Latest research, the 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″, 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.

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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Key market players:

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.

Recent Developments:

• In April 2021, Abu Dhabi Ports introduced a new digital service to streamline the management of Abu Dhabi’s slipways. The slipways are ramps for moving boats and other watercraft to and from the water. The service was expected to ease congestion at peak times.
• In March 2021, Siemens was awarded a contract from the Port of Kiel to implement a cloud-based power monitoring solution for its shore power system. The shore power system will cover the electricity demand of all ships with green power while they are berthed at the Port of Kiel.
• In February 2021, Navis, a part of Cargotec, launched the Navis Managed Services Store on the Navis Community Center (NCC). Navis expanded the range of solutions and services that are offered to Managed Services customers through this new store and made them easier to purchase and implement at their terminals.
• In September 2019, ABB launched a new series of Azipod propulsors that are available in the power range of 7.5–14.5 MW. In addition to ferry and RoPax vessels, this power range will also be applicable for larger offshore construction vessels, midsize cruise ships, and shuttle tankers.
• In November 2018, GE Transportation and Port of Long Beach entered into a 3-month technology pilot project agreement to improve cargo flow at the busiest port complex in North America. The initial outcomes of the pilot technology include proven advanced visibility of incoming cargo, with more than 14 days faster access to information while increasing throughput and more smart productive measures leading to increased supply chain performance.
• In December 2019, Accenture acquired Silveo, a French consulting company providing services and solutions for digital manufacturing and intelligent supply chains based on software. Silveo is headquartered in Neuilly-sur-Seine, France.