The global marine port services market is set to gain traction from the rising demand for efficient and cost-effective marine port operations. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Marine Port Services Market Size, Share & Industry Analysis, By Service (Container Handling Services, Ship Repair and Maintenance Services, Navigation Services, Supply Chain and Logistics Solution Services, Mechanical and Electrical Engineering Services), By End-Use (Exports, Imports) and Regional Forecast 2021-2028.” The report further states that marine port services use a process automation system to integrate systems, provide vessel traffic service, develop infrastructure, and handle asset management. The global marine port services market size was USD 71.62 billion in 2020. The market is projected to grow from USD 73.91 billion in 2021 to USD 101.98 billion in 2028 at a CAGR of 4.7% in the 2021-2028 period.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Natural Fragrance Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Natural Fragrance Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.
A list of all the renowned marine port services providers present in the global market:
- P. Moller-Maersk A/S PSA International (Denmark)
- DP World Limited (the UAE)
- Hamburger Hafen (Germany)
- Hutchison Whampoa Limited (Hong Kong)
- Mitsubishi Logistic Corporation (Japan)
- Ningbo Port Company Limited (China)
- Shanghai International Port Co. Ltd. (China)
- Tianjin Port Company (China)
- Other key market players
Drivers & Restraints-
Increasing Development of Smart Marine Ports to Bolster Growth
The rising investments in marine port constructions are set to augment the marine port services market in the upcoming years. Besides, in recent years, container handling services are also experiencing high popularity. In developing nations, government and private agencies have accelerated investments to expand their marine ports. Coupled with this, the increasing development of smart marine ports in developed regions would create high demand for marine port services. However, marine ports require high maintenance and operating costs. It may hinder growth.
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Rising Government Funding’s to Develop Marine Port will Favor Growth in North America
Geographically, North America is set to generate the largest marine port services market share. The increasing development of innovative solutions by reputed marine port service providers to build a state-of-the-art port infrastructure, would aid regional growth. Additionally, the surging fundings from the U.S. government in marine port development is projected to surge demand.
On the other hand, Asia Pacific is likely to grow significantly backed by the rising upgradation of the pre-existing marine ports in China and India. Europe is anticipated to dominate throughout the forthcoming years. This growth is attributable to the rising maritime trade in the region. It would eventually surge the demand for marine port services. The rest of the world is expected to showcase steady growth fueled by the higher requirement of robust port infrastructure and marine port services for enhancing their operational efficiency.
Key Players Focus on Signing New Agreements to Intensify Competition
Most of the companies present in the marine port services industry are nowadays aiming to broaden their footprints by signing agreements with other reputed firms. They are doing so to jointly construct new marine ports or cargo facilities for meeting the high needs. Below are the two latest industry developments:
- April 2020: Shandong Port Group and Tianjin Port Group located in North China signed a new agreement to form a cluster to strengthen their services. They are also planning to promote port construction.
- February 2020: APM Terminals Poti (APMT) and Poti New Terminals Corporation (PNTC) inked an agreement to jointly develop a bulk cargo facility. It will be built on the northern side of the Poti Sea Port.
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