Adoption of IOT technology and automation solutions in the port industry, and the growth in the regional inland water trade are the key factors driving the maritime sector in Hong Kong
September 10, 2018: The maritime sector in Hong Kong is expected to be valued at HKD 158.72 billion by 2023, as per a new report published by Mordor Intelligence LLP. The market is expected to grow, owing to factors such as adoption of IOT technology and automation solutions in the port industry, growth in the regional inland water trade, and the growth in containerization. The fate of the sea freight transportation depends on Hong Kong's competitiveness with other Chinese ports in terms of infrastructure, and technology updation, which helps to attract major shipping liners to make vessel calls.
The traditional role of Port of Hong Kong as a major trans-shipment hub and the bridge between the Mainland China and rest of the world has been diminishing. In line with the expanding manufacturing sector, China has boosted the capacity of the ports and has started offering a wide range of maritime services. Additionally, the level of automation in China's major ports is higher than that of Hong Kong. The automation helps the ports in the mainland to reduce the costs. Whereas in Hong Kong, the cranes are generally operated manually. Hence, major terminal operators in Hong Kong are focusing on updating the infrastructure in terms of equipment and technology. For instance, Hong Kong International Terminals (HIT) launched remote-controlled rubber-tyred gantry cranes (RTGCs) and automated container stacking system in Container Terminal 9 (CT9) North in Tsing Yi. This technology upgrade made the CT9 North the first container terminal in Hong Kong where all cranes are operated remotely with fully automated stacking.
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In line with the initiatives to bring the legacy of maritime industry, the Financial Services Development Council (FSDC) of Hong Kong has published maritime leasing paper with a series of significant reforms aimed at transforming Hong Kong's maritime sector. The proposal includes the slashing of the profits tax rate by half for the ship leasing management and maritime and shipping-related supporting services. Additionally, there is a plan to strengthen the powers of the Hong Kong Maritime and Port Board (HKMPB) and create a centralized maritime office. Besides infrastructure developments and taxation policies, The SAR government is also focusing on enhancing the capability of the workforce. The Maritime and Aviation Training Fund (MATF) is set up to nurture the talent in the maritime cluster by covering the educational and training schemes led by the private sector.
Key Insights from the Report:
Maritime Sector in Hong Kong Segmentation by Services Type,
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