The global smart ports market is projected to reach USD 5.3 billion by 2024 from an estimated USD 1.7 billion in 2019, at a CAGR of 25.0% during the forecast period. This growth can be attributed to factors such as an increasing introduction of green initiatives and the requirement of ports to comply with the environmental regulations that have been implemented by the governments of several nations. The usage of big data and cloud computing to cut down the carbon emissions and at the same time, boost internal operational efficiency is a major driving force for the market.
The extensively busy segment is expected to be the largest smart ports market, by throughput capacity, during the forecast period.
The extensively busy ports are expected to be the largest and the fastest growing market segment during the forecast period. Extensively busy ports generate a larger share of revenue when compared to that of the moderately and scarcely busy ports due to the large-size of operations in the former. This enables these ports to invest in the latest technologies to improve their operational coefficient.
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The sea ports segment is expected to be the fastest growing segment of the smart ports market during the forecast period.
Sea ports are situated out in the sea whereas inland ports are the ones that are situated in the inland waterways, like streams, rivers, and rivulets. Most commercial and passenger cruises dock in the sea ports, and thus the seaports have the lion’s share of the revenues in this segment. These ports invest their working capital in upgrading the condition by installing efficient technologies and smart solutions.
Asia Pacific to account for the largest share within the global smart ports market
In this report, the smart ports market has been analyzed with respect to five regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. The Asia Pacific is estimated to dominate the global smart ports market in 2019, owing to the growth in the industrial, manufacturing, textile, pulp & paper, and power generation industries in countries such as China, Singapore, Hong Kong, and Japan. This lead to the massive growth in trade in the region, which in turn is expected to boost maritime activities in this region. Thus, a significant scope of growth and development in smart ports exists in these regions.
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The report includes the profiles of some of the top players in the smart ports market to enable an in-depth understanding of the competitive landscape. Some of the key players are Royal Haskoning (The Netherlands), IBM (USA), ABB (Switzerland), Trelleborg AB (Sweden), Port of Rotterdam (The Netherlands), and Abu Dhabi Ports (UAE). The leading players are adopting various strategies to increase their share in the smart ports market.
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