Marine Port Services Market Size, Share & COVID-19 Impact Analysis, By Service (Container Handling Services, Ship Repair and Maintenance Services, Navigation Services, Supply chain and Logistics Solution Services, and Mechanical and Electrical Engineering Services) and Regional Forecast, 2023-2030

The global marine port services market size was valued at USD 85.72 billion in 2022 and is projected to grow from USD 88.92 billion in 2023 to USD 121.61 billion by 2030, exhibiting a CAGR of 4.57% during the forecast period. Asia Pacific dominated the marine port services market with a market share of 32.35% in 2022. Moreover, the marine port services market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 21.34 billion by 2032, driven by an Increase in Demand for Maritime Trade To Propel the market size growth of marine port services.

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. Marine port services include the receiving, handling, unloading, and even additional shipping of clients' products once they arrive at the port and come off the ship. Port services also provide an overview of the product at arrival and departure.

These services are crucial for facilitating international trade and the movement of goods via marine routes. These ports collectively ensure a smooth and safe flow of goods and people, making them crucial hubs for global trade and transportation. Surging seaborne trade and developing port infrastructure created a demand for marine ports and are responsible for the marine port services market industry forecast.

COVID-19 IMPACT

Decline in the Number of Investments In The Shipbuilding Sector Affected The Market Growth

COVID-19 pandemic significantly impacted the marine port services market share in 2020 and 2021. The global economy was unavoidably shattered, resulting in a significant decline in international trade. Due to low demand for transportation, liner firms decided to stop some routes to save money. The efficiency of cargo handling was reduced, and freight prices were risen significantly due to a loss in efficient transport capacity, port quarantine, and staff shortage.

It has been studied that investments in the shipbuilding sector were declining during the pandemic. The decline in shipbuilding services for different applications such as offshore service, maritime trade, maritime export, and others impacted the demand in the market of marine port services.

The steps taken by various governments and companies helped to improve the port operations and services. Key players started focusing on enhancements in port operations, automation and digitization of marine ports, and logistic-related services.

Governments revised the maritime transportation policies which includes the development of domestic fleets and domestic mariner capacity to maintain fluidity and strategic autonomy for supply chains.

• For instance, In October 2022, the government of Australia created a task force to guide the establishment and operation of Australia’s maritime Strategic Fleet, which will strengthen the country’s economic sovereignty and improve national security.

LATEST TRENDS

Growing Focus on Reducing Emissions and Greener Ships is a Prominent Trend

Ports are increasingly adopting sustainable practices and green technologies such as shore power for vessels, renewable energy sources, and eco-friendly equipment to comply with regulations.

• For instance, In September 2023, a plan for the first-ever trans-pacific green shipping corridor was unveiled by the Ports of Los Angeles, Shanghai, Port of Long Beach, and some of the world’s largest ocean carriers such as CMA CGM, COSCO Shipping Lines Co., Ltd., Maersk, and ONE. Other core partners include Shanghai International Port (Group) Co., Ltd., China Classification Society, and Maritime Technology Cooperation Centre of Asia.

The corridor will help to accelerate emissions reductions on one of the world’s busiest container shipping routes with the help of advanced technologies, decarbonization practices, and efficient management strategies to reduce carbon emissions in shipping and marine port services related activities.

The Green Alliance and Surfrider Europe Foundation launched the voluntary environmental certification program, Green Marine Europe Label, in 2020. The program encouraged ship owners and shipping companies to control their greenhouse gas emissions, oily discharges, and ship recycling to reduce the impact on marine mammals, making their ports ai fashioned a smart ship ports.

Thus, these technology trends are helping marine ports become more efficient, sustainable, and connected, allowing them to quantify evolving demands and increase global trade and logistics.

DRIVING FACTORS

Increase in Demand for Maritime Trade To Propel The Market Growth of Marine Port Services

The maritime sector plays an imperative role in the growth of the global economy. The market for marine port services is expected to expand due to the increase in global maritime trade. As per the United Nations Conference on Trade and Development (UNCTAD), approximately 80% of the world's trade volume is transported by sea and managed in ports globally.

As international trade grows, ports are important for facilitating the movement of goods between countries. Growth in maritime trade and transportation is expected to increase demand for port services such as terminal handling, chain and logistics solutions, cargo handling, and warehousing. Additionally, rapid growth in containerized cargo is expected to increase the need for container handling services and drive market growth. A report by UNCTAD stated that in 2021, around 840 million TEUs were handled by container ports worldwide, compared to 795 million TEUs in 2020.

Thus, rising shipping demand, a rapidly growing maritime sector, and increasing investments from governments in maritime projects are expected to propel the growth of the market.

RESTRAINING FACTORS

Stringent Regulations by Several Regulatory Authorities to Restrict the Market Growth of Marine Port Services

Ports are often located in ecologically sensitive areas, and this industry faces increasing scrutiny regarding its environmental impact. Stricter regulations related to emissions, ballast, and other environmental concerns can lead to significant compliance costs for port operators. Other factors, such as air and water pollution and habitat disruption, can slow the port expansion process and hinder market growth.

Some regulatory developments were imposed, such as the International Maritime Organization (IMO) 2020 regulation and the International Chamber of Shipping to reduce carbon footprints from shipping. Shipping lines should replace the fuel they use to operate engines. A global transition to a cleaner and greener maritime sector is underway and is expected to impact the shipping industry. Tightening international marine environmental regulations regarding greenhouse gas emissions, sulfur emissions, ship recycling, etc., are expected to restrain market growth.

