Dublin, Aug. 08, 2019 (GLOBE NEWSWIRE) -- The "Smart Ports Market by Technology (IoT, Blockchain, Process Automation, Artificial Intelligence), Elements (Terminal Automation, PCS, Smart Port Infrastructure, and Others), Throughput Capacity, Port Type, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global Smart Ports Market is Projected to Reach USD 5.3 Billion by 2024 from an Estimated USD 1.7 Billion in 2019, at a CAGR of 25% During the Forecast Period
The global smart ports market is projected to grow at a CAGR of 25% from 2019 to 2024
This growth can be attributed to factors such as increasing global trade activities, and an urgent need to cut down on redundant & additional expenses in port operations. However, the fact remains that the market is in its nascent stages and has a long way to go until port operations become entirely automatic.
The blockchain segment is expected to be the fastest-growing market from 2019 to 2024
Based on technology, blockchain is estimated to be the fastest-growing segment during the forecast period, as this is the primary process that ensures smooth data handling and management. Blockchain is the ideal technology for parties that have to collaborate but are also competitors (to a certain extent). Blockchain enables control over the information as well as protects the privacy of the user. Thus, Blockchain gets around this problem, allowing information to be shared in a secure way that cannot be manipulated.
The smart port infrastructure segment, by elements, is expected to be the largest market from 2019 to 2024
The smart port infrastructure segment is expected to be the largest and the fastest-growing segment. The infrastructure allows automating the port's operations completely. Besides automating infrastructure, some green technologies and practices ensure zero emissions, replacing diesel with electricity and low emission fuels. A management center controls all processes. From there, it is possible to track a container and its movement. They can also control which device is going to move it, when and how. In this way, it is possible to multi-task operations at the same time and can eliminate hundreds of truck trips and make the entire supply chain much more efficient.
Asia Pacific: The largest smart ports market
The Asia Pacific region is projected to be the largest smart ports market by 2024. Countries such as China, Singapore, Hong Kong, Japan, and South Korea are among the major countries that are considered as the leading industrial center and trade points generating a large amount of trade activity. Over the past few years, this region has witnessed rapid economic development. Also, the growth of industrial automation in this region increased the adoption of smart technologies in port activities, which, in turn, drives the smart ports market growth.
The leading players in the smart ports market are Royal Haskoning (The Netherlands), IBM (USA), ABB (Switzerland), Trelleborg AB (Sweden), Port of Rotterdam (The Netherlands), Abu Dhabi Ports (UAE).
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Smart Ports Market During the Forecast Period
4.2 Smart Ports Market, By Region
4.3 Smart Ports Market, By Technology
4.4 Smart Ports Market, By Element
4.4.1 Smart Ports Market, By Traffic Management System (TMS)
4.4.2 Smart Ports Market, By Smart Port Infrastructure
4.5 Smart Ports Market, By Throughput Capacity
4.6 Smart Ports Market, By Port Type
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Curbing Operational Expenses
5.2.1.2 Growing Needs for Real-Time Information
5.2.1.3 Rising Environmental Concerns
5.2.2 Restraints
5.2.2.1 Privacy and Security Concerns
5.2.2.2 Limited Availability of Skilled Staff
5.2.3 Opportunities
5.2.3.1 Port Upgrades Through Retrofitting
5.2.3.2 Supportive Government Initiatives Toward Smart Infrastructure/Port
5.2.3.3 Big Data Analytics, IoT, and AI to Transform Port Operations
5.2.4 Challenges
5.2.4.1 Complexity in Integration of Different Systems
5.2.4.2 High Initial Investments
6 Smart Ports Market, By Element
6.1 Introduction
6.2 Terminal Automation & Cargo Handling
6.2.1 Lower Labor Cost and Improved Work Consistency are Expected to Drive the Terminal Automation & Cargo Handling Segment During the Forecast Period
6.3 Port Community System
6.3.1 Rising Need for Single Window Environment is Expected to Drive the PCS Segment During the Forecast Period
6.4 Traffic Management System
6.4.1 Need to Reduce the Tat for Its Ships & Port Vehicles Will Drive the Demand for the TMS Segment During the Forecast Period
6.5 Smart Port Infrastructure
6.5.1 Increase in Trade Via Ports has Created A Need for Investment in Modernizing Port Infrastructure
6.6 Smart Safety & Security
6.6.1 Need for High Safety and Technology Innovation is Expected to Drive the Smart Safety & Security Segment During the Forecast Period
