- The Global Smart Port Market is expected to grow at a CAGR of 22.7% during the forecasting period (2020-2027).
- A smart port is an automated port that uses nascent technologies such as big data, Internet of Things (IoT), blockchain solutions, and other smart technology-based methods to improve performance and economic competitiveness. With these technologies, smart ports can also improve environmental sustainability. In an ideal smart port, processes would be automated and connected via IoT. The maritime industry has been testing blockchain technology since 2017 and several shipping companies have partnered with tech companies to create blockchain shipping systems to improve maritime logistics.
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- Rising environmental concerns and increasing need for real-time information are the major driving factors for the market growth globally. Due to the increasing size and volume of container, transport, and cruise ships, ports continue to face new challenges with daily traffic and processing. Technologies such as IoT can improve warehouse logistics, inventory management, etc. and help automate loading, dispatching, and transporting goods. In smart ports, parking spaces could be optimized, and traffic streamlined by making more efficient use of limited space. Sensors, cameras, drones, and other technologies can automatically collect and share information such as weather, traffic, and pollution data for port owners and customers. In May 2018, Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has teamed up with Naver Business Platform (NBP) and Intel Korea to develop the Smart Ship 4.0 service infrastructure.
- However, Privacy and security issues are the key to restraints hindering market growth worldwide. Since smart ports would have to deal with big data and operate using surveillance, data privacy and security are potential areas of concern. Concerns include questions of who will have access to the data, and how networks can be protected from hacking and sabotage.
Market Segmentation Analysis
- By technology, the smart port market is segmented into the internet of things, artificial intelligence, blockchain, and process automation. The global smart port market size by artificial intelligence was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. In the 21st century, as ports merge with big data, artificial intelligence, and IoT, the port is beginning to be seen as an interconnected smart environment bringing together different port sectors and even other ports. The whole supply chain is integrated while making autonomous, intelligent choices.
- Manufacturers are focusing to have collaborations to introduce various technologies to the smart ports. For instance, n July 2019, PSA Corporation, which operates the world’s largest container transshipment hub in Singapore, and Envision Digital International signed a Memorandum of Understanding (MoU) to collaborate in the fields of engineering, technology, Artificial Intelligence, and Internet of Things (IoT) to develop a smart port.
- By port type, the smart port is classified into inland port and seaport. The global smart port market size by seaport was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
- By element, the smart port is divided into smart port infrastructure, terminal automation, port community system, and others. Others are further segmented into traffic management systems and smart safety & security. The global smart port market size by smart port infrastructure was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period
- By Throughput Capacity, the smart port is divided into Scarcely Busy (Less Than 5 Million TEU), Moderately Busy (5–18 Million TEU), and Extensively Busy (More Than 18 Million TEU).
Market Geographical Analysis
- The Asia Pacific Smart Port market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. Asia Pacific is expected to grow with a high CAGR rate in the forecast period due to the development and growth of power generation industries and manufacturing industries in Asia Pacific economies like Japan, China, India, Hong Kong, and many countries. The high growth of the various industries in this region will improve marine operations more and which in turn act as key factors for the growth of the smart port market in the Asia Pacific.
- Companies in the Asia Pacific are focusing on and having partnerships to develop new solutions to the smart port. For instance, In February 2019, Ericsson and China Unicom, the world’s fourth-largest mobile service provider by subscriber base, have jointly announced that they are developing a 5G smart harbor at the Port of Qingdao in China.
Market Competitive Trends
- The Smart Port market is competitive with existing players in the market. Some of the major players include Royal Haskoning, Abu Dhabi Ports, Scientific Enterprises Ltd, Trelleborg, General Electric, Ikusi Velatia, IBM, and Port of Rotterdam.
- In January 2019, Estonian shipping company Tallink Grupp and the TalTech Estonian Maritime Academy started a scientific collaboration to develop smart ship solutions.
- In May 2018, Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has teamed up with Naver Business Platform (NBP) and Intel Korea to develop the Smart Ship 4.0 service infrastructure.
- In May 2018, UK-based Rolls-Royce and Finnish shipowner Finferries announced that they will jointly develop strategies and solutions to optimize the safety and efficiency of marine operations.
- In January 2018, The Port of Rotterdam Authority and IBM have joined forces on a multi-year digitization initiative to transform the port’s operational environment using the Internet of Things (IoT) technologies.
- In February 2019, Ericsson and China Unicom, the world’s fourth-largest mobile service provider by subscriber base, have jointly announced that they are developing a 5G smart harbor at the Port of Qingdao in China.
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