Stratview Research has recently published a report on the Smart Ports Market. This strategically evaluated report provides a detailed overview that presents today's market scenario and future possibilities, as well as market intelligence and information, for a 5-year period from 2022 to 2028.
The market is segmented by Element Type (Terminal Automation & Cargo Handling, Port Community System, Traffic Management System, Smart Port Infrastructure, and Smart Safety & Security), Throughput Capacity Type (Extensively Busy, Moderately Busy, and Scarcely Busy), Technology Type (Process Automation, Internet of Things, Artificial Intelligence, and Blockchain), Port Type (Seaport and Inland Port), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Smart Ports Market Analysis:
Stratview Research’s report discusses the segment-wise current market condition. Also, it offers an estimation of future growth opportunities. As per the estimation, the Smart Ports Market is estimated to grow from USD 2.01 billion in 2022 to reach USD 7.39 billion by 2028 at an impressive CAGR of 24.24% during the forecast period.
What is Smart Port?
Smart ports are automated ports that employ innovative technologies to enhance performance by increasing efficiency and security. As per the World Trade Organization, over 80% of the world’s freight is transported using ports, one of the most important logistics centers across the globe. These automated ports with the use of evolving technologies, such as the Internet of Things (IoT), Artificial Intelligence (AI), and Big Data are becoming more environmentally sustainable, economically efficient and capable of handling increased port traffic. There are several emerging technologies, systems and solutions that are entering into this otherwise considered as conservative and “resistant to change” industry. This trend is expected to continue in the future, altering this notion.
Some of the companies drive the market growth:
- Royal HaskoningDHV
- IBM Corporation
- ABB Group
- Trelleborg AB
- Port of Rotterdam Authority
- Abu Dhabi Ports
- Accenture plc
- General Electric Company
- Wipro Ltd.
- Ramboll Group
- Ikusi Velatia
- Port Solutions Ltd.
- Scientific Enterprises.
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The market is segmented as seaport and inland port. The seaport segment seems to be dominating the market during the following period. Seaports handle passenger traffic, along with a huge amount of small to large cargo. And hence, these ports have strong demand for smart technologies to ensure efficient dock operations.
Asia-Pacific held more than 35% market share in 2021 and is estimated to be the largest market during the forecast period, with China, Japan, and India being the major countries with lucrative growth opportunities. This rise can be attributed to the rapid industrialization, growing manufacturing sectors, increasing logistic and packaging industries, and fastest-growing economies in the region. In the past few years, there has been a gradual increase in the bulk of trade, globally.
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