.

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