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Smart Port Market Size & Share, 2020-2027 | Global Industry Report

Smart Port Market Analysis Report By Technology, By Throughput Capacity, By Port Type, By Region And Segment Forecasts From 2020 To 2027

Report ID: MN17620111  |  Published: September 2020  |  No of Pages: 80
Format: Electronic (PDF)  |  Industry: Computing & Technology  |  Publisher: Grand View Research

Industry Insights

The global smart port market size was generated a revenue of USD 1.69 billion in 2019. It is projected to witness 32.4% CAGR over the forecasted years, 2020 to 2027. The rising need for extracting real-time and needful information, reducing operational costs, and implement data-driven decisions for enhancing port operations are expected to drive the market growth.

Adoption of smart technologies like IoT (Internet of Things), blockchain, and AI (Artificial Intelligence) for enhancing harbor operations is gaining traction across the globe. They can be separately deployed or can be used in combination with conventional or digitalized infrastructure. Moreover, the need for lowering human interventions, limit operational expenses, and make intelligent decisions is projected to augment the demand for smart ports.

U.S. smart port market

The domestic and international maritime transport across the globe is increasing at a rapid pace owing to the lower cost of transportation. This has created a burden on decks and shipyards. As the number of operations on the harbor has increased, the need for automating operations is being foreseen. These factors are expected to trigger the demand for smart ports.

Technology Insights

In 2019, the technology segment of process automation accounted for the highest share of around 34.0% across the global market. It is also projected to hold significant growth in the upcoming years. This can be associated with the surging usage of cloud technologies for automation processes. Also, the need for limiting human intervention and increasing focus over critical operation tasks is expected to trigger the market growth for this segment.

The technology segments like IoT, AI, and blockchain are also expected to witness substantial growth in the upcoming years. The need for analyzing, documenting, and predicting future trends based on huge amounts of generated data from docking operations is expected to contribute towards the growth of these segments.

Throughput Capacity Insights

The extensively busy throughput capacity segment dominated the global smart port marketwith a share of around 49.0% in 2019. This segment includes ports having more than 18 million TEU capacity. Also, the rising number of port operations due to boosting import-export trade has contributed majorly towards the market growth for this segment.

The scarcely busy and moderately busy port segments also accounted for significant share across the global market in 2019. Ports having capacity ranging from 5–18 million TEU (Twenty-foot equivalent) are termed as moderately busy and those having below 5 million TEU capacity are called scarcely busy ports. The moderately busy ports are expected to register the highest demand in the upcoming years owing to their considerable investment feature, lower complexity, and lesser number of operations.

Port Type Insights

In 2019, the segment of seaports held the largest share of around 66.5% across the global market. This can be attributed to the ability of such ports to handle large amounts of cargo and passenger traffic. Also, the need to adopt smarter technologies for the efficient functioning of the seaports is expected to drive the demand for smart port devices.

Global smart port market

The segment of the inland port is expected to register significant growth in the forecasted years, 2020 to 2027. The increase in maritime transport across streams and rivers is expected to propel the market growth for this segment. Moreover, a significant rise in container traffic across inland water bodies is triggering the adoption of smarter automation technologies for the effective functioning of such ports.

Regional Insights

In 2019, Asia Pacific held the largest share of around 37.0% across the global market. This can be associated with the presence of several ports across this region having higher throughput capacity. Also, trade activities across countries like Japan, China, Singapore, and South Korea have been on the rise since the last few years. Moreover, the availability of advanced technologies at lower prices is expected to contribute towards the market growth across this region.

Europe is projected to register the fastest growth from 2020 to 2027. The presence of more number of smaller ports handling large quantities of cargo is a major factor contributing to the market growth across this region. These ports can handle traffic similar to that of large ports on the adoption of smarter operations and technology. For example, IBM has partnered with the Port of Rotterdam, Germany for deploying smart sensors over 42 kilometer-stretch of the port.

COVID-19 Impact Insights

The smart ports market across the globe has been negatively impacted on account of the ongoing COVID-19 pandemic. Restrictions over traveling and cargo movement by several countries have stagnated the ship movement across all ports. Also, rising political tensions, reduced production, and hindrance in the supply chain have reduced the port activities. But, rapid technological advances being implemented by the key players to lower the operational costs and increase the throughput capacity of the ports is expected to augment the market growth to some extent over the post-pandemic period.

Smart Port Market Share Insights

The global market for smart port includes key players such as ABB, ROYAL HASKONINGDHV, Trelleborg AB, Accenture, IBM, Navis, PORT OF ROTTERDAM, and Awake AI. They are continuously engaged in innovation and product development to gain a competitive advantage over other players.

Strategies such as mergers, collaborations, and acquisitions are being undertaken by the key players for widening their geographical reach. Also, the rising preference of digital products is forcing these players to develop smart devices that can smoothen dock processes at ports.

Report Scope

Attribute

Details

Market size value in 2020

USD 1.96 Billion

Revenue forecast in 2027

USD 13.98 billion

Growth rate

CAGR of 32.4% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative Units

Revenue in USD million and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Technology, throughput capacity, port type, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

The U.S.; Canada; The U.K.; Germany; France; Italy; China; India; Japan; South Korea; Australia; Brazil; Mexico

Key companies profiled

ROYAL HASKONINGDHV; ABB; Trelleborg AB; Accenture; Abu Dhabi Ports; Ramboll Group A/S; PORT OF ROTTERDAM; Navis; IBM; Awake.AI

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs.


Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2016 to 2027 in each of the sub segments. For the purpose of this study, Million Insights has segmented the global smart port market on the basis of technology, throughput capacity, port type, and region:

• Technology Outlook (Revenue, USD Million, 2016 - 2027)
    • Process Automation
    • Blockchain
    • Internet of Things (IoT)
    • Artificial Intelligence (AI)

• Throughput Capacity Outlook(Revenue, USD Million, 2016 - 2027)
    • Extensively Busy
    • Moderately Busy
    • Scarcely Busy

• Port Type Outlook(Revenue, USD Million, 2016 - 2027)
    • Seaport
    • Inland Port

• Regional Outlook (Revenue, USD Million, 2016 - 2027)
    • North America
        • The U.S.
        • Canada
    • Europe
        • The U.K.
        • Germany
        • France
        • Italy
    • Asia Pacific
        • China
        • India
        • Japan
        • South Korea
        • Australia
    • Latin America
        • Brazil
        • Mexico
    • The Middle East & Africa

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