Marine Port Services Market Size, Share, Growth Analysis, By Service(Container Handling Services, Ship Repair & Maintenance Services, Navigation Services, Supply Chain & Logistics Solution Services), By Region - Industry Forecast 2024-2031

Marine Port Services Market size was valued at USD 73.91 billion in 2019 and is poised to grow from USD 77.38 billion in 2023 to USD 117 billion by 2031, growing at a CAGR of 4.7% in the forecast period (2024-2031).

The marine port services market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, cooperation between CARGOES Finance and DP World, the top logistics operator, and supplier of intelligent supply chain solutions, was launched. Customers are given access to working capital options from the trade finance fund by DP World and Challenger Management Limited. Container Finance by DP World is a fintech platform that connects financial institutions with international importers, exporters, and logistics firms in need of funding. Lenders may lend with confidence thanks to CARGOES Finance's access to data on cargo movements. 'APM Terminals', 'China Merchants Port Holdings Co. Ltd.', 'COSCO SHIPPING Ports Ltd.', 'DP World Limited', 'Eurogate GmbH & Co. KGaA', 'Grup TCB', 'Gulftainer Company Limited', 'Hutchison Port Holdings Limited', 'International Container Terminal Services, Inc.', 'JSC Novorossiysk Commercial Sea Port', 'MSC Mediterranean Shipping Company SA', 'Port of Rotterdam Authority', 'PSA International Pte Ltd.', 'QTerminals', 'Shanghai International Port (Group) Co., Ltd.', 'Tianjin Port (Group) Co., Ltd.', 'Transnet SOC Ltd.', 'Yilport Holding Inc.', 'ZPMC', 'Zululand Multi-Purpose Terminal Pty Ltd.'

The marine industry contributes significantly to the growth of the world economy. seaborne commerce expansion is predicted to boost the marine port services market growth. Between 2022 and 2026, marine commerce is expected to increase at a slower rate of 2.4% than it did during the previous 20 years, according to UNCTAD. According to UNCTAD's Review of Maritime Transport 2021, which was released on November 18th, the COVID-19 pandemic's impact on marine trade volumes in 2020 was less severe than previously anticipated, but its ripple effects will be extensive and might revolutionize maritime transport. According to the analysis, marine commerce experienced an early shock in 2020 and shrank by 3.8 percent, but it later recovered and is expected to grow by 4.3 percent in 2021. Although there are "growing dangers and uncertainties," the medium-term prognosis for marine commerce is still favorable.

Ports are gradually using cutting-edge technology across the whole value chain. For instance, technologies like robots, platform solutions, and the Internet of Things (IoT) are utilized to load and unload containers. Storage facilities at ports employ big data analytics and smart metering, while industrial processing uses smart energy management, predictive maintenance, and smart grid technologies. The COVID-19 pandemic has sped up the speed of digital technology adoption in the marine industry.

In 2021, Asia Pacific had the greatest share in the marine port services market, and it is projected that it would maintain its leadership during the forecast period. Its proximity to the busiest ports in the world—China, Singapore, Hong Kong, and South Korea—would stimulate market expansion in the region. For instance, in 2019 The Port of Shanghai replaced its Singaporean equivalent as the largest port in the world, processing a staggering 37.1 million TEUs of cargo. The port will become the busiest container facility in the world in 2020 when the volume of cargo it handles annually surpasses 43.5 million TEUs. Following this, in 2019, the port in Singapore, which is known as the largest center for trans-shipment activities, handled roughly 30.9 million Twenty-Feet Equivalent Units (TEUs). With 600 seaports in more than 100 countries, the Singapore port is the busiest container transhipment facility in the whole world. One of the biggest bunkering facilities in the world is located in Singapore Port.