Smart Port Market Size, Sales, Share and Forecasts by 2027

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Smart Port Market Size, Sales, Share and Forecasts by 2027

Smart Port Market is driven by the need to improve the throughput of all types of cargo and to reduce resource, staff, and equipment and fuel costs. Rising needs of automation also helps to boost Smart Port Market

Smart Port Market: Introduction

A smart port is an automated port that uses nascent technologies such as big data, Internet of Things (IoT), block chain solutions and other smart technology based methods to improve performance and economic competitiveness.
Smart ports employ smart technology solutions to increase efficiency, effectiveness and security by making ports more environmentally sustainable, economically efficient and capable of handling increased port traffic.
The industry of ports and container shipping is considered as conservative and “resistant to change”, However, there are new emerging technologies, systems and solutions that will alter this perception in the coming years, leading the entire sector to a brighter, more connected future.
Due to the increasing size and volume of container, transport and cruise ships, conventional ports continue to face new challenges with daily traffic and processing. Thus Smart Ports with Technologies such as IoT can improve warehouse logistics, inventory management etc. and help automate loading, dispatching and transporting goods.

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Key Drivers of Smart Port Market

Smart Seaports are playing catch-up with the large Transport & Logistics (T&L) players when it comes to developing insight driven solutions and IoT applications. The Demand side is comprised of logistics supply (warehouses, transport providers, terminal operators) and domestic transport, thus the need for smart ports is driven by big companies acting in T&L sector.
Growing environmental concerns and rising needs of automation is major key factor influencing the growth of smart port market over the forecast period.
Moreover, Numerous Government has taken a handful of steps toward smart port as part of their initiatives which will provide ample opportunities for the overall growth of the smart port market globally.
One of the key drivers of a smart port market is the need to improve the throughput of all types of cargo and to reduce resource, staff, and equipment and fuel costs. Improvements to the quality of customer service and implementing automated processes can benefit the wider supply chain and port community.

Restraints of smart port or terminal:

Companies associated ports industry, are responsible for customer data (which is already extremely valuable), as well as for physical goods. In addition many of the stored goods can be regarded as strategic stockpiles for the countries and regions that eventually increases the need for a robust security system. In today’s scenario port security is limited to the global ISPS code, which primarily focusses on physical threats. Port authority ecosystems must be aware that the digital threat is just as important, certainly if ports continue on their path towards further digitalization.
The need for co-operation between international ports in order to share data and insights is still is unexplored with smart port technology. Thus, protectionism of the port authorities on their own data is a major challenge in development of smart port strategy.

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Major Development:

The Port of Hamburg in Germany plans to use connected technology such as Internet of Things (IoT) to double capacity by 2025 without expanding in space, while reducing costs for both operators and cargo owners.
In Port of Rotterdam, Netherlands, IBM aims to roll out a fleet of autonomous ships, again by 2025, starting with the creation of a so-called digital twin - an exact digital replica of the port and its operations.
The Port of Tallinn in Estonia has implemented a real-time waiting line system, which, combined with smart visibility systems that can speed up the flow of trucks through both the port and the city beyond.
Singapore, a global Smart City leader, is leveraging big data and AI across various port processes through an initiative called SAFER (Sense-making Analytics for Maritime Event Recognition). The system optimizes or automates key tasks that previously relied on human observation and reporting.

Key Players Operating in Smart Port Market:

Some of the major key players operating in the Smart Port market are: