Market Size of Singapore Shipping Agency Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Singapore Shipping Agency Services Market Analysis
The size of Singapore Shipping Agency Services market is USD 7 billion in the current year and is anticipated to register a CAGR of over 6% during the forecast period.. By 2040, Singapore plans to have the largest automated port in the world, with a USD 20 billion (USD 14 billion) initiative that will double the current port's size and include drones and driverless cars. The city-state began operating at two new berths last year, and the next step of construction is still underway.
- The SMEs in the local shipping sector are adopting robotic processes in day-to-day operations. Going forward, drones could be used to transport small packages such as medicine or documents to and from ships docked in Singapore's ports.
- On January 2021, Singapore's parliament introduced an amendment to the current Electronic Transactions Act, which could allow cross-border trade documents to be digitized. This is an important development for Singapore which is a shipping and finance hub.
- A shipping agency will usually take care of all the routine tasks of a shipping company quickly and efficiently. They ensure that essential supplies, crew transfers, customs documentation, and waste declarations are all arranged with the port authorities without delay. Due to increased activity in the Singapore port, the demand for shipping agency services also increased during the forecast period.
- Singapore has crossed the 100,000 mark for crew change carried out at the port during the ongoing COVID-19 pandemic, according to the Maritime and Port Authority of Singapore. 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 has retained its position as the world's second-busiest container port and the number one bunkering port in 2020, as well as facilitated crew change for more than 80,000 seafarers amid the COVID-19 pandemic.
