Global Smart Ports Market Anticipated to Reach $5.1 Billion by 2026, Witnessing a CAGR of 23.9% During 2021 to 2026 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Aug 23, 2021--
The “Global 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 - Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The smart port market is projected to reach USD 5.1 billion by 2026 from an estimated USD 1.7 billion in 2021, at a CAGR of 23.9% during the forecast period. Increasing government participation and encouragement for smart port infrastructure development and upgradation and expansion of existing ports are expected to offer lucrative opportunities for the smart port market during the forecast period. However, the high initial investment required for port development and technological complexity in the integration and development of various systems present challenges in this market.
Based on throughput capacity, the smart ports market has been segmented into extensively busy ports, moderately busy ports, and scarcely busy ports. The extensively busy ports is expected to be the largest market from 2021 to 2026. Extensively busy ports handle a capacity of more than 18 million TEU per year. Some of the extensively busy ports are in China, Singapore, and South Korea, as they act as a major corridor for trade.
The smart ports market by technology has been segmented into process automation, IoT, artificial intelligence (AI), and blockchain. The internet of things is expected to be the fastest-growing market from 2021 to 2026. The Ports implementing digitalization have been actively adopting IoT for their operations. The IoT platform is based on 3 major parameters, which include smart port infrastructure, intelligent traffic flows, and intelligent trade flows. It has helped ports in traffic management, controlling pollution, and road safety. IoT has transformed the traditional way in which any seaport works. With the deployment of IoT, the physical aspect of any process is being connected to the internet, which helps in real-time sharing of data and remote access.
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. This region dominates the global maritime trade. The Asia Pacific maritime information market is currently witnessing healthy growth. 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 economies 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.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the smart port market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the smart port market.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
5.2 COVID-19 Health Assessment
5.3 Road to Recovery
5.4 COVID-19 Economic Assessment
5.5 Market Dynamics
184.108.40.206 Increasing Dependency on Real-Time Data to Enhance Port Operations
220.127.116.11 Growing Need to Reduce Carbon Emissions from Maritime Industry
18.104.22.168 Growing Adoption of Industry 4.0 to Enhance Port Efficiency
22.214.171.124 Risks Associated with Data Breach and Data Protection of Seaport Clients
126.96.36.199 Participation and Encouragement from Governments in Development of Smart Port Infrastructure
188.8.131.52 Growing Adoption of Big Data, IoT, Blockchain, Artificial Intelligence, and Digital Twin to Increase Operational Efficiency of Ports
184.108.40.206 Up-Gradation and Expansion of Existing Ports
220.127.116.11 Requirement of High Initial Investment for Development of Ports
18.104.22.168 Technological Complexities in Integration and Development of Various Systems
22.214.171.124 Impact of COVID-19 Pandemic
5.7 Market Map
5.8 Value Chain Analysis
5.9 Technology Analysis
5.10 Smart Port: Codes and Regulations
5.11 Innovations and Patent Registrations
5.12 Porter’s Five Forces Analysis
5.13 Case Study Analysis
6 Smart Ports Market, by Element
7 Smart Ports Market, by Throughput Capacity
8 Smart Ports Market, by Technology
9 Smart Ports Market, by Port Type
10 Geographic Analysis
11 Competitive Landscape
12 Company Profiles
- Abu Dhabi Ports
- APM Terminals
- General Electric
- Hutchison Ports
- Ikusi Velatia
- Port of Rotterdam
- Port Solutions
- Ramboll Group
- Royal Haskoning
- Scientific Enterprises
For more information about this report visit https://www.researchandmarkets.com/r/u569p
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SOURCE: Research and Markets
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PUB: 08/23/2021 09:32 AM/DISC: 08/23/2021 09:32 AM