Marine Ports and Services Market: Global Market Forecast and Future Potential 2023-2029

Marine Ports and Services Market is expected to reach US$ 109.07 billion by 2029, thanks to growth in the container handling services segment. The report analyzes Marine Ports and Services market dynamics by region, and service analysis.
Marine Ports and Services Market Overview:
The Marine Ports and Services market was valued at US$ 78.66 Bn. in 2022, and it is expected to reach US$ 109.07 Bn. by 2029 with a CAGR of 4.78% during the forecast period.

A port is a type of nautical facility that consists of one or more wharves or loading zones where ships load and unload cargo and passengers. Ports are important to the global economy; they handle 70% of all global merchandise commerce in terms of value. As a result, ports are frequently densely populated communities that offer labor for the ports' processing and handling of products, as well as related services.

Asia, which has some of the world's largest and busiest ports, such as Singapore and the Chinese ports of Shanghai and Ningbo-Zhoushan, is experiencing the most rapid growth in port development. The Port of Helsinki in Finland was the world's busiest passenger port by 2020. Nonetheless, there are a plethora of small ports that may only serve the local tourism or fishing sectors.

Ports can have a big impact on local ecologies and waterways, especially when it comes to water quality, which can be harmed by dredging, spills, and other pollution. Because most port infrastructure is particularly sensitive to sea-level rise and coastal flooding, changing environmental factors induced by climate change have a significant impact on ports. Ports throughout the world are starting to look for methods to improve coastal management and include climate change adaptation strategies into their design.To know about the Research Methodology :- Request Free Sample Report
Marine Ports and Services Market Dynamics:
The COVID-19 pandemic has an adverse impact on the Maritime ports and services:

International commerce and economic cycles have a direct impact on demand for maritime port services. Maritime trades have been curtailed as a result of lower output and consumption during the pandemic, which has reduced port traffic and shipping demand. Container handling port activity has decreased as demand for container transportation has decreased. As a result of the decreasing demand for marine port services, COVID-19 has had a detrimental influence on the port services sector.

According to the United Nations, Economic and Social Commission for Asia and the Pacific (UNESCAP), global container shipping volume decreased by 5.10% in the first quarter of 2020 compared to the same period in 2022. According to the International Chamber of Shipping (ICS), the pandemic cost the shipping industry US $350 million per week in lost income.

Even though COVID-19 has slowed shipping and port traffic, the shipping industry continues to play an important part in global goods transportation and supply chains. Many countries have taken several steps to stop the virus from spreading and keep the sea trade going. Due to higher freight prices, there has been a gradual recovery since the second quarter of 2020.

Surging adoption of innovative technologies:

Ports are increasingly using a variety of technology to innovate across the full value chain. For example, for loading and unloading containers, technologies such as the Internet of Things (IoT), robotics, and platform solutions are used. For storage facilities at ports, big data analytics and smart metering are used, while for industrial processing, smart energy management, predictive maintenance, and smart grid technology are used. The spread of COVID-19 has hastened the adoption of digital technologies in the maritime industry.

Awake.AI for example, in 2020. The Port of Rotterdam chose to lead the development of the smart port project. Awake.AI to test all transformative processes without jeopardizing the port's huge operations, Al devised a smart ship port call management system. China's Yangshan Port is the world's largest automated port. Implementing new technologies supports the transformation of the port ecosystem from simple logistics and transportation hubs to a productive and open community capable of participating in global trade.

Growing demand for Maritime trade:

The maritime sector is important to the global economy's growth. Growth in global seaborne traffic is expected to drive the market share of marine port services. According to the United Nations Conference on Trade and Development (UNCTAD), over 80% of global trade by volume is carried out by sea, with ports all across the globe controlling it. The demand for marine port services such as terminal handling, logistics, and others is expected to increase as maritime trade and transportation grow.

Also, the rising demand for container cargo is expected to raise the demand for container handling services, which would drive the market. According to UNCTAD research, container ports around the world handled $811.2 million TEUs (20-foot equivalent units) in 2022, compared to $795.3 million TEUs in 2022. The port services market is expected to grow in response to rising shipping demand.

Several regulatory authorities hold regulatory norms:

The shipping industry is expected to be impacted by the continuing global transformation to a clean and green maritime sector. Simultaneously, the growing number of stringent international maritime environmental regulations governing ship recycling, sulphur emissions, and greenhouse gas emissions is expected to hamper market growth during the forecast period.

The following are some recent regulatory changes:

• According to the International Maritime Organization (IMO) 2020 regulation, the sulphur cap in fuel oils will be reduced to 0.50% from 3.50%.

