Marine Port Services to Worth USD 101.98 Billion by 2028

Camilo Jaime • January 11, 2023

The usage of advanced technologies for transforming the port eco system toan open and efficient community would aid growth. The research states that the market stood at USD 71.62 billion in 2020. It is set to exhibit a CAGR of4.7% in the forecast period during 2021-2028.

RTC Orders Two Konecranes Gottwald Model 6 Mobile Harbor Cranes

In May 2021, Régie du Terminal à Conteneurs (RTC), a Cameroon-based terminal operator placed an order of two Konecranes Gottwald Model 6 Mobile Harbor Cranes. These would help in enhancing their overall container handling capacity. The company decided to add this new fleet at its terminal to meet the surging volume of cargo that passes through the Port of Douala. As per a company official, “We need to maintain high-quality services for both international and Cameroonian clients. These two latest Konecranes Gottwald mobile harbor cranes would help our organization to cater to the high demand from customers.” These industry developments are set to drive the demand for these port services in the near future.

Reduced Shipping and Port Traffic Obstructed Growth amid COVID-19 Pandemic

The global marine port services market size is projected to grow from USD 73.91 billion in 2021 to USD 101.98 billion in 2028. The COVID-19 pandemic has reduced the port traffic and shipping activities across the globe because of disruptions in the supply chain. Several countries have therefore started putting forward novel measures to prevent transmission of the coronavirus and continue seaborne trade. The International Chamber of Shipping (ICS), for instance, mentioned that the shipping industry suffered around USD 350 million of revenue losses per week owing to the pandemic. These factors may obstruct the demand for marine port services.

Development of Alternate Voyage Routes to Accelerate Growth

The need for alternate trade routes for shortening the path and saving time and cost would surge sea trade activities. It would further increase the construction of new ports, thereby accelerating the marine port services market growth. The International Transport Forum, for instance, declared that the Transpolar Passage and the Northern Sea Route can be considered to  be  alternative routes on account  of  the  rising  temperatures. If the Northern Sea Route is chosen for maritime freight between Japan and Northern Europe, it can reduce the distance by 37%, unlike the one through Suez  Canal. However, various  governmental agencies are implementing stringent environmental regulations to control Sulphur and greenhouse gas emissions. It may hamper the demand for these services in the forthcoming years.

Supply Chain & Logistics Solution Services Segment to Show High CAGR in Near Future

By services, this industry is divided into container handling services, ship repair & maintenance services, navigation services, supply chain & logistics solution services, and mechanical and electrical engineering  services. Amongst them, the supply chain and logistics solution services segment is set to exhibit a high CAGR fueled by the increasing shift of the maritime sector towards digitization. The container handling services segment, on the other hand, dominated in 2020 by holding 35.23% in terms of the marine port services market share.

Asia Pacific to Dominate Fueled by Adoption of Novel Manufacturing Processes

  • Asia Pacific is estimated to remain at the forefront in the near future stoked by the presence of the world’s busiest ports in South Korea,China, Hong Kong, and Singapore. Also, the rising utilization of advanced manufacturing processes involving 3D printing would also spur the demand for marine port services in this region. The region procured USD 23.34 billion in terms of revenue in 2020.
  • In North America, the U.S. government is providing funds persistently to develop the country’s marine ports.
  • Europe would show case considerable growth on account of the presence of renowned providers of these services, namely, Port of Rotterdam and Hamburger Hafen Und Logistik AG.

Key Participants Aim to Develop New Ports by Using IoT and Automation

The market houses several reputed providers of marine port services that are striving to gain a competitive edge. Most of them are investing huge sums in the development of modern technologies, such as IoT, automation, and robotics to construct  smart  ports.  A few others are engaging  in partnership strategies to create new ports.

Below is one of the vital industry developments

  • December 2020: DP World and the Government of Senegal signed an agreement to develop a deep water port at Ndayane. It will be located around 50kms from the pre-existing  port near the Blaise  Diagne international airport. It would help in strengthening Dakar’s role as acrucial logistics hub.

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