Pune, India, Nov. 17, 2023 (GLOBE NEWSWIRE) -- The global marine port services market size was valued at USD 85.72 billion in 2022 and is expected to reach a valuation of USD 88.92 billion in 2023. The market is expected to reach USD 121.61 billion by 2030 with a CAGR of 4.57% during the forecast period.
Marine port services encapsulate various activities such as receiving, handling, unloading, and even additional shipping of the products. These ports ensure the smooth and safe flow of the goods. The surge in seaborne activities and trade is set to create market growth. Fortune Business Insights™ shares this information in its report titled “Marine Port Services Market, 2023-2030.”
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List of Key Players Profiled in the Marine Port Services Market Report:
- DP World Limited (UAE)
- PSA International (Singapore)
- COSCO Shipping Ports Limited (Hong Kong)
- Hutchison Port Holdings (Hong Kong)
- Hamburger Hafen Und Logistic AG (Germany)
- Shanghai International Port (Group) (China)
- International Container Terminal Services Inc. (Philippines)
- Ningbo Zhoushan Port Company Limited (China)
- China Merchants Port Holdings Company Limited (Hong Kong)
- Tianjin Port Development Holdings Ltd (Hong Kong)
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 4.57% |
| 2030 Value Projection | USD 121.61 billion |
| Market Size in 2023 | USD 88.92 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 188 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/marine-port-services-market-103540
COVID-19 Impact:
Decline in the Demand for the Transportation Negatively Impacted The Market Growth
The COVID-19 pandemic affected the demand for transportation due to which liner companies decided to put a halt on some routes. The investments in the shipbuilding sector faced a decline due to decline in the shipbuilding services. Furthermore, governments and companies took some steps in improving the port operations and services.
Segmentation
Container Handling Services Dominates Due To Increasing Number Of Spending On These Services
On the basis of service, the market is segmented into container handling services, ship repair and maintenance services, navigation services, supply chain and logistics solution services, and mechanical and electrical engineering services. Container handling services holds the largest share and also to have fastest growth rate due to increasing number of spending on container handling services.
Ship repair and maintenance services will exhibit a significant growth rate during the forecast period due to rise in the demand for aftermarket services for large vessels.
Geographically, the market is studied across North America, Europe, Asia Pacific, Middle East and the Rest of the World.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Increase In The Demand For Maritime Trade To Drive Market Development
Increase in the demand for maritime trade is anticipated to drive global marine port services market growth. Maritime sector plays an important role and it is expected to expand due to increase in number of maritime trade activities. As trade grows, the importance of ports increases as they facilitate the various services such as terminal handling, chain and logistics solutions, cargo handling, and warehousing. Rise in the investments and growth in the maritime sector is set to drive the market growth.
However, strict rules and regulations by various regulatory bodies are set to hinder the marine port services market development.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest Technological Trend
- Porters Five Forces Analysis
- Supply Chain Analysis
- COVID-19 Impact
- Global Marine Port Services Market Analysis, Insights and Forecast, 2019-2030
- Segment Definitions
- Market Analysis, Insights and Forecast – By Services
- Container Handling Services
- Ship Repair & Maintenance Services
- Navigation Services
- Supply Chain & Logistics Solution Services
- Mechanical & Electrical Engineering Services
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-pacific
- Rest of the world
- North America Marine Port Services Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Service
- Container Handling Services
- Ship Repair & Maintenance Services
- Navigation Services
- Supply Chain & Logistics Solution Services
- Mechanical & Electrical Engineering Services
- Market Analysis – By Country
- U.S.
- – By Service
- Canada
- – By Service
- U.S.
- Market Analysis, Insights and Forecast – By Service
TOC Continued…!
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Regional Insights
With Growth in The Marine-Related Industries, Asia Pacific Is Expected To Lead The Market Share
Asia Pacific is expected to lead the global marine port services share due to growth in the marine-related industries. The market was valued at USD 27.73 billion in 2022 and is expected to reach a valuation of USD 42.36 billion by 2030. The growth of the region is attributed to the development of marine-related industries in countries such as China and India.
North America market for marine port services is set to grow moderately due to key developments of ports and increased transport in maritime.
Competitive Landscape
DP World Ltd. Leads With Its High Container Volume And Services
The global marine port services is led by DP World Ltd. which specializes in cargo logistics, port terminal operations, maritime services, and free trade zones. The company dominates the market with its high container volume and services. Other market players are PSA International, COSCO Shipping Ports Limited, Hutchison Port Holdings, and others.
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Key Industry Development
- May 2023: International Container Terminal Services, Inc. (ICTSI) announced the expansion of port by constructing another berth at Manila International Container Terminal (MICT). The expansion is set to be worth USD 267 million.
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