Asia-Pacific Stevedoring and Marine Cargo Handling Market Size

APAC Stevedoring & Marine Cargo Handling Market Analysis

The size of Asia Pacific Stevedoring and Marine Cargo handling market is USD 16.2 billion in the current year and is anticipated to register a CAGR of over 5% during the forecast period

• Asian Economies are experiencing a boom. They are home to the world's leading container ports, including Shanghai, Singapore, and Guangzhou. The largest container ship fleets worldwide are also registered here. Stevedoring and Marine Cargo Handling Operators load and unload cargo for waterborne transporters.
• Imports and exports account for the majority of waterborne cargo transportation, so industry performance closely mirrors Asia-Pacific trade volumes. Rising consumer spending and industrial production levels have caused the volume of goods transported through Asia-Pacific ports to increase, stimulating demand. However, the industry also contended with sharp declines in the price of crude oil, which reduced shipping rates and constrained industry fees. The industry is expected to benefit from rising trade volumes and consumer spending during forecasting.
• The Philippines was the top provider of both seafarers and officers, Indonesia took third place for ratings and fifth for officers, China was third for officers and fourth for ratings, and India was fourth for officers and fifth for ratings. The Russian Federation was the other country in the top five list. Seafarers are important sources of income for the supplying countries - for example, the Philippines earned USD 6.5 billion in 2019 from its seafarers. However, this fell by 2.8% in 2020, to USD 6.4 billion.