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).

Marine services are port-related operations carried out to provide secure berthing while moored or at anchor, as well as a safe flow of vessel traffic in port approaches and harbors. Although ports may have various definitions of marine services and different ways of delivering them, the phrase is used in this section to refer generally to services with a nautical focus, such as maritime safety, efficient vessel traffic, or marine environment preservation. Ports are a crucial part of the global transportation industry and help to grow the global economy. The booming seaborne trade and the expanding building of port infrastructure are significant drivers of the marine port services industry's expansion. Around 90% of traded products are transported over the seas, making ocean shipping the primary form of transportation for international trade. Therefore, the oceans serve as the primary means of transportation for international trade. Both possibilities and difficulties arise from this. Global freight demand is expected to rise, tripling marine commerce volumes by 2031. A large group of economic activities that can contribute value to the economy includes maritime shipping. This is expected to boost the growth of the global marine port services market during the forecast period.

International commerce and economic cycles have a direct impact on how much demand there is for marine port services. Due to the pandemic's lowered output and consumption, there has been less marine commerce, which has impacted port traffic and shipping demand. Activities in container handling ports have decreased as a result of a decline in demand for container transit. According to data from the UN Conference on Trade and Development (UNCTAD), global marine trade decreased by over 10% in 2019. The International Chamber of Shipping (ICS), a trade organization, estimates that the epidemic is costing the shipping sector 350 million each week in losses.

Despite the decline in marine traffic, the average cost of shipping a container has increased by four times in recent months, from $1,500 to roughly $5,000. This occurrence slows healing. There is an imbalance in the market since the demand for transportation vastly outweighs the supply.

US Marine Port Services Market  is poised to grow at a sustainable CAGR for the next forecast year.