Global Market for Seaport IoT Technologies Is Expected to Grow at a Compound Annual Growth Rate of 25% Through 2031
Private 5G cellular networks, blockchain, robotics, and drones have the potential to catalyze technology adoption
A new report from Guidehouse Insights explores the global market for smart port investment in IoT technologies and covers the technologies necessary to make a seaport a smart port.
Seaports across the globe have begun to implement a range of smart technologies to meet increasing demands on the shipping industry, improve productivity, and reduce the environmental impacts of shipping. The global market for seaport IoT technologies, which includes expected spending on sensors and automation technologies for small and large global ports, is estimated at $2.67 billion in 2021. According to a new report from Guidehouse Insights, this market is expected to grow to $25.29 billion in 2031, at a compound annual growth rate (CAGR) of 25.2%.
“Seaports face increased competition for market share due to rising demand for a greater number of goods over a shorter period and growing pressure to further integrate smart technologies to complete their transformation to fully automated, smart ports,” says Richelle Elberg, principal research analyst with Guidehouse Insights. “The potential for growth in investment for key technology areas such as automation, sensors, and next generation cellular networking is tremendous. Smart port technology seeks to bridge these connections to optimize this critical component of the supply chain.”
Investment in digital transformation will likely be driven by ever increasing trade throughput of ports, sustainability initiatives and regulations, and increased competition among ports and terminal operators to have the most efficient processes. Technologies such as private 5G cellular networks, blockchain, robotics, and drones have not yet experienced large penetration in seaports, though they have the potential to catalyze technology adoption in the future as cost and regulatory barriers are met, according to the report.
The report, Smart Ports Overview, analyzes the global market outlook for two key technologies: crane automation and sensor deployment across three key segments of the port value chain: docking, in-port, and short haul drayage. The study also provides an analysis of other technologies such communications networking, robots and drones, and data sharing solutions. The global market forecast is broken out by region, technology, port size, and segment of the value chain. An executive summary of the report is available for free download on the Guidehouse Insights website.
Contact:
Jennifer Peacock
+1.404.575.3859
jpeacock@guidehouse.com
*The information contained in this press release concerning the report, Small Ports Overview, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.