A recent report published by
Infinium Global Research on smart ports market provides in-depth analysis of
segments and sub-segments in the global as well as regional smart ports market.
The study also highlights the impact of drivers, restraints, and macro
indicators on the global and regional smart ports market over the short term as
well as long term. The report is a comprehensive presentation of trends,
forecast and dollar values of the global smart ports market. According to the
report, the global smart ports market is projected to grow upto USD 5 Billion
in 2026 from USD 1.5 Billion in 2020 with a CAGR of 22.3% over the forecast
period of 2020-2026.
Smart ports use innovative
technologies and automation to optimize their operations. A well-built digital
infrastructure helps ports optimize their physical infrastructure as well as
predict and prepare for future investment and maintenance needs. Better solutions for data storage and sharing
enable more transparent, compliant, safer, and faster transport management. The
port industry has reached the consensus that ports are transforming from the
mechanical era into the era of AI when AI enables ports to become smarter.
However, entire maritime operations
from shipyards to carriers of bulk commodities have been affected due to pandemic.
A restriction by countries at the ports like a ban on crew changes is
disrupting global supply chains. As different countries are in various stages
of lockdowns, this affects the port congestion with cargo and containers.
Offshore drilling in many countries has also been affected due to the crisis.
This largely affects the smart ports market. A growing need for real-time
information is driving the growth of the smart ports market. The smart port
uses solutions such as regulations, standards, employee training, and periodic
control of facilities, risk assessment, proper designs, and monitoring systems
to detect any security issue, increase port preparedness, and improve resilience.
Overall port performance in this
sense is measurable through exploring port safety management systems, security
management systems, and integrated monitoring and optimization systems. It
further, gathers better-educated individuals, skilled workforces, intelligent
infrastructures, and automation to facilitate knowledge development and
sharing, optimize the port operations, enhance the port resiliency, lead
sustainable development, and guarantee safe and secure activities.
Additionally, rising environmental concern is to boost the growth of the
market. The fast and easy flow of this information facilitates wise and
well-informed decision-making by port authorities and port customers. This
ultimately brings increased productivity, fewer costs, high market competition
ability for the port, less emission, energy efficiency, and green logistics. In
addition, automatized machinery can replace the human workforce in ports and
reduce existing human errors, safety issues, port congestions, and turnaround time
as well as increasing operations efficiency. However, the limited availability
of a skilled workforce is affecting the growth of the market. Moreover,
government Initiatives toward Smart Infrastructure/Port will provide a
significant growth opportunity for the market.
The Asia Pacific holds the largest
market share in the smart ports market. Rapid industrialization is contributing
to the growth of the smart port market in this region. The high growth of the
various industries in this region will improve marine operations in this
region. Moreover, companies are investing to develop new solutions to the smart
port. For instance, In February 2019, Ericsson and China Unicom, has jointly
announced that the development of 5G smart harbor at the Port of Qingdao in
China. This further contributes to the growth of the market in this region.
The report on global smart ports
market covers segments such as technology, elements, and port type. On the
basis of technology, the sub-markets include IoT, blockchain, and artificial
intelligence (AI). On the basis of elements, the sub-markets include terminal
automation, PCS, and others. On the basis of port type, the sub-markets include
seaport, and inland port.
The report provides profiles of
the companies in the market such as IBM Corp, Royal Haskoning, Trelleborg AB,
Port of Rotterdam, Abu Dhabi Ports, Accenture, Awake.AI, Ramboll Group A/S, and
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of smart ports market. Moreover, the study highlights current market
trends and provides forecast from 2020-2026. We also have highlighted future
trends in the market that will affect the demand during the forecast period.
Moreover, the competitive analysis given in each regional market brings an insight
into the market share of the leading players.