Proactive government initiatives for Port Upgradation to Augment the Smart Ports Market Growth

 

Smart Ports Market

A smart port is an intelligent, automated container transportation port that employs emerging technologies such as big data, Internet of Things (IoT), machine learning, artificial intelligence (AI) and various other intelligent technologies to enhance operational performance and economic competitiveness in the transportation sector. With these technologies, smart ports can improve environmental sustainability.

Smart port includes automated freight forwarding applications, which help in forwarding automatic load forwarding records from cargo containers to ships. It further integrates with freight brokers and freight forwarding software. Moreover, smart port systems can monitor the loading, unloading, and unpacking of containers and handle them efficiently to ensure the safety and security of the cargo. This helps to save fuel consumption, storage capacity, and operational costs.

Market Dynamics:

Proactive government initiatives towards smart infrastructure are expected to propel the growth of the smart ports market. For instance, India is all set to convert its sea ports into smart ports and in due course upgrade these to intelligent ports, using advanced technologies such as machine learning and artificial intelligence, to simplify and smoothen port operations and add efficiency. All this is envisioned in the Maritime India Vision-2030.

Moreover, rising emphasis on minimizing operational expenses and the growing concerns regarding environmental concerns are expected to augment the growth of the smart ports market. For instance, around 85% of carbon dioxide emissions were produced by ports, according to the International Transport Forum (ITF).

However, lack of skilled personnel and concerns regarding privacy and security are expected to restrain the growth of the smart ports market. For instance, advanced technologies such as IoT and AI require skilled personnel to operate them with adequate training and experience.

Government initiatives to upgrade ports are expected to offer lucrative growth opportunities for players in the smart ports market. For instance, the Government of Pondicherry (India), in June 2020, received CRZ clearance from the Expert Appraisal Committee of the Ministry of Environment, Forest, and Climate Change, India for minor port upgradation.

Competitive Analysis:

Major players operating in the smart ports market are Ramboll Group A/S, Abu Dhabi Ports, Accenture, PORT OF ROTTERDAM, IBM Corporation, Trelleborg AB, Navis, ABB, Awake.AI, Eco Wave Power (EWPG Holding AB), and ROYAL HASKONINGDHV.

In February 2021, Eco Wave Power (EWPG Holding AB) announced that the company won the Smart Port Challenge Competition held by Morocco's National Ports Agency and National Single Window for foreign trade- PORTNET, together with the Global Alliance for Trade Facilitation and Morocco's port community.

In April 2020, Awake.AI launched a new component of the open and collaborative Awake Platform, Smart Port as a Service.

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