Smart Port Technology Expanded 8 Times... Targeting 90% Domestic Market Share

[Asia Economy Sejong=Reporter Dongwoo Lee] The government has set a goal to achieve a 90% domestic market share and a 10% global market share in the smart port technology industry by 2031, expanding the market size to eight times its current scale. To foster the smart port technology market, domestic companies' technologies will be introduced at Gwangyang Port, Busan New Port, and others.

The Ministry of Oceans and Fisheries announced on the 19th that the "Smart Port Technology Industry Promotion and Market Expansion Strategy," which includes these details, was confirmed at the State Affairs Ministerial Meeting chaired by the Prime Minister.

[Image source=Yonhap News]

The smart port technology industry refers to a system industry that organically connects and manages cranes, transport equipment for cargo movement within ports, port operation systems (TOS), analytical software, and wired and wireless communication networks, which are core elements constituting port terminals along with docks and operating personnel. According to the Ministry of Oceans and Fisheries, the global smart port technology industry market size is expected to grow steadily from 9.4 trillion KRW in 2021 to 10.9 trillion KRW next year.

The ministry plans to double the size of Korea's port technology industry to 1.2 trillion KRW by 2026 and achieve 3.9 trillion KRW by 2031.

First, focusing on small and medium-sized enterprises, the plan is to strengthen component technology and raise the current 29% domestic component localization rate to 65%. By 2026, a 92,000㎡ demonstration space for developed technologies will be established at the Gwangyang Port testbed, and related companies will be concentrated in the Gwangyang Port marine industry cluster.

Support will be provided for domestic companies to build an integrated total port solution (TPS) system for the entire port lifecycle, while promoting the establishment of domestic technical standards. Related companies will be settled in the adjacent Gwangyang Port marine industry cluster to promote inter-industry and inter-company collaboration.

Additionally, companies introducing domestic technology will be given preferential treatment in the selection of operators for phases 1-2 of Incheon New Port. If port operators introduce smart port equipment, including existing port terminals, they will be eligible for financial support from the Korea Ocean Business Corporation starting in 2024 through related programs.

Investment opportunities for smart port startups, such as through the Marine Venture Fund, will also be strengthened. The Ministry of Oceans and Fisheries plans to enact the "Port Technology Industry Promotion Act" by 2024 to provide systematic support for the smart port technology industry. If this strategy proceeds as planned, it is expected to generate 5.5 trillion KRW in production inducement effects and create 15,000 jobs over the next decade.

Minister of Oceans and Fisheries, Seung-hwan Cho, said, "This is the first comprehensive government policy to foster the smart port technology industry," adding, "It is essential to promote this to secure logistics security and nurture new growth engines."

This content was produced with the assistance of AI translation services.