Significant investments in the shipping industry, development of container terminals, adoption of automation solutions, and IOT technology in the port industry are the factors driving the maritime sector in Singapore.
September 10, 2018: The Maritime Sector in Singapore is expected to reach approximately SGD 82.65 billion by 2023, as per a new report published by Mordor Intelligence, LLP. The market is expected to expand owing to factors, such as major investments in the shipping industry from government and Maritime and Port Authority of Singapore (MPA) and development of container terminals from major terminal operators like PSA International. But, the evolution of direct shipping routes and developments in the neighboring ports are expected to restrain the growth prospects of the sector.
As per the industry sources, the government of Singapore allocated SGD 100 million for the maritime industry in the 2018 Singapore budget. The MPA will pump this huge amount into the Maritime Cluster Fund (MCF), to boost the industry towards a digital and automated future. The MPA has drafted four strategies to develop infrastructure, to foster the R&D sector, which is expected to position the Port of Singapore as a global maritime hub for connectivity, innovation, and talent. Apart from technologies and infrastructure, MPA also focuses on the development of its maritime workforce. The authority plans to roll out a new global talent program by partnering with more than 20 maritime companies.
To know more about the coverage of the Singapore Maritime Industry report, click the below link:
Port of Singapore holds a historical record in providing bunkering services and is still a leading player in the world’s bunker sales, which registers a significant annual raise over the past few years. In 2017, the total bunker sales reached 50.64 million metric ton, which represents a 4.2% growth rate from 2016. Singapore remains as a reliable source for most of the vessel operators, due to the premium quality of services and supplies to all parties within the supply chain with a secure and safe bunker delivery operations. International Maritime Organization (IMO) posed regulations on the bunker fuels, in a move to shift towards gas as a fuel to reduce emissions. Being the world’s largest bunkering port, Singapore plans to reduce the emissions from the vessels by switching to alternative fuels. The Port of Singapore aims to supply liquefied natural gas (LNG) to fuel ships by 2020.
Key Insights from the Report:
Maritime Sector in Singapore by Services Type
About Mordor Intelligence LLP
Mordor Intelligence operates in the business of industry analysis and consulting, helping clients shape their strategic decisions. In today’s fast-paced and competitive business environment, every customer has a unique information requirement. Having understood this, we offer custom market intelligence and advisory services along with our syndicated reports, to help them gain an edge over competition. We have successfully catered to over 500 clients across industries. For more insights, please visit,