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Global Smart Ports Market Share, Trends & Forecast to 2025

05-05-2020 08:57 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Orion Market Research

The global smart ports market is estimated to grow at a CAGR of nearly 26.0% during the forecast period. The rising investment in port construction and maintenance activities is supporting to drive the adoption of advanced digitalization tools, including artificial intelligence, IoT, blockchain, and process automation solutions. These solutions allow port operators to optimally manage supply chain by tracking containers. Cargo traceability and monitoring are major elements for smart logistics and encourage safety and security of freight transport. The optimum use of smart technologies allows to share information between different stakeholders which in turn, supports early detection and shortens response times.

Get Free Sample Copy @ https://www.omrglobal.com/request-sample/smart-ports-market

The government across the countries are focusing on accelerating their port infrastructure coupled with the increasing need for maritime transportation. In June 2019, The US Department of Transportation (DOT) launched Port Infrastructure Development Program in which $292.7 million is provided in funding to reinforce, advance, and improve the US maritime systems and gateway ports. This program intends to support public coastal ports while improving the reliability, safety, and efficiency of movement of goods into, out of, and within a port. Further, as per the European Sea Ports Organisation (ESPO), European seaports needs a substantial investment of nearly $52 billion during the period, 2018 - 2027.

A Full Report of Smart Ports Market is Available at: https://www.omrglobal.com/industry-reports/smart-ports-market

The need for investments in European seaports is significantly led by the faster development of the logistics industry and environmental requirements. The increasing global trade operations has led the need for investment in ports which thereby will enable the integration of advanced digital technologies in ports to increase the safety of ports and reduce operational costs. The digital platforms can be used by port authorities, shipping companies, terminals, agents, and other service providers, which supports them to effectively plan, execute and monitor the whole activities.

Several companies are focusing on advanced technologies and tools to modernize ports. For instance, in February 2019, Ericsson and China Unicom, a telecom operator, declared the development of 5G smart harbor at the Qingdao port in China. With the field trial, the major findings were reported that nearly 70% of labor costs of a harbor can be reduced with the use of 5G automation upgrade, rather than conventional harbors using a completely automated solution. 5G smart ports could support to meet the increasing demand for logistics. This will enable to reduce the transit time of goods and idle times for ships, which in turn supports to cut down emissions.

Global Smart Ports Market- Segmentation

By Port Type

Cargo Ports
Sea Ports

By Throughput Capacity

Extensively busy (above 18 million Teu)
Moderately busy (5-18 million Teu)
Scarcely busy (below 5 million Teu)

By Technology

Internet of Things (IoT)
Blockchain
Artificial Intelligence (AI)
Process Automation

Global Smart Ports Market- Segment by Region

North America

United States
Canada

Europe

Germany
United Kingdom
France
Spain
Italy
Rest of Europe

Asia-Pacific

China
Japan
India
Rest of Asia-Pacific

Rest of the World

Latin America
Middle East and Africa

For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/smart-ports-market

Media Contact:
Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: [email protected]
Contact no: +1 646-755-7667, +91 780-304-0404

About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.

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