Smart Ports Market Projected to Hit US$ 16 Billion by 2033

The global smart ports industry is poised for remarkable growth, with an anticipated Compound Annual Growth Rate (CAGR) of 20.4% forecasted from 2023 to 2033. Presently, the global smart ports market boasts a valuation of US$ 2.5 billion, and projections indicate that it will surge to a substantial market size of US$ 16 billion by the conclusion of 2033.

Over the past few decades, ports worldwide have undergone significant structural and functional transformations. In today's landscape, a wave of technological innovation and integration is ushering in a digital transformation era for industries and enterprises, emphasizing data-driven insights. These developments have led to a progression from the initial generation of ports, referred to as loading and unloading ports, to the subsequent second-generation ports known as industrial ports.

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Key Drivers of Smart Ports:

Several factors are driving the rapid growth of smart ports:

  1. Technological Advancements: Advances in digital technology, automation, and the Internet of Things (IoT) have enabled ports to become smarter and more connected. Port operators can now monitor and control various aspects of port operations in real time, leading to greater efficiency and cost savings.
  2. Environmental Concerns: Environmental sustainability is a growing concern in the shipping industry. Smart ports are adopting green technologies such as shore power, renewable energy sources, and emissions reduction measures to minimize their environmental footprint.
  3. Global Trade Expansion: The globalization of trade continues to drive the demand for efficient and reliable port infrastructure. Smart ports are better equipped to handle the increasing volume of goods flowing through global supply chains.
  4. Security Needs: Port security is of paramount importance in today's world. Smart ports use advanced surveillance systems, biometrics, and access control measures to enhance security and protect against threats.
  5. Data-Driven Decision-Making: Data analytics and artificial intelligence (AI) play a significant role in smart port operations. The ability to analyze vast amounts of data allows port operators to make informed decisions and optimize processes.

Competitive landscape:

Key players in the smart ports market are actively implementing marketing tactics such as collaborations, investments, and acquisitions to gain market share. Furthermore, numerous start-ups are raising funds to focus on new developments.

  • As Per a 2019 Allianz safety and shipping research, 70% of marine mishaps are caused by human mistakes; therefore, Seadronix, a start-up based in South Korea, is working on eliminating this problem. The company received a US$ 5.8 million Series A extension in October 2022 to grow its AI-based ship berthing monitoring and navigation technologies, which would assist cargo ships in securely navigating and port operators in mooring their vehicles at the harbor.
  • ABB, a Swedish multinational firm based in Switzerland that runs smart ports, absorbed InCharge Energy in January 2022. This acquisition is planned to broaden ABB's e-mobility division's clientele in North America by delivering fleet electrification and digital services.
  • ABB signed a deal with the Port of Toulon, France, in January 2022 to link the most extensive shore-to-ship project in France. With this sustainable endeavor, the Port of Toulon, which serves over 1 million cruise and ferry passengers each year, has committed to supporting ABB shore connection technology to provide one cruise liner or three ferries with all their energy needs.
  • In April 2021, Abu Dhabi Ports launched a new digital solution to improve the administration of Abu Dhabi's slipways, which are ramps used to move boats to and from the water during peak hours.

Key Companies Profiled:

  • Abu Dhabi Ports
  • ABB
  • Accenture
  • General Electric
  • Port Solutions
  • IBM
  • Royal Haskoning
  • Ramboll Group
  • Wipro

Key Segments of Smart Ports Industry Research:

·         By Technology :

o    Process Automation

o    Artificial Intelligence

o    Internet of Things

o    Blockchain

·         By Throughput Capacity :

o    Extensively Busy

o    Moderately Busy

o    Scarcely Busy

·         By Region :

o    North America

o    Latin America

o    Europe

o    Asia Pacific & China

o    Middle East & Africa

 

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Questionnaire answered in the Market outlook Report of Smart Ports include:

  • What is the key strategy deployed by large players to maximize Smart Ports Market growth?
  • What are the main challenges faced by players in the Smart Ports market Demand?
  • With the advent of technological advancement, how will the Smart Ports market landscape change over the forecast period?
  • What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Smart Ports market size?

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