Marine Port Services Market
Growth Factors of Marine Port Services Market
The marine port services market size was valued at USD 85.72 billion in 2022, and the market is now projected to grow from USD 88.92 billion in 2023 to USD 121.61 billion by 2030, exhibiting a CAGR of 4.57% during the forecast period of 2023-2030.
The COVID-19 pandemic severely affected the marine port services market in 2020 and 2021, causing a sharp decline in international trade. Liner firms halted routes due to low transportation demand, reducing cargo handling efficiency. Port quarantines, staff shortages, and reduced transport capacity also led to a significant rise in freight prices.
The maritime sector is crucial for global economic growth, with the marine port services market expected to expand due to rising global maritime trade. According to the United Nations Conference on Trade and Development (UNCTAD), around 80% of the world's trade volume is transported by sea and handled at ports worldwide. This underscores the importance of ports in global commerce.
Ports are increasingly implementing sustainable practices and green technologies, including shore power for vessels, renewable energy sources, and eco-friendly equipment. These initiatives are driven by the need to comply with environmental regulations and reduce the ecological impact of port operations. Such efforts aim to enhance operational efficiency while promoting sustainability in the maritime industry.
Comprehensive Analysis of Marine Port Services Market
The marine port services market growth is also increasing exponentially because of the segmentation of its market. This market expansion rightly provides a thorough market breakdown near to the industry considering the leading supply and demand forces. These segmentations are methodically segregated by service analysis. By service analysis incudes container handling services, ship repair and maintenance services, navigation services, supply chain and logistics solution services, and mechanical and electrical engineering services.
The Asia Pacific region lead the marine port services market share by benefitting a market size of USD 27.73 billion in 2022 due to higher demand for port services.
Top players in the market have their responsibility of aerospace & defence industrial prospectus growth of the retailing industry and the markets. These players include, DP World Limited, PSA International, COSCO Shipping Ports Limited, Hutchison Port Holdings, Hamburger Hafen Und Logistik AG, Shanghai International Port (Group), International Container Terminal Services Inc., Ningbo Zhoushan Port Company Limited, China Merchants Port Holdings Company Limited, Tianjin Port Development Holdings Ltd these market players provide a level-playing competitive landscape.
In September 2023, International Container Terminal Services, Inc. (ICTSI) launched the ICTSI App, providing real-time cargo visibility, with close to 29,000 users and plans to expand to other port locations.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate 4.57% CAGR from 2023 to 2030
Unit Value (USD billion)
Segmentation By Service
Container Handling Services
Ship Repair and Maintenance Services
Navigation Services
Supply chain and Logistics Solution Services
Mechanical and Electrical Engineering Services
By Geography
North America
- U.S. (by Service)
- Canada (by Service)
Europe
- U.K. (by Service)
- Germany (by Service)
- France (by Service)
- Russia (by Service)
- Rest of Europe (by Service)
Asia Pacific
- Japan (by Service)
- China (by Service)
- India (by Service)
- Australia (by Service)
- Rest of Asia Pacific (by Service)
Rest of the World
- Latin America (by Service)
- Middle East & Africa (by Service)