Maritime Industry in Singapore Market Size (2024 - 2029)

Singapore Maritime Market Analysis

The Maritime Industry in Singapore Market size is estimated at USD 4.75 billion in 2024, and is expected to reach USD 6 billion by 2029, growing at a CAGR of 4.79% during the forecast period (2024-2029).

Singapore has crossed the 100,000 mark for crew change carried out at the port during the ongoing coronavirus (COVID-19) pandemic, according to the Maritime and Port Authority of Singapore (MPA). Since 27 March 2020, MPA has facilitated 100,000 sign-on and sign-off crew of all nationalities from ships of different flags involving more than 5,000 companies and 6,700 ships.

Singapore is a premier global hub port and an international maritime center. Every year, 130,000 vessels enter into ports. At any given time, there are about 1,000 vessels in Singapore’s waters. More than 1,000 tonnes of cargo are handled in the ports every minute. Singapore has retained its position as the world’s second-busiest container port and the number-one bunkering port in 2020. It has also facilitated crew change for more than 80,000 seafarers amid the coronavirus (COVID-19) pandemic.

Connected to more than 600 ports in over 120 countries, Singapore’s global network allows goods to be transported efficiently anywhere. However, competition is also heating up as regional ports build more capacity and invest in new technology. Emerging technologies are transforming the nature of shipping, with automation, digitalization, and real-time data sharing improving the efficiency of port management and sea transport industries globally.

Maritime is steeped in the lifeblood of Singapore, with its illustrious relationship tracing back to its beginning as a hub for entrepot trade in the nation’s early days. After playing such a critical role in Singapore’s development from a third-world to a first-world nation within one generation, the maritime sector now continues to be a significant engine of growth for Singapore’s economy, making up 7% of the nation’s GDP and employing more than 170,000 people in various technical and commerce-related functions.

Singapore Maritime Industry Segmentation

The maritime sector is defined as consisting of the individual shipping, ports, marine, and maritime business services industries, each of which comprises a diverse array of activities. The maritime industry in Singapore is segmented by service type (water transport services, vessel leasing and rental services, cargo handling (container services, crane services, stevedoring Services, etc.), supporting service activities to water transport (shipping agencies, ship brokering services, ship management services, etc.)). The report offers market size and forecasts for the maritime industry in Singapore in value (USD) for all the above segments.