Market Trends of Waterway Transportation Software Solutions Industry
Establishment of New Ports in Developing Countries is Expected to Drive the Market
- Port infrastructure is the prime foundation of port operations for servicing cargo, ships, and passengers passing throughout the port. Expanding port infrastructure requires various capital-intensive investments, long lead times, and long-term planning. Port infrastructure design needs to anticipate the multiple needs of the shipping, logistics, and transportation sectors. An increase in government investments in port infrastructures to ensure safe and efficient economic activities is expected to drive the market significantly.
- With most of the global trade carried by ports, the sea is a critical gateway infrastructure that mainly connects an entire region and its inland transportation network to the worldwide market. Therefore, developing well-functioning, robust maritime transport infrastructure is a significant factor of economic growth for many emerging and developing countries. Public-private partnerships in ports have become vital to managing port operations more effectively and creating and building new port infrastructure, traditionally both exclusively government functions.
- The market is witnessing various significant acquisitions, mergers, and investments by key market players as part of its strategy to improvise business and its overall presence to reach customers and meet and fulfill their requirements for a broad range of applications. For instance, in March 2023, Saigon Newport Corporation declared the official launch of Tan Cang Que Vo Dry Port (ICD) after more than two years of successful operation. Esteemed leaders from the Ministry of Transport, the Navy, and local authorities of Bac Ninh, Bac Giang Province, along with representatives from relevant ministries, 250 attendees from shipping lines, partners, import and export enterprises, logistics enterprises, associations, and specialized agencies, media agencies were present at the launch of Tan Cang Que Vo Dry Port (ICD) as a Dry Port and inland clearance point.
- In September 2022, The International Maritime Organization (IMO) signed a strategic partnership agreement with the Commonwealth Secretariat, under which both organizations committed to strengthening the port and maritime sectors in selected developing countries through activities that would promote and facilitate the adoption of sustainable maritime transport systems and practices.
- According to Cargotec Oyj, global container throughput is projected to keep increasing until 2025. In 2022, some 553 million TEUs worth of containers were processed in the Asia-Pacific region, and it was expected that it would likely reach a landmark of around 617 million TEUs worth of containers within the region, which in turn would create ample opportunities for the market to grow and expand.
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North America is Expected to Hold the largest Market Share
- North America is one of the most significant markets for technology-based solutions. It is further expected to be a strong player in the global economy, primarily in developing and implementing new technologies. The industrial sector is growing steadily, in line with the increasing influence of the internet, regarding the sales of industrial goods.
- The expansion of US oil production and changes in the location of oil production have increased the use of various transportation modes to move the oil to refineries and terminals. Although pipelines continued to be one of the predominant modes for carrying oil, the prominence of water transportation has been increasing substantially in recent years.
- Some of the crucial technologies that are altering the North American marine industry are the rise in the trend of digitalization, the growing trend of Industry 4.0, the increase in the overall usage of various advanced technologies like AI (artificial intelligence), cloud computing, big data, cyber security, internet of things (IoT), digital twin, blockchain, machine learning, and robotics.
- Moreover, reduced trade barriers have increased the need for information on transportation infrastructure and services within various countries in North America, such as Canada and the United States. Two key initiatives, the Canada-US Free Trade Agreement and the subsequent North American Free Trade Agreement, were significant indicators for the liberalization of trade in goods and services between these countries, creating ample growth opportunities for the market to grow and expand throughout the forecast period.
- Furthermore, the market is witnessing significant acquisitions, mergers, and government investments. For instance, in December 2022, Gov. John Bel Edwards declared a historic public-private partnership between Louisiana, the Port of New Orleans, and two global maritime industry leaders to build a USD 1.8 billion state-of-the-art container facility on the Lower Mississippi River. The new Louisiana International Terminal (LIT) in St. Bernard Parish would be able to serve vessels of all sizes, dramatically increasing Louisiana's import and export capacity. This is expected to create ample growth opportunities for the forecast period.
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