PUBLISHER: The Business Research Company | PRODUCT CODE: 1251731
PUBLISHER: The Business Research Company | PRODUCT CODE: 1251731
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“Smart Ports Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on smart ports market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for smart ports? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The smart ports market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the smart ports market are: Wipro Limited, IBM Corporation, Accenture, ABB, Ramboll Group A/S, Abu Dhabi Ports, Awake.AI, PORT OF ROTTERDAM, Royal Haskoning, Trelleborg AB, IkusiRedes de Telecomunicaciones, S.L., Navis, China Merchants Port Holdings Company, GENERAL ELECTRIC, and Siemens.
The global smart ports market grew from $1.77 billion in 2022 to $2.19 billion in 2023 at a compound annual growth rate (CAGR) of 23.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The smart ports market is expected to grow to $5.02 billion in 2027 at a CAGR of 23.1%.
The smart ports market includes revenues earned by entities by increasing a port's efficiency, improving performance and economic competitiveness. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Smart ports refer to an automated port that uses data analytics to successfully manage operations and make sound business decisions. Smart ports have a better performance and handling because of the utilization of innovative technologies like the Internet of Things (IoT), artificial intelligence (AI), blockchain, big data, and other smart technology-based methods. These are ports equipped with technology and intelligent solutions that enhance operations, security, infrastructure, and management.
Asia-Pacific was the largest region in the smart ports market in 2022 and is also expected to be the fastest-growing region in the forecast period. The regions covered in smart ports market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main type of ports in smart ports is seaport and inland port. A seaport is a protected area bordering the sea where the loading and unloading of cargo from ships happen. The use of smart digital technologies such as smart sensors and the Internet of Things aid in the handling of cargo effectively. Smart ports include various elements such as terminal automation and cargo handling, port community system (PCS), traffic management system (TMS), smart port infrastructure, and smart safety and security. Smart ports are of different technologies that include the internet of things (IoT), blockchain, process automation, and artificial intelligence.
The encouragement and participation from governments all over the world in the form of initiatives will propel the growth of the smart port market. Growing concerns about climate change have pushed governments across the world to adopt sustainable development projects to reduce carbon footprint and increase efficiency. To implement digitization, governments are encouraging the adoption of technologies such as big data, artificial intelligence, and the Internet of Things (IoT) in the ports sector. For example, the Port of Hamburg in Germany adopted the Internet of Things and other smart port technologies by using data sources to feed to a single platform to increase logistics efficiencies. Therefore, the increasing number of government initiatives drives the smart ports market.
The adoption of smart technologies is a key trend gaining popularity in the smart port market. The implementation of technologies such as the Internet of Things (IoT), artificial intelligence (AI), blockchain, and big data has changed the way the smart ports operate in comparison to the traditional ports. For example, in April 2021, Abu Dhabi Ports introduced a new digital service to smoothen the management of Abu Dhabi's slipways, which are ramps for moving boats and other watercraft to and from the water to ease congestion at peak times. Thus, the adoption of smart technologies has made the end-to-end process of port management efficient.
In January 2022, ABB a Swedish multinational corporation in Switzerland that operates smart ports acquired InCharge Energy. This acquisition is expected to expand ABB company's e-mobility division in north-American customer base market by providing fleet electrification and offering digital services in the market. InCharge Energy is a US-based electrifying transportation fleet.
The countries covered in the smart ports market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The smart ports market research report is one of a series of new reports from The Business Research Company that provides smart ports market statistics, including smart ports industry global market size, regional shares, competitors with a smart ports market share, detailed smart ports market segments, market trends and opportunities, and any further data you may need to thrive in the smart ports industry. This smart ports market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.