• The International Maritime Organization (IMO) wants to cut CO2 emissions from shipping by 40% by 2029.

• The International Maritime Organization's (IMO) energy efficiency design index (EEDI) establishes stringent requirements for new ships.
Marine Ports and Services Market Segment Analysis:
Based on Service Analysis, the Marine Ports and Services market is segmented as, container handling services, ship repair and maintenance services, navigation services, supply chain, and logistics solutions services, and mechanical and electrical engineering services. The container handling services segment held the largest market share of xx% in terms of revenue in 2020 and is expected to continue to dominate over the forecast period. The increasing container cargo traffic around the world is credited with the segment's rise. The majority of the demand, however, is expected to come from Asia.

According to UNCTAD, Asia accounted for about 65% of the global container port throughput in 2022. China alone accounted for more than half of all container port throughput worldwide. Thanks to the shifting trend of the maritime sector towards digitization, the supply chain, and logistics solutions services market is likely to grow at a faster CAGR of xx% during the forecast period. Detailed information about all segments is covered in the MMR’s report.
Marine Ports and Services Market Regional Insights:
In 2020, Asia-Pacific had the greatest market share of xx%, and this is expected to continue during the forecast period. China, Singapore, Hong Kong, and South Korea have the world's busiest ports, which is expected to drive regional market growth. The rise of Asia's middle class is expected to enhance demand for European goods, driving trade and driving Asian port activity. Local manufacture of goods is expected to increase as more technology-driven manufacturing processes, such as 3D printing, are adopted, resulting in new local trade routes and market growth.

North America's market is expected to reach and grow at a substantial rate of xx% over the forecast period. The increasing investment from the US government for marine port construction is associated with the market's growth. Thanks to the existence of significant firms such as Hamburger Hafen Und Logistik AG and the Port of Rotterdam, Europe is expected to develop during the forecast period.

The market for marine port services in Latin America is expected to grow as the region's imports of commodities from Asia increase. Import-export activity in the Middle East and Africa is expected to grow as well. The region's expansion is expected to be driven by the construction of port facilities.

The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global market dynamics, structure by analyzing the market segments and projecting the global market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global market makes the report investor's guide.
Marine Ports and Services Market Scope: Inquiry Before Buying



Marine Ports and Services Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US$ 78.66 Bn.


Forecast Period 2023 to 2029 CAGR:
4.78%
Market Size in 2029:
US$ 109.07 Bn.


 Segments Covered:
by Service Analysis
• Container Handling Services
• Ship Repair And Maintenance Services
• Navigation Services
• Supply Chain And Logistics Solutions Service
• Mechanical and Electrical Engineering Services



Marine Ports and Services Market, by Region:
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Marine Ports and Services Market Key Players are:
• AP Moller Maersk
• DP World Limited
• Hamburger Hafen Und Logistik AG
• Hutchinson Whampoa Limited
• Ningbo Zhoushan Port Company Limited
• Shanghai International Port
• Tianjin Port Development Holdings Ltd.
• International Container Terminal Services
• Shipping Solutions and Services Ltd.
• CarboShield Inc.
• TomWorks LLC
• Comet Industries
• Port Authority of Jamaica
• Montreal Port Authority
• Jacksonville Port Authority
• Others

Frequently Asked Questions:

1. What is the forecast period considered for the Marine Ports and Services market report?
Ans. The forecast period for the global marine ports and services market is 2023-2029.

2. Which key factors are expected to hinder the growth of the Marine Ports and Services market?
Ans. The outbreak of the COVID-19 pandemic and its detrimental effects on the trade is the key factor expected to hinder the market growth during the forecast period.

3. What is the compound annual growth rate (CAGR) of the Marine Ports and Services market for the next 6 years?
Ans. The global marine ports and services market is expected to grow at a CAGR of 4.78% during the forecast period (2023-2029).

4. What are the key factors driving the growth of the Marine Ports and Services market?
Ans. The surging adoption of innovative technologies and growing demand for maritime trade are the key factors expected to drive the growth of the market during the forecast period.

5. Which are the worldwide major key players covered in the Marine Ports and Services market report?
Ans. BAE Systems Plc, Northrop Grumman Corporation, Raytheon Technologies Corporation, Lockheed Martin Corporation, Thales Group, L3 Harris Technologies Inc., Israel Aerospace Industries, SAAB AB, Rockwell Collins, Alliant Techsystems Inc., Boeing, Cobham Plc., Leonardo SPA, Teledyne Technologies, Elbit Systems, Exelis Inc., and Others.