Portugal Smart Cities Market 2024-2030

The 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" report has been added to ResearchAndMarkets.com's offering.
Portugal's 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's smart cities market size is anticipated to grow at a CAGR of 10.8% during 2024-2030F. 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.