Marine Port Services Market Size, Share, Emerging Opportunities in Business Industry by 2032
The global marine port services market size was valued at USD 85.72 billion in 2022 and is expected to reach the 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 refer to port-related operations which ensures the safe flow of vessel traffic in port approaches and harbors. It also provides the service of product overviewing of arrival and departure. Importance of these services is highlighted due to increasing number of international trade activities. Fortune Business Insights™ shares this information in its report titled “Marine Port Services Market, 2023-2030.”
Informational Source:
https://www.fortunebusinessinsights.com/marine-port-services-market-103540
List of Key Players Profiled in the Market Report
DP World Limited (UAE)
PSA International (Singapore)
COSCO Shipping Ports Limited (Hong Kong)
Hutchison Port Holdings (Hong Kong)
Hamburger Hafen Und Logistik 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)
Segmentation
Container Handling Services Dominates Due To Its Various Applications
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 dominates with the largest share and also to have highest CAGR due to increasing number of applications of container handling services on FMCG and other core industrial applications.
Ship repair and maintenance services will exhibit a noteworthy growth rate during the forecast period due to increasing 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.
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
Adoption Of Greener Ships To Drive Market Trajectory
Focus to reduce emissions and adoption of greener ships are anticipated to drive global marine port services market growth. Ports have been increasing their adoption of sustainable practices and green technologies. Adoption of various green technologies such as shore power for vessels, renewable energy sources, and eco-friendly equipment.
However, strict rules and regulations related to emissions, ballast, and other environmental concerns can lead to significant compliance costs for port operators which are set to hinder the market development.
Regional Insights
Higher Demand For Marine Port Related Services To Drive Market For Asia Pacific
Asia Pacific is expected to dominate the global marine port services share due to higher demand for port related services from China and India. The market was valued at USD 27.73 billion in 2022 and is expected to reach the valuation of USD 42.36 billion by 2030. The growth of the region is attributed to growth in the maritime-related industries.
Europe is set to have second-largest market share due to rise in the number of sea-trade activities.
Competitive Landscape
DP World Ltd. Dominates the Market Owing To Its Enhanced Product Portfolio
The global marine port services market is dominated by DP World Ltd. The company specializes in cargo logistics, port terminal operations, maritime services, and free trade zones. The company leads the market share with its high container volume and services. Other market players are PSA International, COSCO Shipping Ports Limited, Hutchison Port Holdings, and others.
Key Industry Development
October 2022: DP World added new extra routes that connects Americas, Europe, Asia, and the Middle East. The new routes cover more than 23,000 nautical miles and offers better access to goods and services.