Smart Ports Market to Reach $15.5 Billion, Globally, by 2032 at 23.1% CAGR: Allied Market Research

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Sep 26, 2023, 10:10 ET

The global smart ports market is driven by rise in technological advancements, operational efficiency, environmental sustainability, rising trade volumes, and real time information and visibility.

PORTLAND, Ore., Sept. 26, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Ports Market By Technology (Process Automation, Blockchain, Internet Of Things (IoT), Artificial Intelligence (AI)), By Throughput Capacity (Extensively Busy, Moderately Busy, Scarcely Busy), By Port Type (Seaport, Inland Port): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the smart ports market valued for $2.0 billion in 2022 and is estimated to reach $15.5 billion by 2032, exhibiting a CAGR of 23.1% from 2023 to 2032.

Smart ports, also referred to as intelligent or digital ports, represent a groundbreaking shift in the maritime sector. These ports utilize advanced technologies, data analytics, and artificial intelligence to elevate efficiency, safety, sustainability, and overall operational excellence. Smart ports establish a coherent and intelligent ecosystem that optimizes cargo management, logistics, and collaboration among stakeholders by integrating diverse interconnected systems and harnessing real-time data.

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Prime determinants of growth

The global smart ports market is driven by rise in technological advancements, operational efficiency, environmental sustainability, rising trade volumes, and real time information and visibility. However, high initial investment and legacy infrastructure restrain the market growth to some extent. Nevertheless, government support and incentives and global competitiveness are estimated to provide prolific growth opportunities in the upcoming years.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$2.0 billion
Market Size in 2032	$15.5 billion
CAGR	23.1 %
No. of Pages in Report	410
Segments covered	Technology, Throughput Capacity, Port Type, and Region.
Drivers	Technological advancements
	Operational efficiency
	Environmental sustainability
	Rising trade volumes
	Real-time information and visibility
Opportunities	Government support and incentives
Opportunities	Global competitiveness
Restraints	High initial investment
Restraints	Legacy infrastructure

Report coverage & details:

There were widespread disruptions in global supply chains, affecting the flow of goods and cargo through smart ports during the early stages of the pandemic. Lockdowns, restrictions, and reduced workforce availability led to delays in cargo handling and transportation.
In addition, the pandemic led to changes in consumer behavior and demand patterns. Smart ports had to adapt to handle different types of cargo, such as increased demand for medical supplies and reduced volumes in other sectors such as tourism-related goods.
However, as lockdowns and restrictions eased in many regions, economic activities started to rebound. This led to an increase in global trade and cargo volumes, benefiting smart ports. Moreover, during the pandemic, there was a surge in demand for essential goods such as medical supplies and food. Smart ports adapted to manage the increased volumes of these goods.

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The internet of things (IoT) segment to maintain its lead position during the forecast period.

Based on technology, the internet of things (IoT) segment accounted for the largest share in 2022, contributing to nearly two-fifths of the global smart ports market revenue and is projected to rule the roost throughout the forecast timeframe. IoT sensors attached to containers, vehicles, and cargo allow real-time tracking and monitoring of their movements within the port premises and throughout the supply chain. This provides better visibility into cargo status, location, and condition, facilitating more efficient logistics operations. IoT sensors are deployed on port equipment, such as cranes, trucks, and handling machinery, to monitor their performance, health, and usage. Real-time data helps in predictive maintenance, reducing downtime, and optimizing equipment utilization. These factors altogether may surge the adoption of IoT technology in the smart ports market. However, the artificial intelligence (AI) segment would cite the fastest CAGR of 23.6% from 2023 to 2032.

The extensively busy segment to maintain its lead position during the forecast period.

Based on the throughput capacity, the extensively busy segment accounted for the largest share in 2022, contributing to more than half of the global smart ports market revenue and is espected to retain its dominance by 2032. Implementing AI-powered autonomous vehicles and machinery can further optimize cargo handling processes. These autonomous systems can work collaboratively, adapt to changing conditions, and operate around the clock, increasing overall efficiency. Furthermore, in extensively busy smart ports, the successful implementation of AI technologies can be a contributor to smooth and fast port operation, driving higher efficiency, cost-effectiveness, and improved customer experiences while meeting the challenges of managing large-scale operations. However, the moderately busy segment is expected to portray the fastest CAGR of 23.4% throughout the forecast timeframe.

The seaport segment to maintain its lead position during the forecast period.

Based on the port type, the seaport segment accounted for the largest share in 2022, contributing to more than three-fifths of the global smart ports market revenue and is projected to dominate the market in terms of revenue from 2023 to 2032. The same segment is estimated to experience the fastest CAGR of 23.2% during the forecast period. Seaport smart ports use AI-driven robotic and autonomous systems for the efficient handling of cargo. Automated cranes, gantries, and robotic vehicles ensure faster loading and unloading of containers, reducing turnaround times for vessels. Furthermore, seaport smart ports are at the forefront of the digital transformation in the maritime industry.

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Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifth of the global smart ports market and is projected to register the highest CAGR of 24.3% during the forecast period. Asia-Pacific has been a leading region in adopting smart port technologies. Countries like China, Singapore, Japan, South Korea, and Australia have been at the forefront of integrating IoT, AI, automation, and big data analytics into their ports to enhance efficiency and competitiveness. The economic growth of the region and increase in trade volumes have necessitated the need for efficient and technologically advanced ports.

Leading Market Players: -

ROYAL DUTCH SHELL
IBM CORPORATION
KALERIS
CISCO SYSTEM, INC.
TRELLEBORG
KONGSBERG
ABU DHABI PORTS
ABB LTD.
INTEL CORPORATION
HUAWEI TECHNOLOGIES CO., LTD.

The report provides a detailed analysis of these key players in the global smart ports market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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