According to a new market report published by Lucintel, the future of the marine port and service market looks promising with opportunities for the container handling services, ship repair and maintenance services, and navigation services. The marine port and service market is expected to decline in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $97.12 billion by 2025 with a CAGR of 3% to 5% from 2020 to 2025. The major drivers of growth for this market are high growth of the marine freight transportation market and surging demand of containerized and bulk cargo. Increasing global exports, rising customer (shipping companies) demand, and expansion of new regional trade hubs are the additional factors contributing to accelerated growth.
Browse 54 market data tables and 79 figures spread through 182 pages and in-depth TOC on “Marine Port and Service Market"
To download report brochure, please go to https://www.lucintel.com/marine-port-and-service-market.aspx and click "report brochure" tab
In this market, container handling services, ship repair and maintenance services, navigation services, supply chain and logistic solution services, and mechanical and electrical engineering services are the operating segments in the marine port and service market. Navigation services are expected to depict above average growth during the forecast period. Lucintel adds that the demand for navigation services is expected to experience the highest growth in the forecast period, supported by an increase in marine freight transportation, which in turn increases the calls of vessels at ports. On the basis of its comprehensive research, Lucintel forecasts that navigation services, supply chain and logistic solutions, and ship repair and maintenance services are expected to show above average growth during the forecast period.
Within the marine port and service market, the container handling service segment is expected to emerge as the leading market by value, followed by the ship repair and maintenance service segment. Due to an increase in containerization, market players are adopting advanced handling equipment for fast operation. This increase of world container throughput (capacity) is expected to spur growth for this segment over the forecast period.
Asia Pacific is expected to remain the largest market due to tremendous economic growth in China and India. Europe and North America are expected to grow significantly due to increasing industrial production, high international trade, and subsequent rise in the demand for marine freight transportation.
Emerging trends, which have a direct impact on the dynamics of the market include vessel traffic services (VTS), self-unloading bulk carrier technology, and marine port privatization. DP World Limited, APM Terminals, CK Hutchison Holding Limited, PSA International, Ningbo Port Company, Shanghai International Port, Mitsubishi Logistics Corporation, Hamburger Hafen und Logistik AG, Tianjin Port, and Patrick-Asciano are the major service providers in the marine port and services market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the marine port and service market by service type and region. Lucintel has compiled a comprehensive research report entitled “Growth Opportunities in the Marine Port and Service Market 2020-2025: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the marine port and service market by service type and region, as follows:
By Service Type ($ Billion from 2014 to 2025)
Container Handling Services
Navigation Services
Ship Repair and Maintenance Services
Supply Chain and Logistic Solution Services
Mechanical and Electrical Engineering Services
By Region ($ Billion from 2014 to 2025)
North America
Europe
United Kingdom
France
Russia
Spain
Germany
Asia Pacific
Japan
China
Indonesia
India
South Korea
The Rest of the World
This 182-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/marine-port-and-service-market.aspx or helpdesk@lucintel.com.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.