Pune, India, Aug. 16, 2021 (GLOBE NEWSWIRE) -- The global marine port services market is set to gain traction from the rising innovations in the value chain by introducing numerous advanced technologies. Platform, robotics, and the Internet of Things (IoT), for instance, are nowadays used for unloading and loading of containers. The Port of Rotterdam, for instance, chose Awake.AI, a smart ship port call management system to develop the smart port project. This information is given by Fortune Business Insights™ in a report, titled, “Marine Port Services Market Size, Share & COVID-19 Impact Analysis, By Service (Container Handling Services, Ship Repair, and Maintenance Services, Navigation Services, Supply Chain and Logistics Solutions Services, and Mechanical & Electrical Engineering Services), and Regional Forecast, 2021-2028.” As per the report, the market size was USD 71.62 billion in 2020. It 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 forecast period.
COVID-19 Pandemic: Declining Shipping Volume Worldwide to Hamper Growth
The outbreak of the COVID-19 pandemic has taken a huge toll on the marine port services industry because of the low demand for maritime trade and reduced port traffic. The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), for instance, mentioned that in the first quarter of 2020, the global container shipping volume lowered by 5.1% compared to 2019. We are providing elaborate research reports to help you find the best solution to take your business to a whole new level amid the pandemic.
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Report Coverage:
The research report studies decisive segments of this industry containing regions, end-users, technologies, types, and applications. It elaborates the performance and significance of each of the segments by considering sales volume, growth prospects, revenue share, and demand. In addition to this, it will help our clients to accurately determine the market size to guide them in choosing the right segment for their business growth.
Drivers & Restraints:
Increasing Maritime Transport and Trade Activities to Bolster Growth
The expansion of the economy worldwide relies majorly on the maritime sector. According to the United Nations Conference on Trade and Development (UNCTAD), approximately 80% of the trade is carried out by the sea across the globe through various ports. It is set to drive the marine port services market growth in the upcoming years. Also, the demand for services, such as logistics and terminal handling would grow at a rapid pace backed by the rising maritime transport and trade. However, the sector is moving towards sustainability and green initiatives, which, in turn, is set to affect the shipping industry, thereby hindering the demand for these port services.
Segments:
Container Handling Services Segment Held 35.23% Share in 2020: Fortune Business Insights™
Based on services, the market is segregated into container handling services, ship repair & maintenance services, navigation services, supply chain & logistics solution services, and mechanical and electrical engineering services. Out of these, the container handling services segment earned 35.23% in terms of the marine port services market share in 2020. It is anticipated to retain its leading position throughout the forthcoming years because of the high container cargo traffic worldwide.
Regional Insights:
Rising Investments in Marine Port Development to Augment Growth in North America
Geographically, North America is likely to showcase significant growth in the forthcoming years stoked by the rising investment by the U.S. Government for developing marine ports. In Asia Pacific, the surging middle-class population would boost growth. Additionally, the high demand for European products is estimated to enhance various activities in Asian ports, which would help the region to dominate in the marine port services industry. The region generated USD 23.34 billion in terms of revenue in 2020.
Competitive Landscape:
Key Players Focus on Mergers and Acquisitions to Fortify Their Positions in Market
The global market for marine port services contains a large number of companies that are majorly focusing on participating in mergers and acquisitions to gain access to new ports and other related services in their existing product lines. At the same time, they are able to strengthen their positions in the market.
Fortune Business Insights profiles some of the prominent companies operating in the marine port services market. They are as follows:
- P. Moller-Maersk A/S PSA International (Denmark)
- DP World Limited (The UAE)
- Hamburger Hafen Und Logistik AG (Germany)
- Hutchison Whampoa Limited (Hong Kong)
- Ningbo Zhoushan Port Company Limited (China)
- Shanghai International Port Co. Ltd. (China)
- Tianjin Port Development Holdings Ltd. (China)
- International Container Terminal Services Inc. (Philippines)
Browse Detailed Research Insights with Table of Content:
https://www.fortunebusinessinsights.com/marine-port-services-market-103540
KEY INDUSTRY DEVELOPMENTS:
- May 2021: The European Union provided € 25 million to an international consortium containing 45 port authorities, knowledge institutes, and companies headed by the Port of Rotterdam Authority. It would help the latter to accelerate ten demonstration and pilot projects associated with smart and sustainable logistics in port operations.
- May 2021: Hutchison Ports Netherlands B.V. signed an agreement with APMT for acquiring APM Terminals Rotterdam (APMTR). This would enable the former to strengthen its position in the Port of Rotterdam.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Marine Port Services Market
- Impact of COVID-19 Pandemic on Global Marine Port Services Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential opportunities due to COVID-19 Pandemic
TOC Continued...!
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