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  • Smart Ports Market Growth Analysis | 2022-2028

    Smart Ports Market Growth Analysis | 2022-2028

    Smart Ports Market Growth Analysis | 2022-2028
    Report code - SRCG251 Delivery - 2 Weeks
    Smart Ports Market Size, Share, Trend, Forecast, & Industry Analysis – 2022-2028 See more...

    Market Insights

    The smart ports market is estimated to grow from USD 2.01 billion in 2022 to reach USD 7.39 billion by 2028 at an impressive CAGR of 24.24% during the forecast period.

    smart-ports-market-size

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    What is smart port?

    Smart ports are automated ports that employ innovative technologies to enhance performance by increasing efficiency and security. As per the World Trade Organization, over 80% of the world’s freight is transported using ports, one of the most important logistics centers across the globe. These automated ports with the use of evolving technologies, such as the Internet of Things (IoT), Artificial Intelligence (AI), and Big Data are becoming more environmentally sustainable, economically efficient and capable of handling increased port traffic. There are several emerging technologies, systems and solutions that are entering into this otherwise considered as conservative and “resistant to change” industry. This trend is expected to continue in the future, altering this notion.

    Smart Ports Market Features

    Market Size in 2028

    USD 7.39 Billion

    Market Size in 2022

    USD 2.01 Billion

    Market Growth (2022-2028)

    CAGR of 24.24%

    Base Year of Study

    2021

    Trend Period

    2016-2020

    Forecast Period

    2022-2028

    Segment Covered

    By Element Type (Terminal Automation & Cargo Handling, Port Community System, Traffic Management System, Smart Port Infrastructure, and Smart Safety & Security),

    By Throughput Capacity Type (Extensively Busy, Moderately Busy, and Scarcely Busy),

    By Technology Type (Process Automation, Internet of Things, Artificial Intelligence, and Blockchain),

    By Port Type (Seaport and Inland Port),

    By Region (North America, Europe, Asia-Pacific, and Rest of the World).

    Dominant Region

    Asia-Pacific is estimated to be the largest market during the forecast period.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Market Dynamics

    The growth of the market is primarily driven by:

    • Rising need for ports to use smart and efficient technologies in order to enhance efficiency.
    • Rise in adoption of IoT connected devices by major shipping companies, increasing use of drones to monitor terminal operations, government support, and increase in investment towards infrastructure of ports.

    smart-ports-market-snapshot

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    Key Players

    Some of the major players in the market are-

    • Royal HaskoningDHV
    • IBM Corporation
    • ABB Group
    • Trelleborg AB
    • Port of Rotterdam Authority
    • Abu Dhabi Ports
    • Accenture plc
    • General Electric Company
    • Wipro Ltd.
    • Ramboll Group
    • Ikusi Velatia
    • Port Solutions Ltd.
    • Scientific Enterprises.

    Segment Analysis

    Throughput Capacity Trend

    The market is segmented as extensively busy, moderately busy, and scarcely busy. The extensively busy segment held more than 46.5% share of the market in 2021, and is expected to remain dominant during the forecast period.

    This segmentation is based on the handling capacity of the ports, in terms of twenty feet equivalent (TEU). Ports with a throughput capacity of more than 18 million TEU are classified as extensively busy ports, those with a throughput capacity between 5 to 18 million TEU are classified as moderately busy ports, and the rest are classified as scarcely throughput ports.

    The extensively busy ports have the highest potential to invest in implementing smart technologies and solutions in the ports as they generate high revenue.

    Technology Trend

    The market is segmented as process automation, internet of things, artificial intelligence, and blockchain. The process automation segment held more than 32% of market share in 2021 and is expected to grow at the highest rate during the assessment period.

    The demand of the segment is because process automation reduces the need of human intervention by using technology to automate business processes. The degree of automation differs from port to port, depending on its capacity, economic value, location, and the amount of cargo it handles.

    Port Trend

    The market is segmented as seaport and inland port. The seaport segment seems to be dominating the market during the following period. Seaports handle passenger traffic, along with a huge amount of small to large cargo. And hence, these ports have strong demand for smart technologies to ensure efficient dock operations.

    Regional Analysis

    Asia-Pacific held more than 35% market share in 2021 and is estimated to be the largest market during the forecast period, with China, Japan, and India being the major countries with lucrative growth opportunities. This rise can be attributed to the rapid industrialization, growing manufacturing sectors, increasing logistic and packaging industries, and fastest-growing economies in the region. In the past few years, there has been a gradual increase in the bulk of trade, globally.

    smart-ports-market-share-analysis

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    Thus, countries such as Singapore and Hong Kong formed the trade corridor, opening the regions’ trade opportunities. North America and Europe are also expected to offer substantial growth opportunities during the following period.

    Segmentation

    The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

    The smart ports market is segmented into the following categories:

    By element type:

    • Terminal Automation & Cargo Handling
    • Port Community System
    • Traffic Management System
    • Smart Port Infrastructure
    • Smart Safety & Security

    By throughput capacity type:

    • Extensively Busy
    • Moderately Busy
    • Scarcely Busy

    By technology type:

    • Process Automation
    • Internet of Things
    • Artificial Intelligence
    • Blockchain

    By port type:

    • Seaport
    • Inland Port

    By region:

    • North America (Country Analysis: the USA, Canada, and Mexico) 
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Research Methodology

    This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

    Report Features

    This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision making for the existing players as well as those willing to enter the market.

    Report - Features

    Segmentation

    5

    Regions Covered

    4

    Countries/Sub-Regions Covered

    17

    No. of Figures & Tables

    >130

    Company Profiles

    10

    The following are the key features of the report:

    • Overview, industry life cycle and supply chain analysis
    • Environment analysis: Growth drivers and constraints, Porter’s five forces and SWOT analysis
    • Trend and forecast analysis
    • Segment trend and forecast
    • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
    • Attractive segments and associated growth opportunities
    • Emerging trends
    • Strategic growth opportunities for the existing and new players
    • Key success factors.

    Customization Option

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Segmentation

    • Current segmentation of any one of the element types and by technology type.  

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    Smart ports are automated ports that employ innovative technologies to enhance performance by increasing efficiency and security. As per the World Trade Organization, over 80% of the worlds freight is transported using ports, one of the most important logistics centers across the globe. These automated ports with the use of evolving technologies, such as the Internet of Things (IoT), Artificial Intelligence (AI), and Big Data are becoming more environmentally sustainable, economically efficient and capable of handling increased port traffic. There are several emerging technologies, systems and solutions that are entering into this otherwise considered as conservative and resistant to change industry. This trend is expected to continue in the future, altering this notion.

    The market is expected to grow at a CAGR of 24.24 % during the upcoming five years.

    The market size was estimated to grow from USD 2.01 Bn in 2022 to USD 7.39 Bn by 2028.

    Asia-Pacific is estimated to be the largest market during the forecast period.

    Royal HaskoningDHV, IBM Corporation, ABB Group, Trelleborg AB, Port of Rotterdam Authority, Abu Dhabi Ports, Accenture plc, General Electric Company, Wipro Ltd., Ramboll Group, Ikusi Velatia, Port Solutions Ltd., and Scientific Enterprises. are the key companies in the market.

    The extensively busy segment has the largest share of the market during the estimated time.

    The study period of the market is 2016-2028.

    Rising need for ports to use smart and efficient technologies in order to enhance efficiency is one of the prime factors driving the markets progress.

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