Global Smart Ports Market: Overview
The marine industry is attuning itself to the changing dynamics of ports and bays. The digitisation of ports is accompanied by a number of challenges related to data management and tracking. However, these challenges can be resolved through a densely connected system of checks and balances. The need for smart ports stems from the growing number of commercial ships. Docking of ships on a smart port is easier relative to ports with traditional docking systems.
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The load time of ships is an important consideration for port operators and managers. Delays in loading can disrupt the overall functionality of a port. Hence, digital outlay of ports has become a quintessential requirement in recent times. It is expected that the global smart ports market would expand in size over the forthcoming years. Furthermore, port operators are emphasizing on the pros of eliminating paper-based documentation in this sector. This factor has also turned heads towards the global smart ports market.
A research report on the global smart ports market reveals key points of information about market growth. The global smart ports market can be segmented on the basis of the following parameters: technology, elements, and region. The demand for smart port infrastructure is rising at the back of increased customization in the marine industry.
Global Smart Ports Market: Notable Developments
Growth of offshore operations has created a large playfield of opportunities for vendors in the global smart ports market.
- Deloitte has emerged as an important provider of smart port development services. The company focuses on breaking away from the norms of standardization in port development. On the contrary, Deloitte emphasizes on the scalability of ports and their potential to undergo complete digitisation. Each port has a given capacity of digitisation that needs to be considered while instituting smart technologies. This strategy is expected to steer the deployment of smart port technologies across major ports.
- British Ports Association, in collaboration with industry experts and innovators, developed a thought leadership programme called ‘Port Futures’. The program aims to highlight the importance of connected and smart ports. Furthermore, ecological and economic deadlocks pertaining to ports can also been addressed through the program.
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Names of some of the prominent market vendors are listed below:
- Royal Haskoning
- Trelleborg AB
- Port of Rotterdam
Global Smart Ports Market: Growth Drivers
- Need for Integration of Supply Chains
Ports are connected to a heterogenous mix of supply chains belonging to a wide range of industries. Hence, physical and virtual networks are characteristic of all major ports. Deployment of smart technologies can help in managing herculean tasks across ports. Therefore, the global smart port market is set to expand at a boisterous pace.
- Operational Excellence and New Business Opportunities
Apart from reducing manual labour, port operators can also expand their operations to new areas through deployment of smart technologies. Furthermore, operations across ports can be streamlined by inducting smart management systems. Insight-driven solutions across ports can be a source of fresh revenue and business for port operators and stakeholders. Hence, digitization of ports is a trend that shall gather momentum in the years to follow.
- Managing Large Vessels
Digitization of ports entails substantial cost benefits, and this factor has majorly influenced the growth of the global market. Furthermore, the need for managing large-size cargos and vessels also necessitates digitisation of ports. Smart solutions and technologies are gradually pervading all key industries. The interconnectivity of port-based operations with other industries has also driven market demand.
The global smart ports market is segmented as:
- IoT, Blockchain
- Process Automation
- Artificial Intelligence (AI)
- Terminal Automation
- Smart Port Infrastructure
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