The global smart ports market is set to garner US$ 16 billion by 2033, surging ahead at 20.4% CAGR from 2023 to 2033. A smart port is an automated port that uses cutting-edge technologies such as artificial intelligence (AI), the internet of things (IoT), and blockchain to improve its operation. Since the volume of trade is consistently expanding, adopting such advanced technologies has become vital to increase internal effectiveness and operations.
Growing trade activities and the rising trend of automation throughout industries are driving the worldwide smart ports market. Due to the increased national and international trade via maritime transport, numerous harbor authorities around the world are rapidly implementing smart technologies. Moreover, many shipping corporations have collaborated with tech firms to develop blockchain shipping solutions for enhancing maritime logistics.
Furthermore, rising government initiatives aimed at developing smart port infrastructure and upgrading existing ports are expected to provide enormous opportunities for market growth. The use of smart port technologies is increasing because they help provide optimized parking places, improve traffic systems, and gather and aggregate information on the port authority, pollution, weather, customer, and owner.
Key Takeaways from Market Study
· The global smart ports market amounted to US$ 2.5 billion in 2022.
· Worldwide demand for smart ports is expected to increase at a CAGR of 20.4% during the forecast period (2023 to 2033).
· The global market is projected to achieve a valuation of US$ 16 billion by 2033.
· Asia Pacific accounted for 37% share of the global market in 2022.
· The process automation segment captured 34% of the worldwide market in 2022.
· The extensively busy ports segment is predicted to witness substantial growth over the next ten years.
“Global smart ports market expected to grow significantly during the forecast period due to increasing need for port authorities to minimize operational costs, collect real-time data, and make data-driven decisions,” says a Fact.MR analyst.
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.
Asia Pacific is leading the worldwide smart ports market due to the presence of multiple ports with higher throughput capacity in the region. Furthermore, Japan and South Korea are significantly assisting regional market growth.
North America and Europe are also experiencing tremendous growth as a result of increased investments by local governments to improve port infrastructure. The United States is dominating the North American market. Germany is contributing massively to the European market.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global smart ports market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market on the basis of technology (process automation, artificial intelligence, internet of things, blockchain) and throughput capacity (extensively busy, moderately busy, scarcely busy), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
These insights are based on a report on Smart Ports Market by Fact.MR.