SEGMENTATION

By Service Analysis

Container Handling Services Dominates the Market Owing to Rising Demand from Several Sectors

Based on service, the marine port services market is segmented into container handling services, ship repair and maintenance services, navigation services, supply chain and logistics solution services, and mechanical and electrical engineering services.

Container handling services is the dominating and fastest growing segment of the market owing to increased spending on improved and reliable container handling services for FMCG and other core industrial applications.

• For instance, in August 2022, Singapore announced a project to strengthen Tuas Port's capabilities to be completed in around 20 years. The port is expected to handle 65 million TEU annually, nearly double the current volume. According to the plan, the Phase 1 operation of the Port of Tuas will include 21 deepwater berths capable of handling 20 million TEU per year when fully operational.

Ship repair and maintenance services will showcase a significant growth rate from 2023 to 2030. Rising demand for aftermarket services for large vessels is expected to drive global marine port services market growth during the forecast period.

The growing demand for advanced communication, end-to-end deliveries, and a significant rise in travel cycles have anticipated the growth of other segments.

REGIONAL INSIGHTS

On regional ground, the market is studied across North America, Europe, Asia Pacific, and Rest of the World

Asia Pacific is anticipated to dominate and  grow with the highest CAGR during the forecast period. Asia Pacific market for marine port services was valued at USD 27.73 billion in 2022 and is projected to reach USD 42.36 billion by the end of 2030. The growth of the marine-related industries in countries such as China and India leads to higher demand for port services  in the Asia Pacific region is anticipated to propel industry growth in the region.

• In July 2023, Adani Ports advances global expansion plans, a prospective deal at Dar Es Salaam Port in Tanzania. This port handles approximately 95% of Tanzania's international trade. The successful deal is expected to positively impact Tanzania's international trade and further enhance the country's economic growth.

North America market will grow moderately owing to increased maritime transport and key developments regarding ports across the region.

Europe holds the second largest market share and is estimated to grow notably owing to rising sea-trade activities across the region. Rest of the World will also witness moderate market growth during the forecast period. This growth is due to the increased port activities and growing E-commerce platforms in these regions. The increased port activities are due to the presence of emerging companies such as Hamburger Hafen Und Logistik and increased marine port expenditure by the government to boost segments in Europe and other regions.

KEY INDUSTRY PLAYERS

Higher Container Volume and Services Offerings by DP World Made It Dominating in the Market

DP World Ltd. is headquartered in Dubai, UAE, and operates with 181 centers in 75 countries globally. The company specializes in cargo logistics, port terminal operations, maritime services, and free trade zones. DP World handles 70 million containers each year, delivered by approximately 70,000 vessels. Representing around 10 to 15% of the global container traffic handled. Other key players include PSA International, COSCO Shipping Ports Limited, Hutchison Port Holdings, and others.

LIST OF KEY COMPANIES PROFILED:

• DP World Limited (UAE)


• PSA International (Singapore)


• COSCO Shipping Ports Limited ( Hong Kong)


• Hutchison Port Holdings (Hong Kong)


• Hamburger Hafen Und Logistik AG (Germany)


• Shanghai International Port (Group) (China)


• International Container Terminal Services Inc. (Philippines)


• Ningbo Zhoushan Port Company Limited (China)


• China Merchants Port Holdings Company Limited (Hong Kong)


• Tianjin Port Development Holdings Ltd (Hong Kong)

KEY INDUSTRY DEVELOPMENTS:

• September 2023: International Container Terminal Services, Inc. (ICTSI) announced the ICTSI App to give port users and businesses real-time cargo visibility. The ICTSI App is a secure operative tool that enables port users and cargo owners to monitor the status of their shipments loaded and offloaded from a vessel and those hauled in or out of the port, according to ICTSI. The ICTSI App currently has close to 29,000 users and will soon be available for customers at other port locations


• August 2023: HHLA PLT Italy, the multi-purpose terminal of Hamburger Hafen und Logistik AG (HHLA) in Trieste, Italy, welcomed the container shipping company Ocean Network Express (ONE). For the first time, ONE is calling the city on the northern Adriatic, marking the launch of the new Adriatic Israel Butterfly (AIB) service. With this cooperation, HHLA PLT Italy gains a further connection to relevant markets and underlines its importance as an important hub in the Adriatic region.


• July 2023: International Container Terminal Services Inc. (ICTSI) received a 25-year contract to operate and develop a South African terminal handling Durban Container Terminal (DCT) Pier 2 in the Port of Durban. It handles 72% of the Port of Durban’s throughput and 46% of South Africa’s port traffic. The new company plans to increase Pier 2’s capacity from 2 million twenty-foot equivalent units (TEUs) to 2.9 million TEUs.


• May 2023: Ningbo Zhoushan Port and Zhejiang Seaport signed a MoU with DP World, located in Dubai's Jebel Ali Free Trade Zone, to jointly develop comprehensive strategic cooperation in automotive logistics and services for the entire automotive industry chain.


• February 2023: DP World received a contract to construct and operate a mega-container terminal at Deendayal port in Gujarat, India. The terminal will have a 1,100-meter berth with a capacity of 2.19 million TEUs and a vessel handling capacity of more than 18,000 Twenty Equipment Units. The terminal will be constructed under a public-private partnership under a Build, Operate, and Transfer Agreement signed by the Deendayal Port Authority.

REPORT COVERAGE

The industry research report provides a structured market analysis. It mainly focuses on critical aspects, such as significant top-impacting factors, market scenario analysis, trends, drivers, impact analysis, types, caliber, and leading technological trends. In addition, the report offers an overview of the market growth and trends and highlights key developments in the industry. It also introduces several factors that have prejudiced the growth of the market in recent years.

Report Scope & Segmentation