Smart Port Market To Reach USD 8.4 Billion By 2027

Global Smart Port Market: Key Highlights

According to the new market research report “Smart Port Market by Component (Hardware, Software, Services), by Technology (IoT, Big Data, AI, Blockchain), by Port Type (Emerging, Intermodal Terminal, Local Trade, City-based), by Region (Asia Pacific, Europe, Middle East and Africa, South America, North America) – Global Forecast (2018 to 2027)”, the global Smart port market is estimated to reach USD 8.4 Billion by 2027 at a CAGR of 24.2% during forecast period 2020-2027.
Increasing demand for operational efficiency at ports, initiatives towards green ports, using technological solution to reduce carbon emissions are few factors among others, which are expected to drive the smart port market during the forecast period.
However, threat of cyberattacks is expected to challenge the growth of the market during the forecast period.

Smart Port Market

Global Smart Port Market: Key Market Dynamics

Demand for operational efficiency at ports is expected to drive the market of smart port as the incorporating smart solutions at the ports may help in optimizing operational activities, improving efficiency and reducing logistics cost.
Implementation of cloud computing to reduce carbon emission is expected to drive the growth of the market as the installation of cloud computing helps in saving energy, cost and resources to great extent.
High initial investment is expected to restrain the market, as at initial phase the capital required to convert conventional port into smart port is quite high, which may hampers the adoption rate of new technologies.
Encouraging government policies is expected to rise the market in near future, as currently there is no organized regulating system about constructing a smart port.
Cyberattacks can hinder the growth of the market as incorporation of smart technologies at the port has made them vulnerable to cyberattacks

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Global Smart Port Market: Regional Overview

Europe

Smart port market is projected to grow extraordinarily in the European region. IBM and the Port of Rotterdam started working together to implement smart technologies in the port, which will reduce the wait time, load and unload timings, and can increase the number of ships coming to the port. Also, the Port of Valencia installed a network of black box to collect various data such as energy consumption by the cranes, trucks, forklifts. This data can be helpful to the terminal staff and they can reduce the idle time.

Asia Pacific

Asia-Pacific is the fastest growing market share in the smart port market. Changes in trade partners, infrastructure, sea routes, and structure of liner industry are observed in the ports of this region. Moreover, transforming trading patterns supports growth of ports in Asia-Pacific region. This pushes port operators to increase productivity and grow market share. In addition, nine of the ten busiest container ports in the world lies in the Asian region.

Global Smart Port Market: Key Players Overview

IBM Corporation:

IBM Corporation is a US-based multinational company that functions in information technology domain. It provides high value products, solutions and services related to cloud computing, artificial intelligence, IT infrastructure, Internet of Things (IoT), network services, analytics, software development and others. IBM is transforming a port in the Netherlands into smart port using IBM Internet of Things (IoT) technologies and IBM cloud. In addition, the port is using IoT sensors, Augmented Intelligence, and smart weather data, set up by the IBM.

Trelleborg Marine and Infrastructure:

Trelleborg Marine and Infrastructure is a UAE-based company that is specialized in marine systems and infrastructure solutions. It serves products and solutions such as marine fenders, ship-shore links, ship performance monitoring, docking and mooring, tunnel seals, dredging hoses, bearings among others. It provides smart port platform, which helps in integrating assets like fenders, mooring equipment, and navigation systems through sensors. The company supplied AutoMoor to the berths of Port of Langnas, developed explicitly for this port improving mooring of vessels.

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