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

In 2021, Asia Pacific had the greatest share in the global 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.

During the projection period, the market in North America is anticipated to reach and see considerable expansion. The increasing support from the US government for the construction of marine ports is credited with the market expansion. Up to USD 684.3 million in grants for the Port Infrastructure Development Program (PIDP) are now available, according to the U.S. Department of Transportation's Maritime Administration (MARAD). These grants will be given out on a competitive basis to initiatives that increase the reliability, safety, and efficiency of the movement of goods into, out of, around, and within ports. This financing is the highest level ever provided annually for the PIDP and will help strengthen our supply chains, hasten the safe, efficient, and reliable flow of commodities, and eventually strive to lower the cost of goods.

Due to the rising imports of commodities from Asia, the marine port services market in Latin America is anticipated to expand. Additionally, it is anticipated that import-export activity would rise throughout the Middle East and Africa. With total exports to Latin America and the Caribbean of 998 109 029 and total imports of 980 570 085, the region had a positive trade balance of 17 538 943.98 in US dollars. The Most Favored Nation (MFN) Weighted Average Tariff is 9.07 percent, while the Effectively Applied Tariff Weighted Average (customs charge) for Latin America & the Caribbean is 5.13 percent. The current value of the region's GDP in US dollars is 5,786,726,554,928.08. Services exported from Latin America and the Caribbean total 203,465,220,042 in BoP, current US dollars, whereas services import total 247,708,124,537,46 in BoP, current US dollars. Exports of products and services from Latin America and the Caribbean account for 22.60 percent of the region's GDP, while imports make up 23.25 percent.