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 Driver

• The marine industry contributes significantly to the growth of the world economy. Global 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.
• In order to save time and money, shorter alternate trade routes are now necessary due to the growing marine traffic. It is anticipated that the adoption of alternative trade routes would boost the building of additional ports next to the new route. The NRF projects that imports would increase by 2.4 percent during the course of the first half of 2022, amounting to an expected total of 13.1 million TEU. The NFR forecasts volume gains averaging between three and more than four percent, or more than 2.2 million TEU each month, for each of the individual months of the second quarter.

Marine Port Services Market Restraint

• The shipping industry is anticipated to be impacted by the continuing worldwide transformation to a clean, green maritime sector. Growth will be slowed down by the increasing number of rigorous regulations proposed by international marine environmental bodies covering ship recycling, Sulphur emissions, and greenhouse gas emissions.