Navigating the Future: Insights into the Booming Smart Port Market

According to a new market research report, the global smart port market size will grow to USD 5.7 billion by 2027 from USD 1.9 billion in 2022, at a CAGR of 24.3% during the forecast period.

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Growing maritime trade activities internationally across industries, Growing decarbonization of the maritime industry which increases the health benefit and reduce carbon emission globally, hence these are driving the demand for smart ports globally. As the real-time geospatial data improve a large number of port operations such as it improved the freight operations by increasing visibility and assisting shipping companies which will help to navigate the current supply chain and it helped to grow the smart port market. Moreover, the fourth industrial revolution, referred to as Industry 4.0 (4IR), is the cyber-physical transformation of manufacturing also creating demand for the smart port as the primary application of 4IR was for smart factories so it will help in increasing the demand for the smart port market. An example of 4IR technology used in the 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, with using current technology such as Big data and Internet of Things (IoT). As the government initiatives in the development of smart port infrastructure which is made to opportunities for growth of the smart port market. In the current scenario as new technology develops so it was helping to upgrade the existing port with a large amount of development in the new port. As per this opportunity, the European Union (EU) is involved to upgrade and developing new ports because of commodities that are imported and exported, and around exchange within the EU.

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This research report categorizes the smart port market based on element, technology, throughput capacity, port type and region.
Based on Element, the Smart Port Market has been segmented as follows:

Terminal Automation & Cargo Handling
Port Community Systems (PCS)
Smart Safety & Security
Traffic Management Systems (TMS)
Automated Information System (AIS)
Real-Time Location System (RTLS)
Others
Smart Port Infrastructure
Automated Mooring System
Gate Automation
Shore Power
Smart Energy & Environment Solution

Based on Technology, the smart port market has been segmented as follows:

Internet of Things (IoT)
Blockchain
Process Automation
Artificial Intelligence (AI)

Based on Throughput Capacity, the smart port market has been segmented as follows:

Extensively Busy Ports (Above 18 million TEU)
Moderately Busy Ports (5-18 million TEU)
Scarcely Busy Ports (Below 5 million TEU)

Based on Port Type, the smart port market has been segmented as follows:

Seaport
Inland Port

Based on Region, the smart port market has been segmented as follows:

North America
Asia Pacific
South America
Europe
Middle East & Africa

The Asia Pacific likely to emerge as the largest smart port market

The Asia Pacific region accounted for the largest share of the smart port market in 2021. The region is experiencing rapid development fueled by the growth of major economies, such as China, Singapore, India, South Korea, Japan, Hong Kong, Indonesia, and Australia. It is a dominant region in the smart port industry. It is also considered a lucrative region for maritime trade. As the increase in seaborne trade has subsequently led to an increase in demand for ships that are used to transport manufactured goods to various regions globally. The growth of the smart port industry decreased as a result of the Covid-19 pandemic in 2020 which directly impacted this region, which declined by around 1.5% in 2020. The rise in the number of ships will contribute to the growth of propulsion systems and engines in the Asia Pacific region. As per the Journal of Commerce's annual list of the top 50 container ports in the global in these Asia Pacific has been ranked the 9th out of the 10. Regarding port development, the ports in these regions have grown in tandem with the economic development of most countries which reflecting the region has the fastest economic growth. The Organization for Economic Cooperation and Development (OECD) projects that by 2050, the volume of maritime trade will have tripled, raising the demand for global freight. The Asia Pacific region has an increasing number of ports each year, and those that already exist are expanding. This is because the majority of cargo transit occurs via maritime routes. The program aims to boost the effectiveness of the regions current port facilities through automation, information technology, streamlining of work procedures, the use of new equipment, and employee training. It will help to grow in the smart port industry and drive forward.

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The smart port market is dominated by major players that have a wide regional presence. Some of the key players in the smart port market are IBM (US), ABB (Switzerland), General Electric (US), Siemens (Germany), Trelleborg (Sweden), Wipro (India), Port of Rotterdam (Netherlands), and Royal HaskoningDHV (Netherlands).

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