Portugal Smart Cities Market 2024-2030 Segmentation, Analysis, Growth, Share, Industry, Revenue, Companies, Size, Outlook, Trends, Forecast & Value: Market Forecast By Components, By Application And Competitive Landscape

Portugal Smart Cities Market Synopsis

Portugal Smart Cities Market has been growing and will rise more in the future due to the Development Fund (ERDF) allocated US$12.3 billion towards bolstering competitiveness and digitalization, particularly emphasizing research, innovation, and digitalization for small and medium-sized enterprises (SMEs). This initiative includes US$5.6 billion dedicated to enhancing digital infrastructure, such as fast broadband connectivity and modernizing local and regional administration for improved digital public services. Additionally, the allocation of US$5.8 billion from various funds to implement the European Green Deal is expected to stimulate market growth in smart transportation, energy management, and waste reduction solutions.

According to this research, Portugal Smart Cities Market size is anticipated to grow at a CAGR of 10.8% during 2024-2030F. In 2021 and 2027, cohesion policy funds will allocate US$12.0 billion towards facilitating the green transition and US$809.5 million towards fostering digital transformation, as part of Portugal's overall allocation of US$33.1 billion. This allocation underscores the escalating demand for intelligent mobility and environmental solutions within Portugal's prominent smart cities, including Lisbon, Guimarães, Porto, and Aveiro. Furthermore, in 2022, the Transport and Storage sector witnessed notable growth, with the total number of companies reaching 43,000, marking a 17.9% increase from 2021. Specifically, transportation activities accounted for 32.1 thousand of these companies, reflecting a 19.1% increase from the previous year. The sector's turnover also experienced a significant surge of 39.6%, reaching US$31.3 billion, with transportation companies contributing 58.9% to this total turnover. This sector's noteworthy growth of 50.2% compared to 2021 emphasizes the robust demand for urban mobility solutions.

Additionally, prominent initiatives such as Galp achieved a milestone by surpassing 1 million electric vehicle charging points in 2023, while EMEL, the GIRA bicycle service company in Lisbon, recently inaugurated 6 new stations, bringing the total number of stations to 146 and parking docks to 2,873. This expansion aims to enhance the service's operational efficiency in Lisbon, providing users with greater convenience and is expected to further stimulate the demand for smart city solutions.

Market Segmentation by Components

During the forecast period, the hardware segment is expected to register substantial growth in the Portugal Smart Cities Market due to the increasing investments in smart infrastructure development, which includes demand for sensors, IoT devices, and network equipment to enable smart functionalities such as efficient energy management and traffic control.

Market Segmentation by Application

By Applications, Smart Mobility witnessing the highest growth rate in Portugal smart cities industry due to the substantial investments and the need for sustainable transportation solutions. Investments in smart transportation infrastructure, including electric vehicles, bike-sharing systems, and intelligent traffic management.

Key Attractiveness of the Report

• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Portugal Smart Cities Market Overview
• Portugal Smart Cities Market Outlook
• Portugal Smart Cities Market Forecast
• Portugal Smart Cities Market Pestel Analysis
• Historical Data and Forecast of Portugal Smart Cities Market Revenues, for the Period 2020-2030F
• Market Drivers and Restraints
• Historical Market Data and Forecast of Revenues, By Components, for the Period 2020-2030F
• Historical Market Data and Forecast of Revenues, By Applications, for the Period 2020-2030F
• Smart Cities Outlook
• Key Performance Indicators
• Market Opportunity Assessment
• Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Components

• Hardware
• Software
• Services

By Application

• Smart Governance
• Smart Digital Infrastructure
• Smart Mobility
• Smart Environment
• Smart Living
• Smart People
• Smart Economy