7 Smart Ports Market, By Throughput Capacity
7.1 Introduction
7.2 Extensively Busy (More Than 18 Million Teu)
7.2.1 Increasing Sea Trade From Countries Such as China, Singapore, and South Korea
7.3 Moderately Busy (5-18 Million Teu)
7.3.1 High Adoption Rate of Smart Technologies in Europe & North America
7.4 Scarcely Busy (Less Than 5 Million Teu)
7.4.1 Rising Need for Process Automation & Digitalization
8 Smart Ports Market, By Technology
8.1 Introduction
8.2 Process Automation
8.2.1 Reducing Labor Cost and Improving Operational Efficiency
8.3 Internet of Things
8.3.1 Increasing Need for Traffic Management and Digitalization of the Exisitng Port Operations
8.4 Artificial Intelligence
8.4.1 Predictive Maintenance, Quality Control, Field Services, and Material Movement are Key Applications of Ai at Ports
8.5 Blockchain
8.5.1 Need for Transparency and Security for Transactions is Expected to Drive Blockchain During the Forecast Period
9 Smart Ports Market, By Port Type
9.1 Introduction
9.2 Seaport
9.2.1 Need for Operational Efficiency Due to Massive Cargo Handling is the Key Driver of the Smart Ports Market
9.3 Inland Port
9.3.1 Need for Intermodal Facilities to Enhance Supply Chain Logistics for Inland Ports is the Key Driver of the Smart Ports Market
10 Smart Ports Market, By Region
10.1 Introduction
10.2 Asia Pacific
10.2.1 By Element
10.2.2 By Throughput Capacity
10.2.3 By Port Type
10.2.4 By Technology
10.2.5 By Country
10.2.5.1 China
10.2.5.1.1 Seven Out of the World's 10 Largest Ports in Terms of Annual Cargo Throughput Were in China
10.2.5.2 Singapore
10.2.5.2.1 Maritime and Ports Authority of Singapore Launched Several IoT and Connectivity-Based Applications
10.2.5.3 Japan
10.2.5.3.1 The Economic Partnership Agreement Between Eu and Japan Will Be A Booster for The Smart Ports Market
10.2.5.4 South Korea
10.2.5.4.1 Major Government Initiatives are Expected to Boost the Smart Ports Market
10.2.5.5 Hong Kong
10.2.5.5.1 Major Government Initiatives are Expected to Boost the Smart Ports Market
10.2.5.6 Rest of Asia Pacific
10.3 Europe
10.3.1 By Element
10.3.2 By Throughput Capacity
10.3.3 By Port Type
10.3.4 By Technology
10.3.5 By Country
10.3.5.1 Germany
10.3.5.1.1 The Port of Hamburg is Expected to Drive the Smart Ports Scenario in the Country
10.3.5.2 The Netherlands
10.3.5.2.1 Major Developments in the Port of Rotterdam, Amsterdam, and Antwerp are Expected to Drive the Market in the Nation
10.3.5.3 UK
10.3.5.3.1 The Nation is Planning to Become the Test Bed for Smart Technologies in Port Operations
10.3.5.4 Italy
10.3.5.4.1 Major Developments in the Form of Mergers & Acquisitions are Expected to Drive the Smart Ports Market in the Region Significantly
10.3.5.5 Rest of Europe
10.4 North America
10.4.1 By Element
10.4.2 By Throughput Capacity
10.4.3 By Port Type
10.4.4 By Technology
10.4.5 By Country
10.4.5.1 US
10.4.5.1.1 Major Investments are Expected to Revamp Infrastructure and Build Data-Driven Solutions
10.4.5.2 Canada
10.4.5.2.1 The Government is Strongly Supporting the Development of Terminal Infrastructure and Automation in Processes
10.4.5.3 Mexico
10.4.5.3.1 Increased Dependency on Renewable Sources to Fulfill Its Electricity Needs
10.5 South America
10.5.1 By Element
10.5.2 By Throughput Capacity
10.5.3 By Port Type
10.5.4 By Technology
10.5.5 By Country
10.5.5.1 Brazil
10.5.5.1.1 Brazil to Make Massive Investments in the Data Storage Front, Supporting Its Port-Related It Infrastructure
10.5.5.2 Chile
10.5.5.2.1 Chile is Set to Get Its First Major Investment in Data Centers, Followed By A Push in Smart Cargo Handling Systems
10.5.5.3 Rest of South America
10.6 Middle East & Africa
10.6.1 By Element
10.6.2 By Throughput Capacity
10.6.3 By Port Type
10.6.4 By Technology
10.6.5 By Country
10.6.5.1 UAE
10.6.5.1.1 The UAE is Taking Gigantic Leaps in Implementing Niche Technologies in Port Operations
10.6.5.2 Saudi Arabia
10.6.5.2.1 Google has Set Eyes on the Country to Build Its Data Infrastructure
10.6.5.3 Kuwait
10.6.5.3.1 Kuwait and China Join Hands to Make the Former's Ports Smarter and Efficient
10.6.5.4 South Africa
10.6.5.4.1 Transnet to Invest A Lot in South African Smart Ports
10.6.5.5 Rest of Middle East & Africa
11 Competitive Landscape
11.1 Overview
11.2 Ranking of Players and Industry Concentration, 2018
11.3 Competitive Scenario
11.3.1 Contracts & Agreements
11.3.2 New Product Launches
11.3.3 Mergers & Acquisitions
11.3.4 Partnerships & Collaborations
11.4 Competitive Leadership Mapping
11.4.1 Visionary Leaders
11.4.2 Innovators
11.4.3 Dynamic
11.4.4 Emerging
12 Company Profiles
12.1 Port of Rotterdam
12.2 Trelleborg
12.3 Royal Haskoning
12.4 IBM
12.5 Accenture
12.6 General Electric
12.7 Abu Dhabi Ports
12.8 ABB
12.9 Wipro
12.1 Ramboll Group
12.11 Ikusi Velatia
12.12 Port Solutions
12.13 Scientific Enterprises
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