Dublin, Aug. 24, 2021 (GLOBE NEWSWIRE) -- The "Global Smart Ports Market by Technology (IoT, Blockchain, Process Automation, Artificial Intelligence (AI)), Elements (Terminal Automation, PCS, Smart Port Infrastructure), Throughput Capacity, Port Type, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
Smart ports are equipped with various digital technologies that help authorities in the daily port activities and enhance the level of operations and overall efficiency of the ports. Smart port technologies support basic infrastructure and tools for handling cargo, as well as help authorities to manage traffic, deal with customs, ensure safety, and monitor energy use. In addition, the real-time data collected with the help of sensors helps in reducing the need for annual inspections by focusing more on schedule preventive maintenance.
The major factor driving the growth of the smart ports market is the increase in global trade via sea routes. The smart ports market is estimated to grow from USD 1.7 billion in 2021 to USD 5.1 billion by 2026, registering a CAGR of 23.9% from 2021 to 2026. The leading players in the smart ports market are IBM (US), General Electric (US), ABB (Switzerland), Siemens (Germany), and Accenture (Ireland).
The smart ports market by technology has been segmented into process automation, IoT, artificial intelligence (AI), and blockchain. The internet of things is expected to be the fastest-growing market from 2021 to 2026. The Ports implementing digitalization have been actively adopting IoT for their operations. The IoT platform is based on 3 major parameters, which include smart port infrastructure, intelligent traffic flows, and intelligent trade flows. It has helped ports in traffic management, controlling pollution, and road safety. IoT has transformed the traditional way in which any seaport works. With the deployment of IoT, the physical aspect of any process is being connected to the internet, which helps in real-time sharing of data and remote access.
Asia Pacific is expected to grow at the highest CAGR during the forecast period. This scope of the regional market includes China, Singapore, Japan, Hong Kong, South Korea, and Rest of Asia Pacific. This region dominates the global maritime trade. The Asia Pacific maritime information market is currently witnessing healthy growth. The ports in the region have grown in tandem with the economic development of most countries and cities, reflecting the region's recent rapid economic growth. Asia Pacific is one of the fastest-growing economies in the world due to numerous factors such as international divisional manufacturing, global supply chains, low production cost and each country's export-led development policies. This has translated into the increasing volume of cargo moving from this region. As major cargo transportation happens through sea routes, owing to which the number of ports in Asia is increasing every year, and the existing ports are witnessing expansion.
Based on port type, the smart ports market has been segmented into seaport and inland ports. The seaport segment is expected to be the largest market from 2021 to 2026. Different types of applications, such as loading, unloading, and transshipment of cargo to and from the vessels; storage and warehousing of merchandise on land and stevedoring to and from vessels; and complementary services to shipping carriers, are performed on seaports. They also offer the facilities of berthing or anchoring ships their classification is based on location, depth, and ship sizes. A seaport exhibits immense potential related to cost-effectiveness as it handles cargo in a large volume.
The report defines, describes, and forecasts the smart port market, by element, port type, throughput capacity and technology. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the smart port market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the smart port market.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Smart Ports Market, by Element
7 Smart Ports Market, by Throughput Capacity
8 Smart Ports Market, by Technology
9 Smart Ports Market, by Port Type
10 Geographic Analysis
11 Competitive Landscape
12 Company Profiles
Abu Dhabi Ports
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For more information about this report visit https://www.researchandmarkets.com/r/2fhk5w
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