What is the global market size of the Marine Port Services Market?

Global Marine Port Services Market size was valued at USD 73.91 billion in 2021 and is poised to grow from USD 77.38 billion in 2022 to USD 117 billion by 2030, growing at a CAGR of 4.7% in the forecast period (2023-2030).

Marine Port Services Market Size

Marine Port Services Market Insights

Global Marine Port Services Market size was valued at USD 77.38 billion in 2023 and is poised to grow from USD 81.02 billion in 2024 to USD 116.99 billion by 2032, growing at a CAGR of 4.7% during the forecast period (2025-2032).

Marine services are port-related operations carried out to provide secure berthing while moored or at anchor, as well as a safe flow of vessel traffic in port approaches and harbors. Although ports may have various definitions of marine services and different ways of delivering them, the phrase is used in this section to refer generally to services with a nautical focus, such as maritime safety, efficient vessel traffic, or marine environment preservation. Ports are a crucial part of the global transportation industry and help to grow the global economy. The booming seaborne trade and the expanding building of port infrastructure are significant drivers of the marine port services industry's expansion. Around 90% of traded products are transported over the seas, making ocean shipping the primary form of transportation for international trade. Therefore, the oceans serve as the primary means of transportation for international trade. Both possibilities and difficulties arise from this. Global freight demand is expected to rise, tripling marine commerce volumes by 2031. A large group of economic activities that can contribute value to the economy includes maritime shipping. This is expected to boost the growth of the global marine port services market during the forecast period.

International commerce and economic cycles have a direct impact on how much demand there is for marine port services. Due to the pandemic's lowered output and consumption, there has been less marine commerce, which has impacted port traffic and shipping demand. Activities in container handling ports have decreased as a result of a decline in demand for container transit. According to data from the UN Conference on Trade and Development (UNCTAD), global marine trade decreased by over 10% in 2019. The International Chamber of Shipping (ICS), a trade organization, estimates that the epidemic is costing the shipping sector 350 million each week in losses.

Despite the decline in marine traffic, the average cost of shipping a container has increased by four times in recent months, from $1,500 to roughly $5,000. This occurrence slows healing. There is an imbalance in the market since the demand for transportation vastly outweighs the supply.

US Marine Port Services Market is poised to grow at a sustainable CAGR for the next forecast year.

FAQs

The global marine port services market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, cooperation between CARGOES Finance and DP World, the top global logistics operator, and supplier of intelligent supply chain solutions, was launched. Customers are given access to working capital options from the global trade finance fund by DP World and Challenger Management Limited. Container Finance by DP World is a fintech platform that connects financial institutions with international importers, exporters, and logistics firms in need of funding. Lenders may lend with confidence thanks to CARGOES Finance's access to data on cargo movements. 'DP World (United Arab Emirates) ', 'China Merchants Port (China) ', 'A.P. Moller – Maersk A/S (Denmark) ', 'CMA CGM Group (France) ', 'Mediterranean Shipping Company (MSC) (Switzerland) ', 'COSCO Shipping Ports (China) ', 'Hutchison Port Holdings (Hong Kong) ', 'PSA International (Singapore) ', 'International Container Terminal Services Inc. (ICTSI) (Philippines) ', 'Adani Ports and Special Economic Zone (India) ', 'Evergreen Marine Corporation (Taiwan) ', 'Yilport Holding (Turkey) ', 'Terminal Investment Limited (TIL) (Netherlands) ', 'Eurogate (Germany) ', 'SSA Marine (USA) ', 'Gulftainer (United Arab Emirates) ', 'Bollore Ports (France) ', 'Ports America (USA) ', 'Shanghai International Port Group (SIPG) (China) ', 'Ningbo Zhoushan Port Company (China) '

The marine industry contributes significantly to the growth of the world economy. Global seaborne commerce expansion is predicted to boost the marine port services market growth. Between 2022 and 2026, marine commerce is expected to increase at a slower rate of 2.4% than it did during the previous 20 years, according to UNCTAD. According to UNCTAD's Review of Maritime Transport 2021, which was released on November 18th, the COVID-19 pandemic's impact on marine trade volumes in 2020 was less severe than previously anticipated, but its ripple effects will be extensive and might revolutionize maritime transport. According to the analysis, marine commerce experienced an early shock in 2020 and shrank by 3.8 percent, but it later recovered and is expected to grow by 4.3 percent in 2021. Although there are "growing dangers and uncertainties," the medium-term prognosis for marine commerce is still favorable.

Ports are gradually using cutting-edge technology across the whole value chain. For instance, technologies like robots, platform solutions, and the Internet of Things (IoT) are utilized to load and unload containers. Storage facilities at ports employ big data analytics and smart metering, while industrial processing uses smart energy management, predictive maintenance, and smart grid technologies. The COVID-19 pandemic has sped up the speed of digital technology adoption in the marine industry.

In 2021, Asia Pacific had the greatest share in the global marine port services market, and it is projected that it would maintain its leadership during the forecast period. Its proximity to the busiest ports in the world—China, Singapore, Hong Kong, and South Korea—would stimulate market expansion in the region. For instance, in 2019 The Port of Shanghai replaced its Singaporean equivalent as the largest port in the world, processing a staggering 37.1 million TEUs of cargo. The port will become the busiest container facility in the world in 2020 when the volume of cargo it handles annually surpasses 43.5 million TEUs. Following this, in 2019, the port in Singapore, which is known as the largest center for trans-shipment activities, handled roughly 30.9 million Twenty-Feet Equivalent Units (TEUs). With 600 seaports in more than 100 countries, the Singapore port is the busiest container transhipment facility in the whole world. One of the biggest bunkering facilities in the world is located in Singapore Port.