According to a new report from Fact.MR, the global smart ports market — currently valued at $2.5 billion — is set to reach $16 billion by 2033, surging ahead at 20.4 percent CAGR from 2023 to 2033.
A smart port is an automated port that uses cutting-edge technologies such as artificial intelligence (AI), the internet of things (IoT), and blockchain to improve its operation. Since the volume of trade is consistently expanding, adopting such advanced technologies has become vital to increase internal effectiveness and operations.
Growing trade activities and the rising trend of automation throughout industries are reportedly driving the worldwide smart ports market. Due to the increased national and international trade via maritime transport, numerous harbor authorities around the world are rapidly implementing smart technologies. Moreover, many shipping corporations have collaborated with tech firms to develop blockchain shipping solutions for enhancing maritime logistics.
Furthermore, rising government initiatives aimed at developing smart port infrastructure and upgrading existing ports are expected to provide enormous opportunities for market growth. The use of smart port technologies is increasing because they help provide optimized parking places, improve traffic systems, and gather and aggregate information on the port authority, pollution, weather, customer and owner.
Asia Pacific is leading the worldwide smart ports market due to the presence of multiple ports with higher throughput capacity in the region. Furthermore, Japan and South Korea are significantly assisting regional market growth.
North America and Europe are also experiencing growth as a result of increased investments by local governments to improve port infrastructure. The United States is leading the North American market. Germany is contributing massively to the European market.
Key players in the smart ports market are actively implementing marketing tactics such as collaborations, investments, and acquisitions to gain market share. Numerous start-ups are raising funds to focus on new developments.
As per a 2019 Allianz safety and shipping research, 70% of marine mishaps are caused by human mistakes; therefore, Seadronix, a start-up based in South Korea, is working on eliminating this problem. The company received a $5.8 million Series A extension in October 2022 to grow its AI-based ship berthing monitoring and navigation technologies, which would assist cargo ships in securely navigating and port operators in mooring their vehicles at the harbor.
ABB, a Swedish multinational firm based in Switzerland that runs smart ports, absorbed InCharge Energy in January 2022. This acquisition is planned to broaden ABB's e-mobility division's clientele in North America by delivering fleet electrification and digital services.
The full report can be accessed here.