Market Size of Global Marine Port Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Marine Port Services Market Analysis
The Global Marine Port Service Market is anticipated to register a CAGR of greater than 5% during the forecast period.
The global supply chain in the maritime industry has been facing a series of challenges since the start of the COVID-19 pandemic in early 2020. Port closures due to coronavirus outbreaks, port congestions, rising prices of bunker fuel, and problems with capacity utilization were plaguing the global marine port services industry for most of 2020 and 2021.
The demand for marine port services is directly influenced by international trade and economic cycles. The decreased production and consumption during the pandemic has led to a reduction in maritime trades, which, in turn, has reduced port traffic and shipping demand. A decrease in the demand for container transport has reduced activities in container handling ports. Thus, COVID-19 has had a negative impact on the port services market owing to the decreased demand for marine port services.
Accoridng to "The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP)", in Q1 of 2020, the container shipping volume worldwide reduced by 5.1% as compared to the same period in 2019. According to the International Chamber of Shipping (ICS), the revenue losses caused to the shipping industry due to the pandemic were USD 350 million per week. On the other hand, the recent spike in container freight rates turned out extremely profitable for marine port services operators who reported record high profit margins in 2021.
The future of the marine port services market looks promising as the global trade relies heavily on container shipping to move goods around the world which accelerates the marine port service industry. The major drivers of growth for this market are high growth of the marine transportation industry, rising customer demand and expansion of new ports across various regions and surging demand of containerized and bulk cargo.
Some of the emerging trends accelerating the marine port services market are vessel traffic services, marine port privatization, self-unloading bulk and carrier technology. Ports are progressively employing innovations in the entire value chain with a wide range of technologies. For instance, technologies such as the Internet of Things (IoT), robotics, and platform solutions are used for loading & unloading containers.
Big data analytics and smart metering are used for storage facilities at ports, and smart energy management, predictive maintenance & smart grid technology are used for industrial processing. For instance, in 2020, Awake.AI was selected by the Port of Rotterdam for the development of the smart port project. Awake. AI fashioned a smart ship port call management system to test all transformational processes without threatening the port's massive operations.
