Market Size of North America Shipping Agency Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Shipping Agency Market Analysis
The North America Shipping Agency Market is expected to grow at a CAGR of more than 4.5% during the forecast period (2023 -2028).
- The significant expansion of the marine freight transportation business and rising demand for containerized and bulk cargo are the primary drivers of this market. Increasing worldwide exports, increased customer (shipping company) demand and the establishment of new regional trade centers are all factors driving faster growth.
- Ports are increasingly using technological advancements throughout the value chain. For example, for loading and unloading containers, technologies such as the Internet of Things (IoT), robots, and platform solutions are employed. Port storage facilities utilize big data analytics and smart metering, while industrial uses smart energy management, predictive maintenance, and smart grid technologies.
- COVID-19 has imposed significant difficulties in settling such a time period since vessels are prevented from entering particular ports, forcing them to remain in territorial waters for a prolonged length of time, causing them to be a party to pay additional fees that are the subject of dispute. The 'Revitalization Plan for U.S. Maritime Trade, Commerce, and Strategic Competition' , developed by the Northeast Maritime Institute - Center for Ocean Policy and Economics (NMI/COPE°), provides short, medium, and long-term solutions and benefits for the United States. This Revitalization Plan delivers positive national security, trade, sovereign capability, and sustainability outcomes through maritime initiatives.
